Current:

Leader (1850-1860), 26th February 1859, Edition 1 of 2, Page 282

Page 282
Page 26
26 of 32

On this page

  • Text (9)
  • Transcript

    • Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.

      Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.

      Untitled Article

      MONET MABEET AND STOCK EXCHANGE .

      Untitled Article

      COKKESPONDEKCE IN RAILWAY TRAVBtLINO . — A suggestion has been made to the directors of the various French railway companies to establish a correspondence between them similar to that which exists among the various omnibuses in Paris . ' M . Piat calculates that if such . a . plan were adopted the railway companies would find COO , dOO yearly subscribers at 500 f ., 1 , 000 , 000 subscribers for six months at 300 f ., 2 , 000 , 000 subscribers for three months at 20 Of ., 2 , 000 , 000 subscribers for one month at lOOf . i producing altogether a sum of l , 150 , 000 , 000 f . annually , whereas , the receipts of all the , French railway companies do not amount at present to more than 3-2 O , 0 OO , 000 f .

      Ceylon . —We regret to notice the first railway accident in Ceylon , thirty-seven lives having been lost in a land slip nt Roygaum , a place about nine miles on the Negomtoo road . — Bombay Times . The half-yearly meeting of the Eastern Counties Railway Company took place on Thursday , when the report of the Directors was carried . The agreement with the East ) Suffolk line , after son ; o discussion , was adopted . At the meeting of the South Eastern Company , on Thursday , after the adoption of the report , reso-r Unions were put and carried authorising the directors to subscribe . £ 800 , 000 ' towards the construction of a railway from London-bridge to Charing-cross , as proposed by a bill now pending before Parliament , and sanctioning the agreement entered into for the purchase of the Caterham Railway , for the sum of £ 14 , 000 , and a further sum of XI 2 , 000 to Mr . G . H . Drew .

      Untitled Article

      JOINT-STOCK COMPANIES . Tnw meeting of the JBnylihh and Australian Copper Company took place on Monday , when the report was adopted . It was also eventually arrnnged that a distribution afr the rate of 2 s . 6 d . per share should be made , and a majority curried the recommendation , although previously to such a resolution being come to a protracted discussion ensued in connection with the general affairs of the undertaking . An abstract of-tho directors ' statement has already been published , showing that the dopre-i oiation in the value of copper has essentially reduced the profits of tho year . The cxeruUo of sound economy is advocated to bring the concern into a satisfactory condition . A- general meeting of subscribers to the North American Colonial Association is called for the 21 th instant , " to oonaiclej 1 pvbposals fur the dissolution of tlio Association , tmil for tho disposal of tho balai co of funds remaining on hand . " Tho half-yearly mooting of the General Iron Screw Collier 'Company Is called for tliu SOtli jn&t ., and will he made special , to reduce the capital from

      100 , 000 / . to 50 , 000 / ., and the amount of the shar es from 20 i to 10 / . The half-yearly meeting of the Submarine Telegraph Company is called for the 2 nd March . The quarterly dividend of 4 per cent , on tho shares of ¦ theCopiapo Railway Company ,. declared at . ' . Copiapo ori the 52 nd October , is advertised for payment . It is also announced that at a meeting of shareholders , held iat Coj / iapo on the 1 st ultimo , a quarterly dividend of 4 per cent , was declared , together with a bonus of 10 per cent , on the capital * The dividend declared at the meeting of the General Steam Navigation Company , was at th e usual rate of 10 per cent , per annum , with a bonus of 2 s . 6 d . per share .

      At the half-yearly meeting of the Southampton Dock Company a dividend was declared at the rate of 3 . j . per cent , per annum out of profits for the halfyear amounting to 7 , 041 / ., leaving 285 / . to be carried to the next account . The directors' report was adopted . The directors of the Ottoman Bank will propose , at the approaching meeting , a dividend of 4 per cent , for the half year , together with a bonus of 12 s . per share ( being , together , at the rate of ll per cent , per annum ) . They will , in addition , write off the balance of preliminary expenses—5 ; ooo £ —and carry 15 , 000 / . to tho reserve fund , whii-h will thus be raised to 35 , 000 / .

      The important announcement was made at the meeting of the Atlantic Telegraph Company , held on Wednesday afternoon , that the Government have allowed a guarantee of 8 per cent , on 600 , 000 / . for twenty-five years , but not unconditional ; and the company will have , so it is unclersto ad , to carry out all the repairs of the cable . At present the operations of the undertaking are at a stand , the capital having been exhausted ; and , in the course of the discussion , the propriety of reducing and subdividing the nominal amount of the shares was strongly advocated . The quotation for the 1 , 000 / . shares remains 215 to 225 .

      A meeting of the Victoria Dock -Company took place on Thursday , Mr . C . Morrison in ., the chair , when the report was--adopted'unanimously , ' and . a dividend declared for the past half year at the increased rate of 5 £ per cent , per annum .

      Untitled Article

      THE VENEZUELAN BONDHOLDERS . The proceedings at the meeting of Venezuelan bondholders , held on Wednesday , resulted in tlie adoption of the amended terms' obtained from the Venezuelan Minister through . the initiative assumed , independently of the committee , by a number of bondholders . According to these terms , the offer of 500 , 000 dols . on the part of the Venezuelan Government is accepted by the creditors for the present year . Dating from next year the interest on the Active Debt * will be 3 per cent , per annum , and on the Deferred 1 £ per cent , per annum , in perpetuity . Tho arrears , up to the 01 st of Dee . hist , will , of course , be capitalised . The first dividend of U par cent , will be paid on the 1 st July next , and will amount , in fact , to about 2 / . on each Active 100 / . Bondtaking into account the arrears to be

      capital-, ised . On tho 1 st January another payment , of , say , 2 per cent , will be due ; . and from that date the new terms of 8 per cent , per annum ou the Activo , mm Iff per cent , qn the Deferred , wjllcomo in forci . Ino sinking fund is fixed , for tho present , lit 1 per cent , per annum . These terms , however , wt re only agreed to subject to a special stipulation on the part of the bondholders that they must not be considered final , inasmuch as the question of an increased smiting fund is kept open . It is expressly determined that an increase in the sinking fund proporiipnutoto the future improvement in the finances oi tho republic shall be hereafter settled betwetn tlio committee and the Government . Should the Government act up to the spirit of this stipulation , t » e market value of . the bonds may hereafter . bu niateriallv enhanced , thusforininir a partiul sH- oiriigninsi i

      tho sacrifices so long patiently submitted to . nuso terms ; considered as a whole , ai-o generally re ^ anleu with satisfaction . There is every dispo- suum to . believe in the sincerity and honeaty of the present Government , who havo ojuly to persevere in ft straightforward course to . give a vast . stirmilus io commerce and , to tho influx of foreign capital , vju must not omit to reqord tho expression ot iiiiukcu dissatisfaction , on the part of tho bondholders jhosc-nt , with the tardy manner in which Importune communications have obtained publicity turoufe " tho medium of tho committee . Mr . Seymour iuferrod to instances wherein information noni y fLffbutinir tho Interest ' s of tho bondholder ** wuflcuirui *

      two or ihreo weeks prior to its publication »» y •« " » committee . Mr . Field , the chairman ol tlmt iw < y . adniHtoa that , in one of tho instances rirtcn'oi to , ho was himself in possession of tho nowu , v » - however , ho doolaroa ho had not rocoivud oiucialiy . "

