The Sun.
London, England, 1859-04-02 00:00:00

"HE SCOTCH IRON TRADE.

The quarterly report of Mr. Thomas Thorburn
says :
The increase of 135,000 tons in the stock of pig iron in
1858, combined with the apprehensions of a continental
war, caused, at the opening of the year, extensive operations
for a fall. There was, therefore, a downward drift of prices
until the beginning of this month, when the quotation
touched 50s. 6d. per ton. The feeling then was one almost
of panic, its impulse being guided not by considerations
drawn from the inherent stability of the iron market, but
by the fluctuations on the Paris Bourse. The range of
prices, however, did not exceed 2s. per ton, either above or
below the average rate of 525. 6d. per ton for the quarter.
The average price in January was 535. 6d. ,• February, 51s.
lld ; and March, 625. ; against 545. 7d., 565. 3d., and 575.
ld.;in these monthsrespectively last year.
Though there has been a falling off in the exports to
France, Italy, and Germany, in consequence of the per-
turbed position of Europe, still the total deliveries of pig
iron amount to 208,000 tons, and show an increase not only
of 25,000 tons over 1858, but of 15,000 tons over the cor-
responding period of 1857, when the price was 755. per ton,
and when trade had attained an unprecedented extension.
Owing to the stoppage of several furnaces, the production
is only 232,000 tons, and shows a decrease of 19,000 tons,
when compared with the preceding three months. The
-stocks
.have, nevertheless, from the retardment of ship.
ments, increased 24,000 tons, and are now 320,000 tnos
lying in makers and warehouse-keepers' stores.
It is worthy of observation that, although Scotch is equal,
if not superior, to Staffordshire pig iron for foundry purposes,
the prices here are about 15s. per ton below those prevail-
ing there. It is thus that our local consumption is rapidly
enlarging, and now averages fully 7,000 tons per week.
Several large contrasts have recently been made on Russian
awl Indian account, for cast iron pipes and railway chairs.
The stock of iron now decreasing at the rate of about
2,000 tons weekly, conjoined with the general belief that
the result of the Congress of the European Powers will be
the maintenance of peace, has within the last few days,
caused a large demand for iron, and the price has advanced
nearly 2s. per ton. But altogether apart from any political
events which may interpose to mar our prospects, the iron
trade more than confirms the anticipations formed of it be •
fore the close of 1858, and is showing signs of activity, con-
currently with the expanding commerce of the country.
Prices are to-day as follows :-No. 1 Gartsherrie, 565. 6.1.•
No. 1 Coltness, 555. 6d. ; No. 1 Glengarnock, 555. ; No. I
Calder, 545. 6d; No. 1 G.M.8., 535. fid. ; No. 3, 535. to 535,
6d. East Coast Brands, 535. to 545. 6d. • Ayrshire Brands,
535. to Ms. Bars, £7 ss. to £7 15s. Rails, £6 15s. to £7 ss.
Railway Chairs, £4 2s. 6d. to £4 ss. Iron Pipes, a
to £5

MINES.--In the mining share market this week
there has been a very heavy settling for the fortnightly ac-
count, and it passed off well, considering the serious fall in
one stock, and the fluctuations in others. The settling
slightly interfered with business transactions, but, on the
whole, a large amount has been done, and one or two mines
have taken a considerable start.. The principal one—Hing-
ston Down Consols—has risen cent. per cent. since our last,
and the mine appears likely to take the important position we
have on several occasions referred to. The shares at our last
were 3/ to 4, and advanced to 7/, but left off at 61 to 7k. On
Saturday afternoon, March 26, telegrams were received in
London by private parties, stating a great improvement had
taken place in the 100 west, which was then reported
worth 10 tons of rich ore per fm. Shares becasie in
demand, and the market was cleared. On Monday
morning news was anxiously looked for at the London
office of the company, but none was received. On Tues-
day morning still no information, and rnanypersons doubted
the correctness of the private information, and sold their
shares at 4 to 5. On Wednesday morning a report was
received, valuing the 100 west at £6O to £7O per fin., and
ground so improved that it was driving for £lO per fn. On
Thursday morning another report was received at the office,
stating that the lode was worth £lOO per fin., about the
value put upon it by private information on le Satur-
day previous. Now, some weeks ago we remarked upon
the meagre and unsatisfactory nature of the Hingston
reports, and one or two friends thought we were
rather too hard upon the agent, a perfect stranger to us;
but what will the shareholders now say? Had an official
report been forwarded to London even on Monday, the
holders of a large number of shares would not have sold,
and would have been much the richer for the information;
and we think it is time for the committee of management
to adopt some means, as others do, to keep their share-
holders advised of important changes at the very earliest
opportunity.--From the Mining Journal of this clay,

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CITY, Two o'CLocs.

