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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.
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Sugar has been rather active in the week , and prices have advanced 6 d . per cwt . Other articles have been generally steady , with a good demand for consumption . The cotton market , in spite of the very loose Crop in the United States , continues firm . The wool market is in the same condition . At the public sales of foreign and colonial wool , in the week , the attendance of both home and foreign buyers was large , and the biddings for the finer descriptions improved . Sydney and Port Phillip qualities were sought after , and prices were better . Cape wools had also been in greater request . For the materials of clothing , then , the demand continues good , notwithstanding very large supplies . The multitude , in fact , needs clothing , and the increased demand is an evidence that civilisation is increasing and extending . We may be quite sure , in consequence , that our manufacturers are well employed .
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MEDICAL , INVALID , AND GENERAL LIFE ASSURANCE SOCIETY . The 18 th annual meeting was held at two o ' clock on Thursday , at the Head Office , Pall Mall , Sir Thomas Phillips in the chair . Mr . C . D . Sixger ( the Secretary ) read the usual voluminous reports on the Home and Indian business , the auditors ' report , and the financial statements . The various documents read received the unequivocal approbation and approval of the meeting . It appeared by the directors' report that during the twelvemonths ending 30 th June , 1859 , the number of proposals received was 1 , 133 for assurances amounting to £ 659 , 526 10 s ., of which 920 were accepted for sums amounting to . £ 539 , 126 10 s ., and . 784 have resulted in policies assuring £ 417 , 32 . 8 2 s . 2 d ., producing in annual premiums from hew business £ 17 , 983 Is . Id .
The total amount assured during the last five years was . £ 2 , 482 , 798 16 s . lid ., being ' nearly half a million sterling per annum . The mortality in respect of European assurances has occasioned , during t . \ e year , eighty-three claims on sixty-seven lives assured for £ 26 , 241 5 s . lid . The total number of polices now in force is 6 , 110 , assuring £ 2 , 601 , 925 , and the present amoiint of annual premiums is £ 112 , 62 7 17 s . The total income being £ 121 , 263 7 s . 7 d . The total accumulated funds on the 30 th June last , as shown by the auditors' report , amounts to £ 251 , 835 5 s . 9 J . The two directors who retired by rotation were Thomas Stevenson , Esq ., F . S . A . and Robert Bentley Todd , M . D ., F . R . S . " , and the two auditors retiring were John Stirling Taylor , Esq ., and Joseph Whitehouse , Esq ., who being eligible were re-elected .
Mr . C . Guenville Mansei , sought some explanation from Mr . Tait , the Secretary of the Indian Branch , with regard to the business transacted in India in the year ending the 30 th of June , 1857 , previous to the mutiny , and that for the year which closed with the 30 th of June in the current year . As one of the directors of the " Agra Bunk , " from having spent nearly all his life in India , he knew well the difficulties that the society had had to encounter , and therefore he imagined * it would be exceedingly satisfactory to the Shareholders , and to their friends in India , to learn , from the figures appertaining to those two periods , how fur the society had rallied , from the financial effects of the
mutiny . Mr . Tait afforded the requisite information , saying that during the period of the mutiny , as the Delhi and other banks censed to transact business , and from theso channels they procured the great mass of their business , the number of policies issued fell , as they might imagine , to a small number ; but , the business transacted during the year ending June , 1850 , when public confidence had been greatly restored , was only 10 percent , less than that of 1857 , testifying , unmistakably , that the resources p " f the company were neurly the same as before the mutiny ( cheers ); in fact ho was confident that they would transact a larger business than at any former period , as , since the close of the financial year , there had been a great augmentation of business .
Mr . Mans is t , said it afforded him much pleasure to inform the shareholders , from the boat sources of information , that the prospects of the Company in India were never brighter . The pacification of the country , the construction of railways , and the conse- * quent augmentation of commerce , combined with the universal good conferred by the lur ^ e sums disbursed by the- company in tlie payment of claims , must all alike materially tend to benefit the society . ( Hear , hear . ) The Indian , brnnoh was managed by gentlemen of the very higlioat standing and influence , and tholr administration of its affairs waa most excellent . Doubtless , Mr . WllBon would succeed in restoring the finances of India to something like a rational equilibrium , and the time could not be fur distant when India would present a far better field for
British enterprise than during any former period , of her history . ( Hear , hear . ) The Chairman , in proposing a cordial vote of thanks to the Indian directors for the great zeal and ability with which they had conducted' the affairs of the company ^ remarked that the occurrence of such a disaster as that which had befallen this and other assurance companies , had never entered into the calculation of their originators , for such a circumstance was almost without precedent in historical annals . . Taking a review of the general
business of the company at home and abroad during the last three years , it appeared that the assets of the company had been augmented instead of deteriorated , to the extent of £ 20 , 000 , as compared with the amount at which they stood in the years 1857 . This statement was gratifying ' , and taken also in connexion with the fact that a large sum of money disbursed must have been of the greatest advantage to the recipients . ( Cheers . ) Their thanks were most especially due to the Calcutta and Madras branches , and their secretary , Mr . Tait .
