The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1875-08-07 00:00:00

Ett gindribge Obsttba.

SATURDAY, AUGUST 7, 1875.

LOANS TO FOREIGN STATES.

No investigotien fPr Tualiy years has com-
n,anded tle iitt t:,s that. attaci,ed to the in-
quiry ceminctid the .47,elect Comn,ittee of the
House of Commons into the negotiation of loans
to foreign States. When the session now clos-
ing was in the earliest el its days, this com-
nittee was moved for by Sir Henry James, one
of the members for Taunton, who, both as a
lawyer and a speaker, occupies the position
second to none of his profession in the House.
The inquiry was not granted by the Government
without considerable hesitation, and the greatest
care was taken that it should be composed of
able and experienced men. Mr. Lowe, an ex-
Cabinet Minister, was elected (+airman, and the
Judge-Advocate General and the Under Secre-
tary of State for Foreign Affairs were amongst
the members of this body. No sooner had it
begun its work than its proceedings gave rise
to debates in the Lower House of Parliament
and in one of these the publishers of two of the
chief London papers were summoned to the bar
of the House for breach of privilege. The ques-
tion thus raised led to the ultimate considera-
tion by the House of an obsolete rule:wherchy
any single member, by calling attention to the
fact that "Strangers" were in the House, could
cause the whole of the galleries to be cleared.
Though 657 out of the 1;58 members might wish
the strangers to remain, they had no power to
do so; the one man was omnipotent and out all
must go. This was so manifestly ridiculous,
and it was made so to appear one evening when
an Irish member succeeded in turning out the
Prince of Wales, that no sooner was the serious
notice of the House drawn to it than a resolution
was agreed to, declaring that in future, stran-
gers should not be turned out except by an order
of the House passed by a majority in the usual
way.

Such was one good result of the nomination
of the Foreign Loan's Committee, which had
not been looked for. The principal matter in
which the investing public is interested is how
far the exhaustive inquiry instituted by Parlia-
ment will check the evils which undoubtedly
exist. The minute history supplied respecting
the loans negotiated by the Governments of
Honduras, San Domingo, Paraguay, and Costa
Rica, discloses such a system of financing as
people were scarcely prepared for. If the re-
port itself, instead of being presented in the un-
interesting guise of a Blue Book, were issued
separately for popular use, it would be difficult
to find any literature more fitted to instruct and
warn the unsuspecting investor not only against
dangerous foreign loans, but also against many
other Stock Exchange transations, of whieh
these are only a sample. It is admitted that the
credulity and cupidity of certain classes blinded
them to the danger of the speculations in which
they were embarked. It is also declared that a
remedy for such proceedings ought to be found
in the tribunals of the country.
Those, however. who expected great results
from the appointment of the Foreign Loans
Committee, and who anticipated sweeping re-
commendations of reform as a result of the pro-
tracted and exhaustive investigation which they
I have conducted, have been to some extent dis-
appointed. The Committee look not so much
to legislative action as to the diffusion of inform-
ation amongst the people. Now, there is no
doubt that the disclosures presented in this re-
port will do a great deal of good in warning the
1 investing public against loans asked for by the
particular States mentioned ; but then there are
loans and loans. All foreign credit is not like
that of Honduras, Paraguay, San Domingo, and
Costa Rica; for instance France, Russia, Tur-
k.y, and Egypt, stand well upon the Stock Ex-
change for almost any amount they may choose
to apply for. The people have heard so much
to the discredit of foreign loans, that many
without the excercise of much discrimination,
may naturally arrive at the conclusion that all
such are insecure ventures. But this is not the
case. A holder of French Dr Russian scrip feels
sure that his money is as safe as though it were
in our own Consols, and instead of getting 3 per
cent. interest, he receives la: ore than twice the
a nount. It would indeed be difficult for the
Legislature to define what would constitute a
sound or a false loan. Investors in these, as in
other ventures, must judge for themselves, and
if they see the name of Rothschild or Baring in
conncction with a prospectus, they may rely up-
on it that the scheme has been honestly floated,
and that they may put their money into it with
the most perfect confidence.

THE IRON TRADE.

WOLVERHAMPTON, Wednesday.

There is very little alteration to report in con-
nection with the trade during the week. The
att tadance on 'Change this afternoon was not
so large as nsual, prooably owing to the fact that
most of the herding ironmasters wore attend in
the annual meeting of the Mines Drainage COtll
missioners. Makers experience a difficulty in
ohtaininz and most of the works are not
employed on an average above three °Hour days
a week. Marked bars remain firm at £l.O per
whil,t common qu Ities of iron are sold
Ili low ai .C 3 pr Lou by p •rs ins wtio are desirous
of keeping their works going. For sheets there
is. a fair demand, but the orders given out arc
not of any great erent There was a good in-
quiry fur pig iron, hut no alteration is reported
in the quotations Notwithsturwing it is ex-
pected tut son:e more furuazes will • shortly ho
blown out in this district. hot-blast native all-
mine realises £4 55., and cold-blast per ton.
Satisfaction was expressed at the decision ar-
rived at on Tuesday at the meeting of the
Conciliation Board. Although the result is
really a reduction of Gd. upon the present rate,
still it must be borne in mind that the probable
result of inquiries into the customs of workiug
in the north of Etwland. with a view of placing
ironworkers in Staffordshire on the same foot-
ing, will have the effect of decreasing the
arnonnt of labour at present performed by iron-
workers in this district. The masters have ap-
pointed Mr. Hunt (chairman of the Board), Mr.
David Groucutt, and Mr. Danel Jones (secretary
to the Masters' Association) as members of the
sub-committee to make the necessary inquiries.

Birmingham, Thursday
In all departments of the iron trade there has
been a slight tendency to improvement, though,
peri.aps, the actual business dune to-day was not
to any large amount. There has especially been
a much steadLir demand for galvanised sheets
and hoops, the quotations for which were firm.
Ordinary singles were quoted at Xll. to 12 per
ton. Some Colonial orders have contributed
t) the exceptional vitality in this department.
For other branches of finished iron the inquiry
was limited, showing that the reduction of Li
per ton agreed to at the last quarterly meedug
has not yet had the expected effect. The prices
for marked bars remain at £lO 12s. 6d., and un-
marked bars aro quoted at 18 and £9 per ton,
and even under those figures. This relaxation
was mainly attributed to the somewhat peculiar
r osition of the trade in pig iron. Manufacturers
from a diitance are sending pig iron to this dis-
trict at a much lower price than it can be fur-
nished by local producers, and this fact has been
taken advantage of to the detriment of those who
work and live on the spot. The wages in the
finished iron trade are believed to be settled for
the present by the determination of the Concili-
ation Board. The coal trade is without much
alteration ; there are few extra inquiries, and
prices, if anything, are a little easier, except in
the better qualities, for which there is an im
Droved demand. The report of the Cannock and
Runtington Colliery Company, showing that
there is not much doubt that the bore-rods are
now in coal measures, and that the coal itself
will be found at a moderate depth, was the sub-
ject of conversation, and the result of the trials
is looked forward to with interest, both from a
commercial and geological point of view.

Good value for money is desired by all, with articles
that c4nnot be judged of by appearance, careful pur-
chasers rely on the high standing of those with whom
they
(to,i. For 30 years, H orniman's Pure Teas in
packets have given general satisfaction, being exceedingy
strong, of en fires good guctli.ty, and truly cheap. Agents :
Stour bridge—Clarke, 151, High-street; Baker, 124, High-
.,,„i H, wit, ,farket Place;
.Morris, 136, High-street
Bri rli.y ilill-11awlings .znemist ; Kidderminster, Bul
sing; Hale:owen, Adam. chemist; Lye, Jones, chemist
Wor.dsley, Turner, theist; Kingwinford,Pearson
Birmingham, Banks
Brettel Lane, Collibor, chaplet;