The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-03-03

joint stock company here. Hear, hear 1t had
been found expedient to appoint English audi
tor, and they had accordingly done so, but not until
they had found in Mr.. Fisher, gentleman well
qualified for the task by previous actual experience
The immediate business of the meeting would be
to confirm that appointment if it were deemed pro-
per to do so but there would also, he believed be
two or three other points suggested for considera
! ton by various gentlemen. The appointment of an
Auditor intended to have permanent effect
lie moved that the books and accounts be annually
audited by two persons-one to be appointed by the
shareholders resident in the United States the other
| by the shareholders resident beyond the United
States.
After short conversation the motion was ADOPT
! Mr.. j. W. Cation moved that the directors should
consider how the 600, 900 dolls. construction bonds
now cancelled, and the future sum so arising should
! be dealt with for the benefit of the shareholders
MIR. Reed seconded the motion, which was unani-
mously adopted.
Mr. Lawrence Heyworth moved as the fourth
resolution: "That so long as the net earnings of
the line are insufficient latter paying interest on the
bonds to pay cash dividend on the stock of the
Company, the Directors be recommended, in having
the annual interest upon the capital stock to render
such payments in bonds of the COMPANY bearing
seven per cent. interest which bonds shall mature
The motion was agreed to.
A general discussion in connection with the state
of affairs immediately commenced and
Mr. Reed said he had observed with regret that
'hC, ii"u peeu q idillnp OH IN their traffic.
and he wished to impress upon Mr. Osborn. and
through him, upon the directors in America, the
necessity of an efficient management of the affairs
OF the company He was quite satisfied that there
were IN the Illinois Railway all the elements of sue
cess. They had wide extent of country LARGE
supplies of agricultural and mineral productions
along the line, steam navigation at both ends and
IN particular, an immense quantity of the best coal
! ever put on flre, which could be brought to the
surface at a cost of a dollars ton, and supplied
at Chicago from which it was distant $50 miles
SOUTH for two or three dollars ton less than the
now sold there.
he insisted upon the necessity of reasonable
charge being made for the carriage of this coal by
the company, and expressed his conviction that by
I the adoption of such course the company mipht
! realize revenue of 900 900 dollars sum which
would pay dividend of per cent upon two thirds
OF their capital. The Great Northern Company in
England charged one haltpenny ton per mile for
! carriage OF coals-a rate which experience had
proved to be amply remunerative, and he hoped the
directors of the Illinois Railway would follow this
! example.
Mr.. Osborn, the Hresident of the Company, said
/ that during the past year the directors had been
! anxious to develop the coal traffic. and had taken
steps Tor that purpose; but, owing to the peculiarly
md nature OF the present winter their success had
| not equaed their anticpations. If, however they
had another cold winter like the three last the coal
! trallc would no doubt increase considerably Thu
coal field which had been referred to by Mr.. Reed
was at Duquoin, of the very best quality, extending
", 1DOnt
from the surface, and could be mined more easily
than any coal in the States
/ With regard to the cost of carriage, he thought
the directors had fixed it low enough for there Was
no competition In connection with it: and he under
tood 1t was only where competition existed that the
carriage was fixed at the low figure mentioned bv
Mr. Reed. Ultimately, the directors had no doubt
me coal traffic was destined to produce one-third of
their revenue from freights. Hear. hear)
On the motion of Mr. Close seconded by Mr. FL
us vote OF thanks was passed to Mr.. Osborn and
the American directors for their attention to the
interests OF the company; and vote of thanks to
INC CHAIRMAN closed the proceedings.
FINANCIAL.
From the London Times City Article. Feb. l2,1
The Bank of England to-day have reduced their
rate OF discount from 3 per cent, at which it was
fixed on Tuesday last to per cent
Ii was fully expected yesterday, that this move
ment would take place; but it produced upon its an
nouncement further slight improvement in the
funds.
Nearly five years have passed since the rate was
at per cent, gradual adv ance, with one or two
snort exceptional intervals having take place from
the lst of June, 1853, when it last stood at that
point. Previously, however, for nearly five years
that Is to say, from the date of the complete sub
Sldence from the effects of the panic of l847it had
steadily kept betweentwo and three per cent That
period comprised 239 weeks, during which the
minimum was three per cent. for 129 weeks ~ per
per cent for "a weeks, and per cent for Sc weeks;
while the average stock of bullion was ZIG SAG 00O
the lowest amount having been Els 253 557 and
the highest f22 232 3S. At present the total held
is probably about FIG, ,O0O and is consequently
iuliy equal to the amount heretofore found consist
ent with prolonged period of ease.
