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Leader (1850-1860), 26th November 1859, Edition 1 of 2, Page 1303, Untitled Article

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      Untitled Article

      BANKRUPTCY . mHE deputation which waited on Lord Palmer--L ston informs us that commercial men do not mean to rest contented with the present condition of the bankruptcy law . They are right . They ought not to suffer their property to be appropriated by the lawyers on pretence of doing justice . Circumstances are continually arising which demonstrate their increasing importance in the social scale . At this moment the preservation of the peace of Europe depends more on them than on the diplomatists . They are continually extending and cementing the friendly relations between different and distant nations , and establishing a community of good . They may be justified , therefore , in holding up their heads , and in informing lawyers and politicians very plainly that they will not permit their interests to be sacrificed to the theories of the latter or the selfishness of the former . At the same time they must not call on the rest of the community to bear the burden of any want of discretion on their parts . For any unavoidable misfortunes which first reach them the community , on the principle of assurances , may be expected to take its share ; but it cannot be expected to establish and pay courts to collect bad . debts for them which should never have been contracted . A ' bankruptcy code and a bankruptcy court to secure creditors from loss , is a temptation to indiscretion and an encouragement of fraud . All the expenses of bankruptcy , and of collecting and distributing the bankrupts' property , pro rata , amongst his creditors , should fall on the property . The great difficulty is to find men with sufficient skill to manage the estate to the best advantage , and such consummate impartiality as to deal fairly with all the creditors . A merchant or dealer — generally a creditoris capable of collecting the property , and making the best use of it , but he cannot be relied on to make a fair distribution . He will be partial to himself or his friends . A lawyer necessarily wants the mercantile skill to manage the property . Were the matter left pretty much ' to the course of trade , without any regulation by law and in the hands of the parties chiefly interested , ¦ we fancy that a class of men , something like ac ^ countants or provisional assignees , would naturally come into existence , who would unite both skill and impartiality , and who , subject to public control , and especially the control of all the parties connected with the bankrupt property , ¦ would be best adapted to discharge these complicated duties . We are quite sure that no court merely of law and lawyers will ever satisfy the mercantile classes ; and equally certain that no mere merchant , dealer or creditor will ever satisfy conflicting creditors . We hope that Sir It . Bethell , to whose care the matter is committed , will give this principle his consideration , and direct his exertions towards facilitating the mercantile classes in forming amongst themselves a separate profession , which , somewhat analogous to accountants , shall make it their business to collect and distribute , sanctioned by the authority of law , the estates of bankrupts .

      Untitled Article

      Friday Evening . The Money Market is very quiet There is no alteration in the terriis , and no activity in business . Money is in good demand , but the supply is equally good . Uncertainty continues in the political world , and enterprise , continues slack . In the Stock-Exchange the market in the week has had a tendeucy upwards , but it wasvery slight . To-day Consols were done at 96 jh but large sales were made for money , and before the close of the market they declined to 96 J sellers . No political rumours aflected the market ; they went rather in favour of confidence , but the large sales of one house had more in-3 ? aris the of the

      fluence than politics . iTrom report Bourse was favourable , bringing the Three per Cents , at 70 f . 25 c , an advance of rlf per cent . ; The railways all loot * WeJllJ The traffic returns are favourable , and great holies ore entertained that they must improve . One of , the .. fcatur . es of tho week , indeed , is a largo extension ^ Q . f railway work . Numerous bills are announced for t ? he formation of now linos and the extension of old ones . The time is favourable ? iron is cheap ; labour is comparatively plentiful ; the rate of interest is low ? capital is seeking means of profit ; trade is flourishing ; and other circumstances—if tho projectors and directors bo only prudent and careful—arc favourable to their \ ,

      success . A curious illustration of tho probablo effects of war is to be found in a " Letter to the members of tho Equitable Society , " juet published by C . and E . Layton , Fleot > street , referring to tho bonuses distributed by this company . C . J . Bunyon , Esq . the author , complains of the roduotion in the bonus , and points out this—It is partly tUo . consequence of a comparatively low price of the funds , Tlio company has 453 , 000 , 000 in Gonsolii , and a fall of SO por cent , in them would bo sufficient to swallow up the whole of its surplus . In consequence of the present warlike preparations , ho says , " tp retain such an in-! ; ;

