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Leader (1850-1860), 20th November 1858, Edition 1 of 2, Page 1268, Untitled Article

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      Untitled Article

      TiiE annual general meeting of the Great North of Scotland Company was held at Aberdeen on the 12 th . The receipts for the year showed an increase of 4000 / . over those of the previous year , while the expenditure was less , the working expenses of the line being only 31 * per eent . of the receipts for traffic . The Alford Valley Railway would be opened in January next , and no doubt materially benefit the company . The Aberdeen and Inverness Junction Formartine and

      had been materially beneficial ; the Bucuan liue , to which they were also subscribers , would be made as soon as the proprietary and residents in the district had subscribed 2000 / . a mile . Resolutions giving 5 per cent , to preference shareholders and 4 £ to original shareholders , were agreed to . On the same day at Aberdeen an ordinary meeting of the Banff , Macduff , and Turiff Company was held ; the statement made to the shareholders was not very satisfactory . accommodation

      the undertaking , was put and carried unanimously , and a committee was appointed for carrying it into effect . The half-yearly meeting of the Monmouthshire Company was held on Wednesday at Newport , when a dividend of 3 $ per cent , on the hair-year was agreed to . A . meeting was held at Edinburgh on Monday , at which a new scheme was submitted by thd North British Railway . The projected line is proposed to be called the Border Union Railway , and is to be ¦ double . It is to leave the North British Railway station at Hawick , and proceed direct to Carlisle via Longtown , instead of availing itself of any portion of the Caledonian Railway . The usual notices have been given of an intention to apply to Parliament to transfer the Sunderland Dock to the River Wear Commissioners . It is also contemplated to extend the dock accommodation by converting the timber pond into a deep-water dock .

      It is proposed to extend railway from Inverness to Dingwall , with a branch to Tain , for the purpose of opening up the west Highlands and bringing Ross-shire into communication with the railways leading to London . The" North Eastern Company intend to apply to Parliament next session for power to construct the Nid Valley branch , and to purchase the Rosedale and other branches of the North Yorkshire and Cleveland Railway . Application will be made to Parliament in the ensuing session for powers to construct a line from the Hythe , Colchester , to Wivenhoe ; and also to construct a line from Cambridge to Bedford , via Potton , to join the Eastern Counties at Cambridge , and the London and North-Westem at Bedford .

      It is proposed to construct a line of railway from Doncaster to Wakefield . The object of the line is to -reduce the distance between Doncaster and Wakefield , and thereby accelerate the traffic between the mineral districts of Lancashire and the metropolis and intervening places . The Australian Gazette states that the continuation of the Geelong and Melbourne Railway from Williamstown to Melbourne will be ready for opening some time in December next . The shareholders seem determined to retain the line in their own hands , instead of transferring it to the Government , as was some time ago intended . There can be no doubt that so soon as there is a through traffic the

      company will be able to get clear of embarrassments . Railway Benevolent Institution . —The first half-yearly meeting of this institution , which was established some months ago , partly upon the mutual benefit and partly upon the benevolent principle , for the relief of orphan children and widows of railway officers and servants , was held on Saturday at the Railway Clearing-house , Mr . H . Love , chairman of the Eastern Counties , in the chair . The secretary read the report , which stated that contributions had been received from persons connected with forty-three railway companies in different parts of the United Kingdom , and there was every prospect of ultimate success . The board had

      determined that the outlay of the institution should be regulated by its income ; and that until they had funds in hand for the purpose no expenditure should be incurred in buildings or offices . In conclusion , the board appealed to all railway servants to join the institution , and to all railway managers , directors , and shareholders , to support it . The balance-sheet stated that 309 A 13 s . 6 d . had been received in donations , and 212 ? . 8 s . 6 d . in subscriptions , total 522 ? . 28 i , balance 467 ? . 8 a . Id ., but from this must be deducted 160 ? . due for printing . The report was unanimously adopted , and the formal business of electing officers having been transacted , a vote of thanks to the chairman concluded the pro *

      ceedings . ? W . vter » oi * d and Limerick . —Preliminary arrangements have been concluded for leasing or transferring this railway to the Great Southern and Western Company . One condition provided for by the Waterford and Limerick Company is , that the port of Waterford shall be effectually protected under the proposed arrangement . Watford and Wendovbu Railway . —The proposal to extend this line to Aylesbury and Winslow is abandoned for the present , owing to the difficulty

      of raising sufficient capital in the district . It appears doubtful whether the subscriptions will toe sufficient to carry out the original scheme , A special general meeting of the West London Com . pnny -was hold on Wednesday , at'the London Tavern , to consider the propriety of making application to Parliament in the ensuing eesHion for an act to extend the Kensington Canal branch across the Thames to the London and South-Western Railway , and also for power to sell the Konaington Canal . A resolution ) adopting and confirming the stops taken , and being taken , by the directors , authorising thorn , in conjunction with the committee , to take all necessary steps for carrying out