The increase still promises to continue since al
though shipments to the Continent have again been
resumed, there is no immediate sign that the sums
required VIII be equal to those which will arrive
AS large proportion of the American and Austria
nan payments to the Continent and elsewhere are
made through this country, there must always. un-
oer Ordinary circumstances, be certain outflow.
Consols opened this morning at the improved
quotations OF yesterday, and subsequently, experi-
enced rise of an eighth, which was well maintain
ed The first transactions for money were at 96 10
q, and they left off at 961s to a for both money
and account
The applications at the Bank slightly increased
after the reduction of the rate but the effects of the
step will not be perceived till tomorrow from the
comparatively late hour at which it was generally
known
LONDON MARKETS.
lFRoM Barring BROTHERS 4 co.'s CIRCULAR
LONDON, Friday, Feb. 12-5 P NJ
In the Colonial and Foreign Produce markets
there has been little doing this week, excepting in
Cotton, which is dearer. Sugar, Tea, Coffee, and
Breadstuffs dull.
Money very abundant. The Bank of England
yesterday reduced their minimum rate of Discount
from SO to per cent. Consols close at SO 96L
for money, and 96H 96L for the account Bar
Silver 5s l5sd Mexican Dollars S. Doubloons-
Spanish 7Gs Sd; South American 74s Cd; American
Eagles 76s 21%d.
CoPPER.-Prices of manufactured advanced Id per
pound on the 9Th inst. We quote Sheathine I'D:
Tough Cake and Tile f1l7 best selected fI26: vel
low metal Sheathing I'D per pound.
Cocoa steady; So bags Trinidad sold from 6ss Cd
for grey to 92s for fine red; "a bags st. Lucia sold
at Sos Cd.
COFFEE quiet. The sales are pa casks lis barrels
and 2O9 bags Plantation Ceylon 6Os@6Ss for fine
ordinary, small to mid grey; and 69s@72s for low
ma to md, and 74s Cd for good MIDI peaberry 6ss@
los; 765 bags Native Ceylon at 39s@4ls for low or
binary unclean, and 44s 6d@45s Cd for ordinary I'M
clean; good ordinary clean brings 54s. Foreign
59s6 bags Brazil have been offered at auction, but
the chief portion was bought in at 39s@4ls for ordi-
nary, and 42s@45s for good ordinary Rio. In float
ing cargoes no transactions
CoRN-Ihe market continues very dull, and
prices OF Wheat remain without change. Last
Weei2s average quotations for English Wheat was
46s. 3d. on l09,376 quarters returned We quote
white American Wheat 45s@4ss., red 42@45s per
Or, American Flour 2ls @25s. per barrel.
CoTToN.-Sales for the week $500 bales, at very
full prices AT Liverpool there has been an extern
sive demand, and the sales for the week amount to
$4,000 bis; prices I'd. per ID. higher, mid
Orleans being quoted SIG per h.
DRUGs, &C.-Gum Benzoin-2l cases Siam sold at
23 los f2f for very inferior to fine, and 257 cases
Penang about half sold at s2O 81 is cd for very
inferior to very good seconds Castor Oil, 49l cks
Il cs mostly sold at 4d 6s4d for straw to good
frsts Turmeric-ll4O bags bought in at las los
very inferior to fine. Sarsaparilla-lO2 bales ia
malca partly sold at Is I'd Is 4d per h. Ipecacu
anha-s serons partly sold at 2s sd per ID. Dutch
As; Gambler lis; Turkey Opium les los Cd; SAT-
from 25s nominal.
HIDEs.-The public sales comprised l2e, 800 pieces;
for superior qualities there was more demand, at
rather better rates-common sorts still very dull of
sale.
LARD dull, and rather lower. Western in kegs
54s.
HEMP.-3s0 bales Sum in public sale partly sold
from ELS 5s ZIG for mid. and fair, of indirect i'm
port; the remainder held for Ell 65 tons; ST. Pet
ersburg Clean were bought in at f29af29 los.
JUTE.-Of 1850 bales at auction, about one-tbird
found buyers at steady rates. viz: from f13 IS ETA
Us Cd for common and mid quality with fair to good
from fl6af17 lOs
LEAD firm.-Common Pig f23