The Bank of England Return, completed to the
30th March, shows several important changes, and
in some respects it is of a rather unsatisfactory cha-
racter. The bullion, consequent upon the remit-
tances of gold to the Continent for the purchase of
silver, has been diminished to the extent of nearly
• a quarter of a million, while the reserve of notes
has been trenched upon to the extent of three-
quarters of a million sterling. The " other securities,"
owing to the advances made on Government securi-
ties during the shutting of the transfer books, and the
increased demand for commercial purposes, show an
augmentation of about half a million.
The Public Deposits exhibit a large aceumu•
lation, which is usually the case just previous to
the payment of the April dividends. In the
private balances there is also an augmentation of
about a quarter of a million. To the Active Circu-
lation and the Government Securities a large addi-
tion has been made in both instances. The other
items of the balance-sheet show little variation of
importance ; they Will be seen in the subjoined
table :

.. £20,988,220
.. 656,035
.. 19,630,470
.. 234,065
.. 3,658,339
• • 4,049
.. 9,346,914
.. 358,157
.. 13,879,985
.. 278,646
744,853
• • 59,352
.. 11,708,353
, . 1,012,206
.. 17,357,488
449,394
.. 12,416,730
.. 394,035

. Active Circulation ..
Increase .. .•
Bullion ..
Decrease ..
' Rest
Increase
Public Deposits
Increase
Other Deposits • •
Increase
Seven Day and other Bills ..
Decrease ..
Government Securities • .
Increase ..
Other Securities ..
Increase ..
Notes Unemployed
Decrease ..
The foreign exchanges of yesterday afternoon
exhibited no alteration of importance.
There were no bullion operations of public in-
terest at the Bank of England yesterday. The
gold by-the-Teviot, viz., £76,285, and the £30,000
by the Bremen, have been taken for the Continent.
The steamer Magdalena, which leaves to-day for
the West Indies, will take out £7,120 in gold.
The applications for money in Lombard-street
continue active. Besides the preliminary arrange-
ments for the 4th, £1,000,000 has to be paid to-day
on aocount of the new East India Railway deben-
tures. No further alteration, however, is apparent
. in the rates of discount, and the supply of capital
is still exceedingly abundant.
The Liverpool Cotton Market yesterday closed
steady, and prices were firmer. The sales were
estimated at 8,000 bales.
Since Monday last the imports of specie have
been about £1,059,692 and the exports £963,893
exclusive of the following shipments, direct from
London to the Continent, during the week ending
• Thursday last :---Gold coin, Ilambro', 8,000 ozs ;
ditto, Boulogne, 500 ozs. ; ditto, Belgium 3,000 ozs. ;
gold bars, Belgium, 3,000 ozs. ; ditto, Gibraltar,
2,600 ozs. ; silver coin, Hambro', 2,400 ozs. ; ditto,
Boulogne, 4,000 ozs.; ditto, Rotterdam, 400 ozs.
The following are the particulars of the specie
to be taken out, by the Peninsular and Orienta'
Company's steamer Ceylon; which leaves South
ampton on the 4th instant for India -and China :
Ceylon, gold
Madras, do.
Do. silver
Calcutta, do.
Do. gold
Penang, silver 1,950
Singapore, do.
Hongkon.g, do. .. . ...
Shanghai, do.
15,705 Manilla, gold .. .. . ......... . .... .

Total ................... £956,773
.
At the commencement of business in the Eng-
lish Stock Market to-day, • the funds appeared
steady, but sales were subsequently pressed, and a
decline of about I per cent. ensued. -This
sudden change naturally produced an unfa-
vourable feeling in the other departments
of the Stock Exchange, and if the market had
remained open, as on the other days of the week,
until late in the afternoon, an important deprecia-
tion might have occurred. Consols, after being
951 I, receded to 95,1 d for money and the 7th inst., s
and to 95:1 for May. India Stock has receded to
219 ; ditto Loan Debentures are steady at 981 4 ; si
and the Bonds 14s. prem. Exchequer Bills are 325. :-Z1
to 355. prem., and the Bonds 100. si
In Foreign Securities only a limited amount of 11
business has been transacted, and prices closed , si

Share]

ORDINARY S HAI

Railways.

