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Leader (1850-1860), 6th August 1859, Edition 1 of 2, Page 921, JOINT STOCK COMPANIES

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      both parties arc exasperated— -that it can by any means be immediately stopped , and can only reeard its existence and -the frequent recurrence of similar strikes as testimony against the meddling and costly legislation which has brought it on .

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      Friday Evening . All the circumstances of the money market ^ favourable . The brisk demand for money which prevailed till yesterday has relaxed . All ^ obligations due on that day were dulyjionoured , and since then money has been easy . Till to-day the Bank of England has been getting a great business . Now Lombard-street , the discount houses , and the i oint-stock banks acquire a fair share of what is to i *(> done The terms of the market are not altered , Exchan

      but the pressure for money is less . The ges are all favourable , and gold is not running away so rapidly as formerly . Silver is not so much in demand as it was , and gold is not sent abroad to purchase it . Bar silver and dollars are cheaper . The Bank of France has lowered its rate of discount from 4 * to 3 £ per cent ., and the increasing trade of that country finds increased accommodation . All these circumstances are calculated to work favourably on the mercantile community , and they will help to stimulate reviving enterprise . it is wanted for

      Though money is easy chiefly trade , and comparatively little of it goes to the Stock-Exchange . There , though the market has been firm and improving , to-day business is very dull . Consols opened at 94 £ to 95 , the closing price of yesterday , and closed at 95 | to g . The telegraph brought a rise of price in Paris of a good £ per cent ., and money being easy the funds and forei gn stocks and shares are all firm . There would be a still stronger tendency upwards were the French Emperor relied on , but the usual fate attends him which attends others who have broken their words . Everything he says is suspected . . We regret this , but so it is ; faith in the man ' s words has come to an end , and it will take an age of good conduct to restore the Emperor to the general confidence which he enjoyed before the 1 st of January , 1859 . The Bank returns will be found below .

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      Friday Evening . There is little to say on this subject which is not more repetition . In the manufacturing districts the demands for yarn and cloths continuo good , and in Manchester , since the German market has become actlvo , they are quite as groat as can bo complied with . Tho weather continues favourable for the harvest , and though wo have some reports from the couth of the wheat wot turning out well , the crop is , on tho whole , likely to bo good . The corn markets nro firm , with a , good business doing . Consumers and farmers seem both satisfied ,- which is the best condition of tho . market . In Mincing Lano sugar

      has declined 6 rf . per cwt . sinco last wook j coffee has been extensively dealt in , but tha price is unaltorod . Consumption generally continues active , and yot prices are not high . Tho supply of most commodities is on a fair level with tho cloinnnU , and all arc flourishing . It to stated by those who nttond to suoh subjects , that tho number of paupors Is continually decreasing ; that now it is roclucoU to one in twentyfour of tho population , whon it was ono in thirteen , which is ono of tho bost signs to bo found of tho comparative improvement or ther woll-boing of tho peoplo . When they do well tho merchant does wall , and accordingly complaints oro loss hoard now than ¦ owe months ago .

      Joint Stock Companies

      provision for bad and doubtful debts , interest to customers , and current expenses , as well as for the half-yearly dividend , there will remain a surplus of 6 , 291 / . 14 s . 10 d . to be carried forward to profit and loss new account . Your directors have , accordingly * declared the dividend usual at this period of the year of 5 per cent , for the six months ending 30 th of June last . Since the annual meeting in February last , your directors have taken over the business and premises of the Western Bank of London in Hanover-square—the transfer thereof having been effected oh the 2 nd of May last . Every confidence is entertained that this will prove to be a satisfactory and advantageous arrangement . The

      dividend will be payable on and after Monday the 15 th instant . " The Chairman , in moving the adoption of the report and accounts , pointed out that the capital paid up and the reserve fund stood at the same figures as last year . The customers ' balances were greater this half-year than they had ever been before . The profit and loss account showed a large increase as compared with former periods . The bills discounted were considerably greater than they had ever been . As compared with last year they presented an increase of 370 , 0001 . The charge for premises would next half-year exhibit an

      increase , as the directors had purchased property for enlarging the banking house in Lombard-street . The property was paid for and the tenure freehold . The salaries had been enhanced by the purchase of the Western Bank of London and the opening of a branch at Basingstoke . The transfer of the former had been effected upon most advantageous terms > and he was happy to say that since the transfer the old customers had renewed their accounts with the baek . Attendant upon this transfer the directors had been enabled to obtain the services of one of the most efficient directors of the Western Bank , namely ,