      vestment is an infatuation . The pamphlet will , no doubt , receive the attention of the members of the Equitable ; and is even worthy of extensive circulation . ¦ BANK OF ENGLAND . An Account , pursuant tcthe Act 7 th . and 8 th "Victoria cap . 32 , for the week ending on Wednesday , the 23 rd day of November , 1859 : — ISSUE DEPARTMENT . Notes issued ..... . £ 30 , 805 , 080 Government Debt £ 11 , 015 , 10 c j xoiesissueu * , other Securities .. 3 , 459 , 900 Gold Coin &Bulliou 16 , 330 , 081 Silver Bullion .... £ 30 , 805 , 080 £ 30 , 805 , 081 BANKING DEPARTMENT . Proprietors' Capi- Government Sceutnl .. £ 14 , 553 , 000 rities ( includingnest ::::::::..:. 3 ; i 8 . w 2 Dead w ^ ut Public Deposits ( in- n Annuity ) - ; ... £ 10 ,-925 t 15 dueling Exche- Other Securities .. W £ 8 , 50 quer . Savings' Notes ............ 0 , 640 , 12 fiauks , Cornmls- Gold and bilver sionors of Na- Com & > 5 , 5 & tional Debt , and Dividend Accounts ) 8 , 062 , 071 Other Deposits .... 15 , 002 , 550 Seven Day aud other Bills ...... 815 , 776 £ 10 279 369 £ 40 . . M . MARSHALL , Chief Cashier . Dated November 24 , 1859 .

      Commercial. ' . ' : ^

      COMMERCIAL . ' . ' : ^

      Untitled Article

      " PLAN FOE A SECURE PAPER CURRENCY . "—( MR . WILSON . ) Tins is tho title of tho last , of n sci-ies of papers which appeared in tho Economist , on the subject of the currency , in 1847 , and are now published in a book with tho minus of the Bight Hon . James Wilson . The volume will bo fbunjl very useful to inquirers into tho abstruse subjects of capital , currency , and banking , but it does not fall within the soopo of this part of our journal to oritioiso in extenso any olnss of publication . Wo must say , i however , that we fully share Mr , Wilson ' s views as to tho best species of paper currency , though we dissent from his opinion that a " plan" is necessary to establish a secure paper ourrejuov . Many plans have given us insecure and fraudulent paper cur- roncica—pnpor currencies which are aaid to be actual payments , and are only promises to pay 5 but no plan is needed to allow bankers to oarry on their business—like any other trades- raen—in their own way , and supply all their customers , if they ohoose to accept them , with I

      . i t * r . L i any kind of credit-notes they find convenient . That " banks , openly and freely competing with each other , without any legal restriction whatever ^ ' would naturally supply such a credit currency—which , would , as naturally , with free com ' petition , always be of equal -value to the money it promised to pay , because for that it could always be exchanged—is very clearly demonstrated by Mr . Wilson , both by theory and experience . But Mr . Wilson , after demonstrating this , goes no further than the barren demonstration . " We have considered it needful , " he says , " thus to express our conviction of the unfounded character of the alarm which exists with reference

      ¦ i to free trade , as applied to banking , even by those who advocate the principle as applicable to all other branches of trade . With the present views entertained by the public in England , however , and the general state of our banking business , we would not advocate the introduction of this system , however unobjectionable it may be in principle . " There is the mind of the "well-informed politician laid open . He sees the right , but he will by no means insist on its being done . He defers to the " present views , " which he writes down as erroneous . He , therefore , in fact—and this is a general description of all politicians who have given themfrom circumstances

      selves the trouble , or been , any , forced to investigate principles—patronises error . He and they are far worse than the ignorant mob they often revile , for these are honest and sincere , and believe in the truth and goodness and efficiency of the principles they stand up for ; but the expounding politicians know principles to be wrong , and yet , in practice , with all their might , with all their power , daily exercised in office , they give effect to the wrong . We are content generally to permit politicians to pursue this objectionable and ' humoral-. course .- It is a part of their lives—it is the soul of their art ; but when we find it avowed in a book , we must suspect that the

      whole of its contents may be wanting in honesty and sincerity , and put it aside , fearing lest we may be deceived into the wrong , rather than encouraged to persevere in the right . Like Mr . Wilson , we are thoroughly-satisfied that the principle of free trade is as applicable to banking as every other business—that this princip le , if politicians would permit its operation , would be sure to give every community and every locality secure credit currency ; but , unlike him , we cannot put this conviction aside , and lend our power and our presence to support an opposite principle . A .. U men may do wrong unknowingly , but all honest men decline to do wrong knowingly .