Mr . SrREETER seconded the motion , and it was carried unanimously . " Mr . Tait briefly returned thanks . The Indian directors were gentlemen of eminent social position and of large experience , 'and after the difficulties they had had to encounter they would be pleased to learn that their labours were fully appreciated at home . It would be gratifying no doubts to the shareholders to learn that their society transacted the largest life assurance business in the eastern hemisphere ( Cheers ) . The business in India was rapidly increasing , and the funds likewise .
' The Chairman adverted to the claim which this and other companies had upon the Government for compensation for the losses which they sustained throngh the mutiny . The Government had appropriated £ 1 , 000 , 000 to compensate such as had been thereby damnified ; and surely , seeing that the losses had been sustained through the paid servants and soldiers of the Government , the claim they were . abQut to support by a memorial was both on moral and legal grounds unanswerable . A disaster so horrible as a general massacre had never entered into their business calculations , and he confessed he saw no difference between the Government compensating their own servants and assurance offices . Such risks were entirely out of ihe category of iil '« j I ' . osr . i'aru-v riik . .
Mr JVlA . CPHEitsoN'intimated that the Government intended toreplenish the funds of societies esUiblishe < l in India , for the benefit of civil and military servants and their widows , though at a former period ' they had repudiated all claim for succour , even if their condition became insolvent . This augured well for the success of the application of the directors , lie considered that the life assurance offices possessed a strong claim for compensation . A vote of thanks to the Chairman , the directors , and the Secretary terminated the proceedings .
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Tub Phce . vix Life Assurance : Company have announced a further issue of sluires for the purpose of extending the marine insurance department . Already in active operation , this branch of the establishment is making steady progress , but with the view of strengthening the position of the capital it is proposed to offer the remaining portion of the unallotted shares , so as to bring the total lip to £ 200 , 000 . The shares are £ 5 each ; applications to be accompanied with a deposit of £ 1 , and a further payment of £ 1 per share is to bo made on allotment , it being anticipated that no additional cull will be required .
The extraordinary profits realised by tlio Hon . Col . Douglas Pennant , frarn , the celebrated Punrhyn Quarries , amounting , it has been stated , to between ' £ 100 , 000 and £ 200 , 000 per annum ; . and by Ihc prosent owners from those of the lace Mr . Asshetan Smith , i ^ t Llanbcris , have invested , the Bangor Slate Quarries with an interest unequalled by any 'others in the known world . The remarkable series of slate veins in these quarries produce slates for all purposes superior to those of any other group in 'the principality—hence tho extraordinary demand for Bang or slates , which demand is still annually increasing , and which defies tho most strenuous ofForts of capital and labour adequately to supply . In our advertising
columns will bo found a prospectus of the Talysarn Slate Company , which has been established for tho purpose of extending tho working of tho freehold slato quarries , long known as tho Talysarn Quarries , for many years the property of , and worked by , the late emlnc-nt and wealthy goldsmiths of Ltudgatol . ill—Kundell , Bridge and Co . Those quarries , which are ou the identioal veins of slate traversing tho Ponrhyn and Llariboris Quarries , wore partially developed by thoir late , owners , and arc now to be worked on a scale commensurate with thoir real importance , by which iti a few yoars they are likely to rival tho largest quarries in the comity . The whole estate , which is upwards of 70 uorca in
extent , is slate rock , and the transit of slates from the quarries to the shipping port of Carnarvon is effected by means of the Nantile Kail way , which runs through the quarries , the present cost being 2 s . 8 Jd . per ton for carriage from the quarries to the ship . Another railway , however , of only one-half the distance , has been projected from the quarries to the sea , wliich will ultimately lead to diminished cost of transit , and facilitate the removal of all the waste rock to the sea . In the detailed prospectus will be found reports from : the managers of the Bangpr , Penyrorsedd , andHalvotly Quarries , and an admirable and most convincing statistical statement , showing a profit , withiu two years , of at least