      Mr . Huggins , and he had no doubt that the operation would prove highly advantageous to the proprietors of the London and County Bank . The result of the half-year ' s business was an increase of 8 , 500 Z . in the profits , as compared with the previous half-year . Since the last meeting the _ directors had been at law in Ireland on the subject of the Tipperary Bank ; but he was happy to say that as regards the Irish estates they had succeeded to the fullest extent , and the parties disputing the rights of the bank had been made to pay the costs . One of the parties , Mr . Aird , a relative of the late John Sadleir , had lodged a claim to the proceeds of one of the esta tes ; but they were advised by

      counsel that , the claim could not be sustained There were other estates in Ireland yet to be sold , and tire directors hoped to dispose of them in November next . One word more , and he had done . The bank had no less than 24 , 000 customer , and that fact alone was a sufficient proof of the advantage of the institution to the home counties . Mr . Jones seconded the motion . In reply to questions , the Chairman said the managers of the branches were not allowed to engage in any other occupation that could interfere with the duties of the bank . He must decline to state publicly what were the profits of any particular branch ¦ > but the information could be had at the offices . The securities were

      valued at their cost price , and at their market value on the 30 th Juno . The report and accounts were unanimously adopted . The meeting was then made special for the purpose of considering certain resolutions passed at a previous meeting for altering their deed . Tho solicitor having explained tho nature of the alterations proposed , tho Chairman moved that the resolutions adopted at the meeting of the 23 rd of June , bo confirmed . Mr . Ulytho , having seconded the motion , it was carried unanimously . A vote of thanks was then cordially passed to the chairman , and tho proceedings terminated .

      * . JOINT STOOK ^ OOMPANIBS . At tho mooting of tho London Discount Company , held on Tuesday , tho dividend declared was at tho rato of 0 por cont . por annum , as recommended in tho directors' report , leaving a balance of 759 * . to bo carried t ' o tho next account . Tho ordinary half-yoarly meeting of tho shareholders in tho London ani > Oounti" Wank was hold this week at tho London Tavern . Mr . W , Nicol , M . l \ , chairman' of tho board of directors , presided . Tho following report was submitted : — " Tho directors have tho pleasure to lay before the proprietors a statement of tho affairs of tho bank on iUo OOtu of Juno last , showing that , after making

      Mr . F . Maynard , on behalf of tho liquidators of tho Western Bank op London , announces that a return of 20 / . per share will bo made on the 22 nd inst . Ho states : "I havo much pleasure in fprwarding to you $ ho annexed announcement of payment of 201 . por share on tho shares of this bank , being a fulfilment of tho assurance I gavq , tho shareholders at tho first meeting-, 19 th of May , and ropeftted to them at tho second , on tho 21 st of Juno . I have no doubt whutovor that I shall have tho pleasure of the full accomplishment of tho assurance that upwards of 40 / . will bo returned , of which this is tho first

      in-Thoreport of tho Bank ojp New Soutji Walks , prosonted at Sydnoyon tho 27 tli of April , showodan available balanco for tho half-year of 00 , 822 * . A dividond was roconinicndcd nt tho rato of 20 por cent , poramium , whloh will absorb 50 , 0001 .-, 11 , 678 * . was carried to tho rosorvo fund ( now raised to 190 , 000 / . ) , and 6 , 114 / . was carried forward . Anew branch is to bo established at Wangaratta , in Victoria , and an ngouey tit Adolong , in Now South Walos . At tho half-yearly meeting of the proprietors of the Enomsh , Scottish , and Australian Chaktwkkd 13 ank , held on Thursday , tho not profit * wore

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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 Victoria , cap . 32 , for the weolc ending on Wednesday , the 3 rd day of August , 1859 : — ISSUE DEPARTMENT . Notes issued £ 31 , 201 , 740 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 450 , 000 Gold Coin &Bullion 10 , 7 ^ 0 , 740 Silver Bullion .... £ 31 , 2 pl , 740 £ 31 , 201 , 740 BANKING DEPARTMENT . Proprietors' Capi- Government Secutal £ 14 , 553 , 000 rlties ( includiuer Rest .......... 3 , 340 , 135 Dead Weight y „„„„„ , Public Deposits ( in- Annuity ) . £ 11 , 208 , 572 eluding Exohe- Other jSuouritlos .. 17 . , 057 quoi % Savings' Notes 8 , 889 , 0 ^ 0 Banks , Commis- Gold and Silver Bioncrs of Na- Coin 003 , 500 tional Debt , and Dividend Accounts ) 5 . , 259 Otlior Deposits ,... 14 , 351 , 001 Sovon Day and other Bills 818 , 747 £ 38 , 302 , 14 f > £ 38 , 302 , 145 iff . MARSHALL , Chief Cashier . PAtcd August 4 , 1850 .

