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Article MONEY MARKET AND CITY NEWS. Page 1 of 1 Article MONEY MARKET AND CITY NEWS. Page 1 of 1 Article DEMISSION. Page 1 of 1
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Money Market And City News.
MONEY MARKET AND CITY NEWS .
FRIDAY . T 70 R some time trade has been in a very bad state , and the past ¦ *¦ few days has seen the stoppage of several large houses in the city . The suspension of Messrs . Alexander Collie and Co ., commission merchants , announced on Tuesday afternoon , with liabilities
said to amount to nearly three millions sterling , has since proved to involve several houses . The following have suspended payment in consequence : —Messrs . Young , Borthwick & Co ., bill brokers , with liabilities on bills bearing their guarantee of about 2 J- millions sterling ; Messrs . John Anderson and Co ., liabilities about £ 200 , 000
Messrs . Rainbow , Holberton and Co . over £ 100 , 000 ; Messrs . Strachan and Co . about £ 200 , 000 ; Messrs . Malcolm , Hudson and Co . about £ 100 , 000 ; Mr . J . C . Fowlie about £ 100 , 000 . