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Leader (1850-1860), 30th April 1859, Edition 1 of 2, Page 572, Untitled Article

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      Untitled Article

      amount , from twenty-five to twenty-seven , is a circximstance almost unknown of late years : and as more -will probably yet happen , confidence was entirely destroyed . Many fell because they could not realise the securities they held , and the readiness to make sacrifices only led to further depreciation and more disastrous results ; It was plainly visible in the early part of the week that the demand for nioney was increasing . On Wednesday , banks and other leading establishments began to call in their loans . They could but fear a run on themselves . Numerous applications were made to the Bank of England for loans

      and discounts . In the open market as much as 4 £ percent , was paid to discount good six months ' bills . At the same time , gold was , day after day , abstracted from the Bank , and it was palpable that the minimum rate of discoxmt would soon be raised by that body . On Thursday , accordingly , it was raised from 2 £ , at which it was fixed , on December 9 th , to 3 £ ; and all the monied establishments of the city followed the same rule , and raised the terms on which they will receive money oh deposit , and on which they will discount , bills , generally 1 per cent . It is not likely that this upward niovment , which added on difficultieswill

      Thursday to the Stock Exchange , stop here . The price of corn is rising , arid the corn markets are agitated ; the price of tallow , Of saltpetre , and other things , are going rapidly up ; speculation in produce is beginning , and we can only anticipate a further rise in the value of money , attended probably by a further and certainly by a combined fall in the value of all securities . The panic * which has already caused such a considerable depression in the value of all kinds of securitiesj diminishing _ pro tanto the fortunes of all those ¦ who have property invested in them , is but the beginning of tlxe permanent fall which is sure to be the consequence of war .

      Already , as remarked by a contemporary , the Powers now embarking in this unholy contest are scarcely able , to meet their obligations while remaining at peace , and war must reduce them to the disgraceful necessity of suspending payments , or making , as heretofore , some compromise with their creditors . Unfortunately this app lies not only to the debts the / have directly contracted , but to the enterprises of which they have guaranteed the profits . If these prosper , well and good ; if they do not , bankrupt Governments Cannot redeem their guarantees . It is difficult to estimate the vast depreciation which has already

      taken place in this kind of property . JNational debts , railway , and other shares , amount to millions , and five per cent ^ on their amount is itself an immense sum . We should , however , open up too lugubrious a prospect for some of our most , successful present enterpr ises , were we to follow the the clue this gives its to our hands , and the doubt it throws on many assets hitherto considered of undoubted value ; and we turn rather to a less gloomy aspect of affairs . Our trade is happily sound ; all the producing interests of the country ,

      even including the connecting and lndispensapie interests of the carriers of goods—such as shipowners and railways—are comparatively pros * perous and improving . They will have difficulties to encounter and privations to bear , but they are strong and healthy . They , we may expect , will support all the difficulties they will , surely have to encounter , and will enable the country to brush aside the little impediments which losses and panics at the Stock Exchange may place in its path . ' ¦ ,

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      Friday Evening . "We havc referred elsewhere to the groat panic on tlie Stock Exchange , which has occurred in the week . In that notice , however , we only bring our brief history down to the close of yesterday , nnd here wo must continue our narrative of the proceedings of to-day . The stock markets oponed with moro appearance of stability than they closed with yesterday . Rumours , contradictory in some measure of those of the day before , and leaving still a hope that the Austrlnns hnd not cTOflBod , the . Ticino , that the treaty between Russia and France was a fiction , or-at lonat exaggerated , wore » n circulation , nnd Console opened 1 per cent , bettor than yeoterduy , or were 00 to OOJ . In the course of tfho morning , however , no less than twenty-two additional

      failures were announced on the Stock Exchange , making in all forty-seven or forty-eight failures in three days , and Consols again declined . After some oscillations they closed at 89 J . The committtee of the Stock Exchange have recommended all its members who have engagements open in Consols to close them , with a view of putting an end to the excitement . That this will be successful we do not believe ; but now that so many have terminated their engagements by their inability to fulfil them , it may be hoped that many more in the same predicament are not left . Most x > f the failures are for a small amount , and several ot them were the consequence of the failure ^ of one large firm , the differences of Which . ore not less than jbeO , OUU , and which is rather loudly condemned for the excess of