      Money Market And Stock I?Vnitalffr'? Slia.\J£1.±\.1x\Xxj.

      from brisker trade . The dulness of our funds throiitrh the week is only a part of the general dulness- -iny ? the firmness of the French funds and railway shared may be ascribed to improved political feeliiW Both may be good signs , the one of assured quietn ess and prosperity , the other of reviving or increasiDP trade . fa Reviving trade abroad is beginning to work the gold out of the banks . There is less intheNew York banks according to the latest accounts , than at any time since last December , and the loans are 30 , 000 000 dollars greater than they were at that period . One purpose for which the coin has been taken from New

      York is . to purchase in the south bills on Europe for the cotton purchase , which will check for a time if not stop , the remittance of gold hither from the United States . Already there is an increased supply of bills on Europe in the New York market . The demand for money seems more active abroad than at home ; and it may be expected , as England is more advanced than other countries , that the revival of business ami the impulse to further progress should begin elsewhere than here . Consistently with progress abroad we notice that tho shares of the Credit Mobilier , the great speculative bank of Paris , are oil the rise .

      Letters have been published this week to set forth tlie cheapness nud good order with which telegraphic messages are transmitted in Switzerland . One of the curiosities noticed by the diplomatic agents of the Government , in their recent reports , is the extent of the telegraphs in that country—1500 miles—and the number of messages they transmit—227 , 072 in 1856 , of which 40 , 193 were to and from foreign countries , : md 17 , 503 transmitted through , and 169 , 370 internal messages . The very rapid progress made in establishing telegraphs and railroads throughout Kurope is a proof of the readiness of all mankind to adopt what is really good and useful ; yet pious and virtuous men , and rich men , will not trust anything ' to the influence of their own success , but will insist on making other people , by some kind of coercion , like themselves .

      Friday Evening . Rather contrary to our expectations , we find ' money rather cheaper than it was . It is offered on call at 2 per cent ., and not accepted . There is no difficulty in discounting bills at 2 £ per eent . Probably the large reserve of legal money ia the Bank , noticed elsewhere , maybe the cause of this . In the latter part of October and the beginning Of the present month , money was dearer than it now is , and the joint-stock banks , which are fu ll of money , are business for them

      making great efforts to procure - selves . If we are to have unrestricted competition in corn , let us have it also in money . Let there be no privileged bodies , and then each man will know to what he has to trust . Joint-stock banks of all descriptions , with charters , are privileged bodies , and individuals who are exposed to their sharp competition will naturally complain of their privileges . Money is so abundant , and trade so generally dull , that no rise in the rate of discount is immediately expected .

      In the Stock- Exchange business is also extremely dull , though many good schemes are preparing when the public shows any disposition to employ their spare capital . One talked of for the construction of docks at Greenwich seems to possess great advantages , and it is one of those domestic undertakings which , even if they fail , add to the employment and wages of the labourers . We have shown that surplus capital can in no other way be employed than in new enterprises , and we are glad to find that such useful ones as newdocks to relieve the overcrowded river are contemplated .

      The concession recently made by the Austrian Government of the Lombardo-Venetian lines , or rather the bargain to sell them to an English company , was yesterday confirmed at Yienna , and this great undertaking may now be supposed to be placed fairly . The shares , both of the old Lombard and the new Venetian lines , are already at a premium , and the fusion promises well for the interest of all parties . The whole share capital of the united companies is tp bo 150 , 000 , 000 florins , or 15 , 000 , 000 / ,, in 750 , 000 shares of 20 / . each , of which 312 , 500 shares are the existing share capital of the Lombardo-Venetian Company , leaving 437 , 500 shares to