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      GENERAL TRADE REPORT .

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      PRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE ! OF THE MAEKET '

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      - Last Tliia-Week Week STOCKS . 3 per cent . Consols—Money 9 u ™ i Ditto Keduccd 95 J 9 »* Ditto New 95 J 95 J Bank Stock 223 223 India ^ 21 * Exchequor-JJills . ^ 8 o 0 Canada Government C per cent . ¦ ¦ .. . . . «• New Brunswick Government 0 per cent . .. .. New South Wales Government 5 per cent . South Australia Government Cper cent .. .. Victoria Government 0 por cent Austrian Bonds , 5 per cent Brazilian Bonds , 5 per cent . . . French Rentes , 3 per cent Mexican Bonds , 3 per centi Iff 1 ' eruvian Bonds , 44 per cent Spanish Bouds , 3 per cent 44 Turkish Scrip , 6 per cent SOfr RAIL WATS . Bristol and Exeter ¦•• 99 9 S £ Caledonian ... ¦ . '•¦ ° . J £ ° 2 * Eastern Counties ^» i >> ° i East Lancashire 95 . , Great Northern .-.- 104 1014 „ Western 59 * £ 8 j Lancashire an d Yorkshire 95 i > o £ London and Blackwall 07 06 London , Brighton , and South Coast ....... 112 * 111 * London and North-Western .... i 95 * 94 Lon don and South-Western . 94 * 94 * Midland ... 105 i lft 4 f North British S 8 57 * North Staffordshire 13 J I 3 £ , Oxford , Worcester , and Wolverhampton .. 32 2 n South-Eastern .... ' .... ¦•• ~ 3 £ 72 J South Wales 64 03 Bombay , Baroda and Central India ,.-.. ... 10 J ' 1 GJ Calcutta and South Eastern .. £ p Eastern Bengal . •» ?• l ^ d .. -3 S East Indian 08 OSf Great Indian Peninsula . 90 J 03 J Madras 90 88 Seinde . 20 Buffalo and Lake Huron 5 g 5 £ Grand Trunk of Canada ... 34 34 Great Western of Canada 15 14 J Antwerp and Rotterdam ...: 4 ft 4 i Dutch Rhenish 5 £ d 5 : d Eastern of France 26 26 V Great Luxemburg' ^ t •*•»' Lombardo-Venetian 1 . 0 * IO | Northern of France 37 $ 37 , Paris , Lyons , and Mediterranean 35 35 J Paris and Orleans ; 54 fi 5 Southern of France 20 * 21 Western and North-Western of France .. 22 j 22 J

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      No . 489 . Aug . 6 . 1859 . 1 THE LEADEB . 9 al ' '

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      The half-yearly meeting of the Giieat Western Railway Company , called for the 1-2 th inst ., will be made special , to approve an agreement for the transfer of the Birkenhead Railway to the London and North Western and Great Western Railway Companies jointly . At the meeting of the New Brunswick and Canada Railway and Land Company , the report of the Committee of Inquiry was received , and , in order to allow the directors time to con-: sider and reply to the recommendations and charges therein contained , the meeting was adjourned .

      Tho proposed half-yearly dividend of the Great Southern and Western Railway Company of Ireland ia officially announced at the rate of 5 per cont . per annum , leaving a surplus of 11 , 800 ? . to be carried forward . The dividend for the corresponding period of 1858 was at the same rate . The adjourned meetingof the Railway Companies Association took place on Thursday , at the Railway Clearing House , rioymour-street , New-road . Mr . Georgo Gamble was in tho chair . The business before the meeting was of minor importance , and >« t few members were in attendance .

      Tho pi'oposed dividend of the Great Northern Company for the half-year ending the 80 th of Juno , 1809 , is at the rate of 3 ft per cent , per annum , or the same as in 1858 . This distribution will give 3 per cent , for the half-year to the B stock , and 7 s . Gd . por cent , to the A stock .

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      RAILWAY INTELLIGENCE .

  • Citation
    • Leader (1850-1860), Aug. 6, 1859, page 921, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2306/page/21/