      its speculations . No scene , like that of the last three daysf is remembered on the Stock Exchange . In 1635 there were numerous failures , but the }> anic was then scarcely eqnal to the panic now . It is doubtful whether all its evil consequences are yet at an end , and people stiH look forward with great anxiety . . Money is , of course , in great demand . The Bank rate is lower than the general market rate , and to the Bank numerous applications for money are made . To have raised the rate of discount 1 per cent ., as it did yesterday , was considered a bold measure , but it will scarcely be sufficient even for temporary purposes . Well-informed persons expect another and a greater rise . They say that the rate of discount is likely to be 5 per cent , not only in London , but ail over Europe , even if it do not speedily rise above this sum ; should the war , which is happily still clothed with some doubt , the value of

      really take place and be continued , money will rise still higher . We scarcely need add that this condition of things has brought many maledictions on the heads of the European powers , win ch are plunging into war , and on her Majesty ' s Ministers , who seem to have been extremely ignorant of the intentions of the Emperor of France and the Emperor of Austria . But for the reliance on their peaceful disposition , which her Majesty ' s fGovernment has encouraged , nionied men might have made a stronger demonstration in favour of peace and prevented , possibly , tlie commencement of war . The money potentates have been beguiled into ' too much confidence in Ministers , and Ministers have been beguiled into too much confidence in their own diplomacy . . . The Bank returns supply sufficient grounds to justify tlie resolution adopted by the Bank , to raise the rate of discount . ,

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      • Ifriday Evening . The war , movements on the Continent which have been without intermission , and which have now assumed a form that enn hardly admit of doubt , have had a serious effect on trade . In some of the manufacturing districts operations have been suspended , in others very much circumscribed . Nothing is doing in tlxe fabrics for the Continental markets—orders are either wholly suspended or countermanded . The India trade has improved . The latest advices from Bombay and Calcutta speak of a restoration of confidence , and

      of a revival of the active demand for manufactures which was experienced a short time ago , and which received a temporary cheek , owing to financial embarrassments . A largo business has been done in yarns for the Indian market , but no change of consequence haH taken place in prices . Considerable consternation is caused amongst the trading classes by the belligerent movements of Austria and Franco . A war between them would at once p * ut a stop to much traflio , nnd the feeling amongst traders is , wo think , even more lugubrious than amongst the stock-brokers and dealers . They know that for a time , tit least , war

      will seriously interfere with trade . Already rates of insurance have risen almost to war risks while impediments are at once thrown in the way of trade . By Austria the exportation of corn is said to have been forbidden . In consequence of the war the corn markets have risen in the week , and are at itsclose , on the average 4 s . higher than at Its com ; - niencement . In tallow and other Russian produce a very active speculation is commenced , and the prices are on the rise . Hemp is to-day dearer than it yesterdayTallow

      was- . , which for some days has been rising , was not quite so high to-day as yesterday . For the first time shicc trade be ^ an to recover from the disasters of 1857 , it las received , from political circumstances , a severe check , and traders are now less hopeful than for some time past . Sugar and coffee ^ though the position of the articles might otherwise warrant improvement in tlie price , are both dull . The war will -limit . the . consumption abroad , and make the narrow stocks ample to supply the demand .

      lavEJtroor .. —The cotton sales have been on a limited scale . The prices * : however , were fairly maintained at the commencement of the week , but have since given way . about 3-16 ths . I / eeos . —The halls have not been very -well attended . Business very quiet , but tlie markets are tolerably firm . HuDDERSFiEL » , BR . Ar > FOKD , RoenDAiE . —; The same remark applies to these markets . Business is quiet and much affected by the election and continental hostilities .

      Manchester . —For India and China markets , the demand lias been very fair . But the general shipping trade has been very dull . The cloth market has been very inactive , and prices were very irregular . Altogether trade is not in as good condition as it was last week , and this is solely to be attributed to tlie menacing aspect of affairs on the continent . Leicester .- —The election interferes with the hosiery , but no change since last week of importance has occurred . Nottingham . —The lace trade remains without alteration . Business is quiet , but it is hoped that when the holidays and the election are over , that greater briskness will ensue .