RES AND STOCKS.

12.10

Paid. 1 Closing i Business
Price.

Amberg-., Notting. Bost.
and Eastern Juonflon 1
Belfast and Ballvmena a]
Bir., Wol., and Str. Val a
Birk., Lane., and Chesh
Junction lO
Blackburn a
Blyth and Tyne a;
Bristol and Exeter
Caledonian
Chester and Holyhead
Cork and Bandon a
Cork, Blkrock,&Passage a
Cornwall • a
Do. AIA roves. no div [ a
Do. B until6p.c.per an a
hasbeen pd.toß
Dublin an dßelfast Juno a.
Dun.,Perth,& Ab_ June 1
East Anglian ll
Eastern Counties ll
Eastern Union A Stock 11
Do. do. B Stock 11
Do.Nw.A.(lte.E.U3ds)
East Kent a
East Lancashire 1(
East Suffolk a
Do
Edinburg and Glasgow 10
Edin.,Perth, & Dundee lO
Forth & Clyde Junction a
Furness
Glasgow & South Westn ll
Great North of Scotland a
Great Northern 1(
Do. do. A Stock 1(
, Do. do. B Stock lO
:'Gt. South.& Wstn.(lreld) 10
• Great Western
Do.Str.Vl.Rail Gua.Stk lO
Irish South Eastern a
Lancaster and Carlisle a
Do. Thirds
Do. New Thirds '
Lancashire & Yorkshire 11
Do. do. F £l6
Do. do. £9 shares
Do. West Riding Union
Do. Southport a
London and Blackwall a
Do.Nowiss.at £slosp.sh -
Lori.,Brighton ArS.Coast 10
London & North Westn 10
Do. Eighths
London& South-Wean lO
L'derry & Coleraine
L'derry & Enniskillen a
Man., Shef., & Lincoln 1(
Metropolitan '
Midland lO
Do. Binning. & Derby. 10
Mid. Gt. West. (Ireland) a
Do. i Shares a
Neutastle and Carlisle • a
New., Aber., & Herefd a
iNewryNewry & Armagh (def.)
, Warpt., & Ros a
No:folk lO
North. Counties Union
North rritish lO
Nor.Devi'ail.stDk. Stk lO
Do.A Stk.— :_rec.no div
' until 6p.c.hasbeelipdß 10
Do. B Stock lO
North-Eastn.—Ber wick 101
Do. do. G.N.E.PurchaSe 161
• Do. Leeds lO
Do. York 1(
North London 1(
N. &S.Westn., Hampstd
and City Junction £3
North Staffordshire 1
North-Western
No. & Sou. W. Junction a
Oxford, Wor.,& Wolver ll
eebles a
Portsmouth
3
Rhymney 1
Scottish Central 1(
Scoth. N.E., Aber. Stock 1(
Do. Scottish Mid. Stock 1(
Shropshire Union IC
Sittingsbourne & Sheer al
South Devon lO
South-Eastern lO
!South Wales
south Yorks.& Riv. Dun a
Do. do
Staines, Wok., & Wek a
Stockton & Darlington al
Do. do. 1855
Do. do. 1858
Stockton & Hartlepool 1
Taff Vale IC
Do. Preference, No. 1
ThamesHavenDk&Rail 2
Vale of Neath lO
Waterford & Kilkenny 10
Waterford & Limerick a
West Cornwall , a
W-end Lon. & Cry. Pal a
Do.A.—Arecv.nodiv.till
7 p.c. has been pd. to it a
I Do. B
West London
Do. Ist Class
Do. 2d Class
PREFEREN

13.14
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)0 62 64
'll 11 115
Lll 32 85
)0 925 935
)0 82 825

Share' Railways.

11 1 5 si

ll 84 9
D 14 l 6
D 59i 60i

45.
47
30 32

- -
137 140

105
681 9

(34 7

24; 5
93

381
1011

91 ?
101 111

90 92
8 9

Business

pm Ist