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Leader (1850-1860), 22nd October 1859, Edition 1 of 2, Page 1185, Untitled Article

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      Untitled Article

      value ip the almost equally arbitrary coins of other countries . . , . - The first step towards all men adopting a uniform coinage is to learn which is the best coinage ; and purs , we have no hesitation to say , is iar worse than the old Spanish coinage of gold and silver into ounces with numerousi multiples and divisions of them , and circulating with one another , with no fixed legal relation of value betwixt the different metals or coins . There is no reason that we are aware o £ why the ounce , or whatever weight mav . be fixed on as the unit , should not be

      divided into LalvGs and quarters , ana muiwpiieu mto doubles and quadruples , while men might reckon by the decimal system . The business of the Government is simply to coin the bullion , whether gold or silver , which it assays and certifies to be of a certain quality , into equal parts by weight , and leave everything else concerning money and calculation to commerce . The International Association , being in too much haste , invokes the action of Government—and not exactly in a right direction ^ -before the general public is prepared to support it ;

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      Friday Evening . Thbke is a good demand for money—a better demand than might have been expected so soon after the dividends . This is an indication that trade is extending , of which other evidence may be found . Some bills are discounted at 2 J , but , in general , the terms for discount are the same as the bank rate , 2 | , and the Bank feels the demand , and is getting some bills . ¦ ' . '• In the Stock Exchange to-day there was considerable agitation . The Indian loan was thrown in considerable quantities on the Market , probably in Order to meet the forthcoming additional

      payments to be made on the . 25 th , and the stock went down from 103 f or £ to 1 G 2 | . There were sinister rumours , too , afloat , of an immediate war between Spain and Morocco , arising from a mistaken telegram , and everything looked dull ; subsequently it was ascertained that the telegram was an error , the name of a journal having been substituted for that of the Minister ' s , as recommending an immediate appeal to arms . Things then looked more hopeful , and the Indian loan went up again to 1 O 3 £ . Consols , which had been done at 955 ,-closed at 9 <» » buyers . Through the week there has been a tendency to an improvement on most stocks and shares , but to-day the tendency went the other way .

      From Paris , the first report of the Three per Cents , was 69 f . 45 c , and the last 69 f . 60 c . There was , therefore , a recovery in Paris as well as here Money being comparatively plentiful , and politics uncertain , * i good deal of business is likely to be done on the Stock Exchange . We cannot say that the disreputable financial conduct of Austria haa made a profound impression . A power , like un individual , known to be bankrupt , does not . or at least ought" not , to surprise its creditors that it has made very free with the property entrusted to it . Fraud too often accompanies bankruptcy to make the conduct of Austria surprisingthe surprise is , that it is no worse—tliat forgery ,

      which there was perhaps no temptation to commithas not been practised as well as fraud . Baron Bruck , on whom the . odiumehiefly rests , is regarded , though he is known to be wealthy , as only the instrument of it system or a corrupt Court . Austria has beforo now paid her debts by the bayonet , and now , sharing the general improvement of modern times , she plunders by fraud where she formerly used force . A European power which loses , caste on the Stock Exchange has come nearly to the end of its tether . The Austrian revenue does not meet the expenses , and now that it lias sacrificed its credit it must soon come to a standstill . It cannot now fill its coffers by the strong hand .

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      Friday Evening . Everybody must be aware that the weather einco the harvest—broken and' wot—has boon extremely favourable to green crops , and extremely unflivQurable to preparing the ground , for the next crop of winter corn , and for Bowing it . As a part of tho foresight which iiow prevails in society , the vory distant consequences of such circumstances its a posaiblp deficiency to tho next harvest , now operate on tho corn markets . They aro gonorally hardening , though there aro partial exceptions throughout our , c 0 untry anfli Europe . In Naples . people bogin to four a famine , andtljio Govern . mpnttlvorojin . fl stopped in with tho iuwnnmsfic nnd folly to supply tho defi-

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      A special meeting of the Australasian Land and Emigration Company ( limited ) is called for the 28 th inst ,, "to consider the report received from Sydney as to the company ' s land , and to advise with the board . " Tho Crystal Palace Compan y notify that the whole of their 6 per cent , debenture stock , £ 250 , 000 , has been allotted . A special meeting of the Califounian Consolidated Quartz Mining Companv ( Limited ) is called for the 3 i $ t inst ., to confirm a resolution for a dissolution and a voluntary winding up . The Inverness Courier says : — "Mr . George Dickson , secretary and inspector of the Caledonian Bank , has obtained the appointment or secretary or chief officer of the Biuik of Bengal . The salary , wo understand , is £ 3 , 600 per annum , with an official residence at Calcutta . The appoiutmoat is regarded as tho most influential of its kind in India . ''

      The receipts of the London Qmnkkal OmKidus Company , for the week ending tho 10 th inst ., wore £ 10 , 874 148 . fld . Shareholders in this Company continue to wonder when they will receive tho dividend of 2 s . Cd . per sliaro which was declared many months aeo > Aa soon as tho' managers aro in a position to make this distribution , tho shareholders will doubtless be required , before touching it , to register ; and this many of thorn avo very loth to do , until more light shall have boon lot In upon the company ' s financial position .