      Untitled Article

      Friday Evening . . We have again a-week of uneasiness and general depression . Yesterday—for the first time for several days—the funds showed a tendency upwards , on account of Lord Cowley ' s mission to Vienna , wliich it was supposed would not have been undertaken without a prospect , of reconciling the conflicting powers . The rise of 12 per cent , was barely supported to the close of the market , and the funds closed heavily . To-day they were firm at the opening-, and continued firm with very little business through the early part of the day . Furthers rumours , however , of the great probability of war , and a fall in the French funds of £ operated unfavourably , and Consols closed at 95 £ , or $ worse than they opened . Other securities axe generally without change . '_ ,, " . , The Austrian loan continues at a discount of 14 to 1 $ . Turkish stocks , too , are not in favour , and though the new Turkish bank is said to be quite prepared to start , the state of the Turkish finances begins to excite some alarm . ' ' . ' ¦ , , . Money coniiriues to be abundant , though the terms are not altered . Dealers of all kinds operate as if they were providing for a storm . Every man seeks to keep himself supplied , and seeks to keep * is engagements as low as possible . . :-. - ¦ On the Continent Lord Cowley ' s mission seems to have produced a favourable effect , and there was in the correspondence from abroad a more hopeful feeling expressed than is entertained : here . _ Not much benefit is anticipated from Lord Palmerston ' s motion to-night , if it may hot the more embroil the fray . So little cause can any person see for all the apprehensions of war which are felt , that they do not hesitate to say that any English minister who should now suffer his country to be involved in war , would deserve to be impeached ; At the same time , apprehensions of war impede all kinds of business , and it is not customary for Englishmen in such emergencies to rely exclusively on any administration . "On all former occasions when war was threatened , or when peace was disturbed , the City of London had a voice which made itself heard . If the question , it is remarked , concerned a class of Bible-readers in Hindostan , or . a cargo of negroes exported from Africa , meetings would be held all over the country ; and : one cannot but feel surprised that the mercantile classes do not display as much zeal for the protection of their own ; mighty interests , and exert themselves for their protection , as some enthusiasts feel for the interests of the most distant people . ' A meeting of the Chartered Bank of India * Australia and China was held to-day , when a report of the proceeding-softie bank , which was very favourable , was adopted by acclamation . All the preliminary expenses have been paid , and a dividend ot 5 per cent , was declared . The agencies of'the . Bank-. at Calcutta , Bombay , and Shanghai are already in full operation , and one is about to be established at Singapore . The Bank has been only a short period in existence , and adds one more to the number of successful joint-stock and chartered banks . The public are generally aware that the Cape of . Good Hope is extremely favourable for grapes . JN ' owJuer ' e do they grow more magnificently . We nave drank wine , too , made at the Cape , as fine as ever was made on the Rhine ; but for many years , owing to negligence in ranking it , the general character of Cape wines was extremely bad . Juately it seems to have improved , and though the importation in 1858 was less than in . 1857 by 133 , 635 gallons , the consumption increased from 456 , 214 gnllons » n 1857 to 726 , 314 gallons in 1858 . We hope that this increase is justified by an improvement in the make . If this be so , " we may expect that the quantity made and imported will be gradually and continually augmented . BANJv OF ENGLAND . An Account , pursuant , to tho Act 7 th tipd 8 th Victoria , cap . 3 a , for tlio week ending on Wcclnusduy , tUe 23 d day ofTFebruary , 1850 : — 1 SRUJ 3 DEPARTMENT . Notes issued £ 33 , 605 , 3 K Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 450 , 000 Gold Coin &ISuIIion 10 , 000 , 1110 Silver"Bullion .... iB 88 , / 505 , 8 i . " ' A 33 , 60 n , ai 5 BANKING PWPATITMKNT . rroprlQtorH' Cap ! -- * Government Sooutal ! ei 4 , 5 fi 3 , 000 rltles ( inoludltifr Boat 3 , 30 S , a 2 rl Dotul Wolghi JPuWio Doposilp ( In Annuity ) £ 10 , 000 , 147 OludJntf Kxche- Other tiuouritlos .. 10 , 200 , 7 ( 58 auor , SrivinmT Notes ....... UJ . fWO . HUO Banke , Oomniln- Gold and « Hvor Bjonorw of Nu- Coin 802 , 23 fJ tlonal Dobfc , and , Dividend Ac- MMnnB , counts ) 7 , 810 , 78-J Other Popoaits .... 14 , 017 , 17 a SoVon Tiny and otmwr mils __ Ji 2 'I ^ jB 41 , 0-M , « 08 £ 4-1 , 041 , 008 Wf . MARSII-ALL , Cblof Onahtvr . PatodFob . ai . lfSO . ' ,

      Untitled Article

      Cotton Burn . y . —Tho Daily News inform * us that cortniu chambers of opnimoroe have yosolvefi upon sending'co ^ npotente agents to India , ^ o examine and report upon various matter ' s relative to , tho growth of oolton . They are to ascertain what commercial diflloultics havo to bo removed , op fucllitloe to VodiRcovcrod t und-toact for their principals as circumstances may require .

      Untitled Article

      282 THE LEADER . ^ [ No > 466 , February 26 , 1859 .

      Untitled Article

      RAILWAY INTELLIGBNGB .

      Untitled Article

      The directors of the Lancaster and Carlisle Railway Company propose tlie payment of a . dividend at the rate of 9 per cent , per aiinum for -the past half-year , against the same rate for the corresponding period of 1857 . __ ¦ ¦ The half-yearly meeting of the South Wales Railway Company was held on Friday , the 18 th . The report was adopted , and the dividend declared at the rate of 2 l . 10 s . per cent , per annum for the half-year . A resolution was passed authorising the directors to raise 379 , 980 / . on shares to be gua ^ tanteed a dividend not exceeding 4 / . 10 s . per cent , per annum . The meeting of the Ambergate , Nottingham , and Boston was held on Monday . The chairman said that the Great Northern Company had declined to take the . undertaking at a guaranteed rental of 4 percent ., but their property'was not of less value on that account . He had no doubt that in two years the dividend would be 4 per cent . The report was adopted . At the half-yearly meeting of the Shrewsbury and Hereford line , the directors ' report was unanimously adopted . It was stated at the meeting of the Mid-Sussex Company that the works were proceeding favourably , and that the line is to be opened for traffic in May next . A dividend of 7 s . 3 d : per . 257 . share was declared at the meet ing of the East Grinste-id Company . At the half-yearly meeting of the Blythe and Tyne Company , a , discussion arose as to- ' the amount of dividend to be declared ; some contending , that the prosperous state of the affairs warranted 10 per cent . Eventually the directors' proposition of 8 £ was carried . The Taff Vale Company , at their meeting , adopted a , resolution declaring a dividend at the rate of 7 £ per cent , per annum . The meeting was then made special ,-when a resolution was passed for converting the 10 / . shares of the company into consolidated stock . , ' . ¦ •' . ' .

  • Citation
    • Leader (1850-1860), Feb. 26, 1859, page 282, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2283/page/26/