      represent the share capital of the Trieste lino , and of which 104 , 166 shares , making one for every three old shares , are to be allotted , pro ratd , to the present Lombardo-Venetian shareholders . All further capital is to be raised by obligations . Throughout the Continent there is , wo think , a growing activity . The port of Trieste , which this railway will serve , has an annual trade of not less than 1 , 500 , 000 tons . At fho same time the whole trade of Austrian exports and imports has more than doubled within the last seven years . We believe that the public here generally have little conception of the great progress which has been made on the Continent during the

      last quiet of eight or nine years . The French funds and railway shares have advanced in the week , and are advancing in prico in conjunction with an improved trade . This is somewhat anomalous , but is to bo explained by the fact that French securities , having regard to the interest they yield , are in price much below our securities-French Three per Cents . aro at 70 , English Throe per Cents , at OS—and as the securities of both countrlea are freely dealt in at Paris and at London ,

      there is no reason , other than the cortmnty or uncertainty of receiving the 3 / ., why it should be ¦ worth less at Paris than at London . Every day , conBeqLuently , that the Imperial Government lusts , and appears to be consolidated , increases the reasons why the discrepancy should diminish . There may well therefore be a rise in the price of French securities , arising solely from a firmer reliance- on the continuance of the Government undisturbed , in conjunction with an increased demand for money arising

      A private letter from IIohg-Kong , of a late date , says of affairs at Canton : — "On the one hand both the foreign and native mercantile communities are most anxious that , trade should begin , and are suffering the utmost inconvenience from its being closed . Nearly the whole of this season ' s teas are known to be directed tu that port , many of them having arrived in its immediate neighbourhood . The lioppo ( collector of customs ) has opened his office . The utmost has been

      quiet prevails in the city . Peace proclaimed by Commissioner . Hwang a " Governor Pekwi ; the people have been ordered to return to their vocations ; the blockade has been withdrawn ; the foreign authorities lay no claim to the duties ; and yet , with a good demand both for imports and exports , the trade remains hermetically sealed , no satisfactory or even specious reason being assigned for such an unprecedented anomaly . , , is organised

      . The " Great Ship Company" now , and the Leviathan , or Great Eastern , which cost the . old company 640 , 000 / ., is to cost the new company 160 , 000 / . 140 , 000 / . is the estimate for finishing and equipping her for sea , leaving a margin ot 30 , 000 / . for working capital . It is four months since the plan of the new company was matured , ana its , further progress is now dependent on its own directors . . ol A compnny is about to bo formed for the genera introduction of the brilliant , light recently oxlubitco by the Hon . W . IS . Eitssnmuricu at Cherbourg , vu advantages for cheapness , portability , simplicity nnu

      purity , are very great . , From JJrmjiartial of Smyrna we learn that -Loru Stratford do Jtudclifle lately inaugurated there mo Smyrna and Aitlin Kuilway , extending *©¦ a uwwncu of upwards of seventy miles , it promises toUieaiMi and uuickon tlio conveyance of goods from tlop « w of their growth to the port of shipment , »»« f ° " * crease production as well as trade , for the mwm advantage of Turkey , England , and « th fwXSn Uio His Lordship , in nn elaborate speech , dweU on uw progress Turkey had already made in c vilisatjij and encouraged u « to hope that in time tl at cmgro will become a worthy member of the gF 011 ' ^ , ? ' , r 0 Federation of States . As they combine to Btuur justice to tlio Mortara family , they will soon con bine to do justice in all cases f

      . _ We have received South Australian P P ° JJ September 1 Ith , and the olghth annual ropo t jj " Chamber of Commerce of that colony , w "; ' , g regret to find was not at that time i « a flo rw » condition . The previous harvest had boor anwj and as the prico of corn in the neighbouring << ' ° ° was low , niul while South Australia , n V , fs 3 » country , hud > uflbrcd both from ^ pi iojs <» short crop , the shipments of wheat andI Horn ^ Adelaide in the first six months oi I 8 ft 8 ^ Ullg tons , against 15 , 911 tons in tlio °° 'W , | e ,, t months of 18 * 7 , Wool , too , though not < U . c ^ had fetched less in London than was ° Pf ^ 1 ^ 0 there was a uraat temporary pressure ac / vu

      Untitled Article

      RAILWAY INTELLIGENCE .

      Untitled Article

      MONEY MARKET AND STOCK EXCHANGE .

      Untitled Article

      1268 THE LEADER . [ No . 452 , November 20 , 1858 .

  • Citation
    • Leader (1850-1860), Nov. 20, 1858, page 1268, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2269/page/28/