£ 10 , 000 per annum , or 20 per cent , on the capital which will be gradually augmented year by jeur as ' the workings are extended , the supply of slate rock being literally inexhaustible . Mr . William Jones , of the firm of Jones Brothers , of Wharf-road , Cityroad , and Pimlico , slate merchants , has also added his testimony to tlie foregoing , and by his opinion has stamped a high value on the property of the company . The directors are all well-knpwn City men of high standingi and the appointments of the company appear unexceptionable ; and ,, in all respects , the manner in wliich this undertaking has been placed , before the public x * eflects the highest credit on all concerned ; the most scrupulous exactitude seems to have been observed in all its details . — Mining Juurnul . ¦ ' ..-. '¦
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Tue CtxTnAL Ouije Railway Coarrany , on the 1 st Sept ., called up 2 s . 6 d . per share , on the strength of a contemplated amalgamation with the Oude Railway Company . According to the report recently issued by the latter , this cannot be done , and some of the shareholders urge that the call piight therefore at least to be returned . The Brighton -Railway traffic return shows this week an increase of £ 1 , 085 . . Parliamentary notices have been given with reference to a new railway through the northern part of the City ,-to ' connect the . Great Northern line with a large and convenient terminus close to the Bank of England . It will pass by the side of Gray ' s-inaroad to a station at Gray ' s-inn , thence by a viaduct across Ilolborn-valfey to Smithfield , thence near n : i : L'ica : i , with a jpn . ls Pt . ithni at Forc-strect , and so ' ucr ' oss London-wnll to a large available area at the back of Tokeiihousc-yard , within 340 feet of the Bank . The route , which is brought forward with the concurrence of the Groat Northern Board , will be above ground through the whole distance . The ordinary general meeting of the proprietors of the -Eastern . Bengal Railway Comi-any took place on Wednesday . ' From the report which was adopted it appeared that the works were proceeding witli all the rapidity possible , but some difficulty had been experienced in obtaining possession of the land . It had been determined not for the present to attempt the construction of the bridge across the Ganges , on account of the great expense . In consequence of a slip of land having been granted by the Government , the company ' s station would be extended to the River llooghly , and near to Calcutta . Owing to the large amount paid in advance , there would be no cull during tho present year . The directors had appointed Mr . liawkshaw , C . K , in tho : place of the lamented Mr . Brunei , as consulting engineer . At the special meeting of tho Gukat wkstehn Railway op Cana . ua Co . mi'any jv resolution was brought forward ibr allowing tho directors to exchange the mortgages held by them for a loan ot £ 2 f ) O , U 00 to the Detroit and Milwaukee Hallway Company fora liko amount of preference sharesi to bo issued by tho latter company , who > ™ iy '' M * ° grant a fresh mortgage oftnely property . -H'O suU " ject led to some discussion , b » t lJ » 9 resolution was carried by a largo majority . « »
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LUVKOVKD PASSI 2 NG 1 CR AOCOMMOUATION IN 'J'"D MicDiruunANBAN . — -The announcement of u pi'oi > i ) sui to osttiblish iui English Steamship Company m t « o Mediterranean has been fuvourubly received , as 10 will supply a want long felt , nnd which l-rencli traders and travellers are tho flrsj ; to recognise . ThoMcssagoriealmporinles have virtually tlio wJipio Mediterranean coasting trade in thoir hands , wuu tho exception of tho Marseilles , Malta , and Alc' * " dria line , and , as is generally tho easo whero mure is no competition , tlio accommodation is of tlio w "" description , and tUo charges fire most oxormi '" ; If to these disagreeables bo added the luot , thivc tho officers and oiws aro ruroly oivil , and uU " .,, uortiiiont to ICnurliHh and Amorloan liitlios , it vuu
be readily understood how all who have ocoiih on uj travel in the Mediterranean aro disposed to wuwnw an English company , which will ensure njoiioiiuw charges , punctuality , civility , and cleanliness . *{ "j following correspondence haa also appeared in i »"
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JOINT STOCK COMPANIES
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1304 THE LEADED [ No . 505 , Nov 26 , 1859 .
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RAILWAY INTELLIGENCE .
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Leader (1850-1860), Nov. 26, 1859, page 1304, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2322/page/20/
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