      Untitled Article

      No * 505 . 1 ^^ 26 , 1859 , 1 THE LEADEB 1303

      Untitled Article

      MONEY MARKET & STOCK EXCHANGE

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      Last This AVeek "Week STOCKS . . . " ' , . 3 per cent . Consols—Money w >* •«* . Ditto Reduced ... - ^ Ditto New ; £ " ** BankStoek : 55 ' India .. .. ¦ • **¦ • Exchequer Bills •• •« ; . ** Canada . Government 6 per cent . 11 * jig * New Brunswick Government Gper cent . . . 11 J * " -4 New South Wales Government ^ 5 per cent . 10-i 102 South Australia Government 6 per cent .. ll . i lii Victoria Government G per cent . 107 100 Austrian Bonds , 5 per cent ...... - .. « Brazilian Bonds , 5 per cent 1014 10 ~ i French Rentes , 3 per cent o'J-Oo Mexican Bonds , 3 per cent .. ^ i Peruvian Bonds , 4 J per cent .. Spanish Bonds , 3 per cent * Jfl Turkish Scrip , 0 per cent ' s RAILWAYS . Bristol and Exeter ™ 1 «« Caledonian "& £ ** Eastern Counties ° °° East Lancashire , , Great Northeri * ...,., lO Tf * £ 2 * Western • • •"* 05 » Lancashire and Yorkshire 0 tt | 97 London « nd Blackwall .....,. • •• ** & « London , Brighton , and South Coast Hi 113 * London audTSforth-Western u » i 95 J London and South-Western 95 _ Midland . ™ lk i ™ , NorthBritish ?* ™ 1 North Staffordshire ' •;;;• , . ¦ \ 1- * qif Oxford , Worcester , and Wolverhamptou .. 3 i > 34 * South-Eastern i 77 A £° * South Wales 71 7 i Bombay , Baroda and Central India j 0 rt 06 Calcutta and South Eastern p » r par Eastern Bengal f ' infj Bust Indian . -... l « 'i * " * Great Iudian I ' eninsula » 'f > w Madras * ' fj . Scincla J ' | ' 4 ? Buffalo and Lako Huron » i „ ** Grand ^ runk of Canada ^ J ' Groat'Western of Canndii Jl < * * ° * Antwerp and Rotterdam ;! S , o £ d I > utch Uhonish * P ? oqIT Eastern of Franco - *•;{* "J Great Luxomburer ;•• -Vff Jtd Lombabdo- Venetian - ,. I * 37 jl ^ Northern of Franco Y'i 05 J I ' arlB , Lyoii b , mid Modi turrunoim •\ H , ft Paris ami <> rlonnt » >• J {|{ 2 f , i |? £ ! jra ? A ^ : svi « i ™ of * ™ i ~ :. «»* * %

      Untitled Article

      PRICES OF THE PRINCIPAL STOCKS AND SHARES AT THE CLOSE OF THE MARKET .

      Untitled Article

      QENERAL TRADE REPORT .

      Untitled Article

      Tradh continues . In the main , steady and extensive . Tho changes to report aro unimportant . lo-Aay , in MarWano , tho corn-market was sternly , with a Sndency to flrmnose ratlior than oihorwise . The nao n the price of wheat , which took plaoo l ^ t . ^ k , sulllood to oncourago the farmers to become diligent In thrashing and sending a large quantity of wheat to Sot . In consoquonce , the rise in price ¦ jrhtott wo have noticed for two weeks , was not continued , andat Wolverhampton , Newark , an . other plaoos . the price fell . With llrmer markets a f « o United Stfttos , with flour doarer in Spam nn < l vrheat deapep in i ? ranoo than in England , and ^^ kolis rwlng m almost all tho ' placos of supply , we must still hold to Su ? warn ng-in splto of the largo stocks of grftin said tcf bo-in Mnglind-that tho prloo of corn wiU for some time have an upward tendency .

  • Citation
    • Leader (1850-1860), Nov. 26, 1859, page 1303, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2322/page/19/