      Birmingham— Trade is , quiet . The iron districts of Staffordshire and South Wales are tolerably busy , but the activity is chiefly confined to railway requirements . . ¦ Coal Trade — The trade is steady . No alteration worth notice has to be reported . We arc gratified to be able to state that the strikes in the various coal districts and among the country shoemaicing operatives are either settled or in course of settlement .

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      Sir EowAno B . XT TTON . ~ Thc . sojourn of Sir Edward at Malvorn , has ^?» »» Sj * n n l JvKS tlmt to justify the assurance of his wojojjl « a ™ fttlon . repose is alone needed for his comploto rwwn But it is doubtful whether in the abojf *> JVBlr > vlll elapse before the mooting-of l *^ °$ m Edward / e health will be ' fluently » oat ?™ J f mon thon to rosumo the comblnod fatigue ot pnrim tary and official Hfo .

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      MONEY MARKET & STOCK EXCHANGE

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      BANK OF ENGLAND . „ . . - An Account , pursuant to the Act 7 th and 8 th . \ letona cap , 32 , for the week ending on Wednesday , theii / thdny Of April , 1850 : — ISSUE DEPARTMENT . Notes issued £ : n , 4 ;» , - . ' 70 Government Debt £ 1 , 1 , 01 ;> , 10 O Other Securities .. : } , 4 . > 0 , 000 'Sold Coin ABullion 10 , D « o , 270 ¦ silver Bullion - *» l , 43 S , ? 7 i £ 31 . 435 , 870 BANKING DK PABTMT . ST . Proprietors' Capi- Government Sepu-Ul .............. £ 14 , 503 , 000 rlties . ( including : Rest ... » , 14 < v > 0 < , » e » d Weight Public Deposits ( in Annuity ) .... gn , ^ 1 , 118 eluding SJxche , Other Securities ., l < . 0 <*» , S 01 quer Savings' Notes ............ M « 0 , < H 5 fcanks , Commis- Gold and bilver eipners of No- Coin ............ 6 b 0 , 072 tional Debt , and Dividend Accounts ) .......... 5 , 240 , 20 ft Other Deposits .,,. 15 , 334 , 020 Seven J > ay nnd other Bills ...... 707 , 155 ' £ 30 , 053 , 330 ' , £ 30 , 053 , 330 M . MARSHALL , Chief Cashier . Dated April 28 . 1850 ;

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      GENERAL TRADE REPORT

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      572 THE LEADER . [ No . 475 , April 30 , 1853 .

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      RAILWAY INTELLIGENCE

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      The East Suffolk line will be opened , as far as Wobdbridge , on Monday , the 2 nd of May . borne doubt exists as to whether tlie section between Ipswich and Woodbridge will be completed by that * Tho Cornwall line is to be opened on Monday , the 2 nd of May , by Prince Albert in person . IIis J o Highness will leave Windsor at six oj . Jgf train , and arrive about noon at the Albert Bridge , Saltasb , where he will be received by the directors and the Government authorities . ,,, _ .: „ ! , B On Tuesday a meeting of the slinroliolders . in tle Antwerp and Rotterdam lino was held at tlieonua in Cannon-street , at which resolutions were pnssea adopting the report , approving a dividend ot wj . per share for the year 1858 , payable on 11 o lStliot May , and re-electing Mr . Liung , the retiring ai

      fC iTthe meeting of the shareholders of the . Gro-t Southern of India Railway Company , on |« ° ™; report was read stating that the cnpitffl would no * bo reduced to ' 500 , 000 / ., in bonBoquo nqo oi tUat «» n being found sufficient forthe fl ™ t bocJio n of » g miles . The directors had paid 120 , 000 / , ^ no ^ Indian treasury on account of the < « any . * works for the first aection would now bo © ° ™» f and finished by the company , by wl ° '* " ™ 1 , 000 / . per mile would bo oflbolod . / if "JJ little discussion , and the report was ngroeu unanimously .

  • Citation
    • Leader (1850-1860), April 30, 1859, page 572, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2292/page/28/