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      FROM THE LONDON GAZETTE . Tuesday , October \ Q . s BANKRUPTS . Jnmoa Grow , Now Park-road , Brlxlon . upUolstaror , David Williams Bishop and J . Fox Farbrldge , CornliUl ^ fr *

      . Tp Atitc "Rtcport Gbnbhaii Mai)** Ttjhi?Uttl

      ciency . It cannot trust the people to supply themselves . Qther Governments "want confidence , too , in their subjects , but have "been shamed or driven out of their old plans of interfering with the food markets . The prices of corn ,, however , especially of barley , are rising , and the tendency of the corn markets to harden , gives a firmer tone to other markets . They influence each other . There has been accordingly a good deal more business done in sugar in the week than in previous weeks , and at better rise in the of

      prices . This tendency to a price articles increases the demand for money . More is required to pay advancing prices , and more business is at the moment done . All the produce markets will , in the first instance , share in a rise , and the corn markets—though , should such a rise continue , and a probability of high prices ensue , the effect would be different . In Mark-lane to day business was not brisk , but in Mincing-lane there was much activity .

      From all the manufacturing districts our reports continue to be favourable , and we are assured by Mr . Gladstone , at Holyhead , that the country is in a mostaprosperous condition .

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      The London and North Western Railway traffic return shows this week an increase of no less than JE 10 . 525 , compared with the corresponding week of last year ; the Gkeat Western an increase of £ 1 , 154 ; tlie Great Northern an increase of £ 2 ^ 832 . -, and the London and South Western an increase of £ 2 , 219 . We are informed that arrangements have been concluded for . . ; the construction of goods stations at the London antfBtAOKWALL terminus for the Great Northern and Midland Kail way Companies , by means of which a large goods traffic from the lines of those companies , as well as the London and the Victoria Docks

      North Western arid from is expected to be brought on the Blackball Railway . The receipts of the Oxford , Worcester , and WOLVERHAMPTON RAILWAY COMPANY , including the Stourbridge Extension andStratford-upon-Avon canals , for the fortnight ending October 9 , have been . £ 10 , 566 7 s . Id ., whilst those for the corresponding fortnight of 1858 amounted to . £ 9 , 480 19 s . lid ., and the expenditure , also including that of the Stourbridge Extension and Stratford-upon-Avon canals , . £ 4 , 043 16 s . 8 cL , being at the rate of 38 * 29 per cent ., whilst those for the corresponding fortnight of 1858 amounted to £ 3 , 619 6 s . 9 d ., or at the rate of 38 * 17

      per cent . The traffic return of the North Staffordshire Railway , for the week ending the 9 th inst ., shows an increase of . £ 1 , 223 in the receipts . A meeting for the promotion of The Railway Benevolent Institution was held on Tuesday evening at Manchester , Mr . E . W . Watkin presided . Mr . -Morison , the manager of the Railway Clearing-house , and Mr . T . A . Burr , the secretary of the institution , gave explanations as to its rules and object , which is to provide for necessitous orphans , jj children of the railway salaried officers . It was urged that not only the success of . this project , but its ultimate extension to a more comprehensive scheme would be insured if the whole body _ of clerks would subscribe to its support . A resolution was passed , declaring the movement to be worthy of encouragement .

      The report of the directors of the Norwe gian Trunk Raii-way Company for the year ending 31 st of August last states that the accounts show an increase on the receipts over those of 1858 of £ 2 , 574 , and of £ 657 in 1857 . The results have enabled the Board , after the payment of 5 percent , to the preference shareholders , to declare a dividend of 2 § per cent , on the non-preference stock , carrying the balance of £ 2 , 000 to the reserve fund , which now amounts to about £ 6 , 000 . The five years during which , according to the original contract , the British contractors were bound to uphold and guarantee the solidity of the line having expired on the . 31 st August last , the railway was at that date formally" delivered over by the contractors to the company .

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      MONEY MARKET & STOCK EXCHANGE

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      G E N ERAL T R ADE REP O RT

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      BANK OF ENGLAND . An Account , pursuant to the Act 7 th and 8 th Victoria cap . 32 , for the week ending on Wednesday , the 19 th day of October , 1859 : — ISSUE r » EPAftT 3 IENT . ' ...,, „ , Notes issued .. £ 30 , 843 , 230 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 459 , 900 Gold Coin &Bullion 16 , 368 , 230 Silver Bullion .... ——£ 30 , 843 , 230 £ 30 , 843 , 230 BANKING DEPARTMENT . " Proprietors' Gapi- Government Secutaf . £ 14 , 553 , 000 ritics ( including Rest .............. 3 , 117 , 670 Dead Weight ^ Public Deposits ( in- Annuity ) £ 10 , 875 , 157 eluding- Exche- Otlier Securities .. 18 , 324 , 730 quer , Savings' Notes 8 , 355 , 295 Banks , Commis- G old and Silver -. „_„ sioners of Na- Coin 501 , 483 tional Debt , and Dividend Accounts ) 5 , 491 , 651 A Other Deposits .... 14 , 014 , 448 ~ Seven Day and . other Bills ; 939 , 896 . £ 38 , 116 , 665 £ 38 . 116 , 665 M . MARSHALL , Chief Cashier . Dated October 20 . 1859 .

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      PRICES OF THE PRINCIPAL ST O CKS AND SHARE S AT THE CLOSE OF THE MARKET .

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      Last T This Week Week STOCKS . n , 3 per cent . Consols—Money 96 9 6 * Ditto Reduced 94 J 94 J Ditto New , 94 J 94 | Bank Stock 21 » i 224 India ^ 4 Exchequer Billa * ° ^ Canada Government 0 per cent New Brunswick Government 0 per < j

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      JOINT STOCK COMPANIES .

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      RAILWAY INTELLIGENCE .

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      J&ov&m Oct . 28 ; 18591 ] JHE LEADEX 1185

  • Citation
    • Leader (1850-1860), Oct. 22, 1859, page 1185, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2317/page/21/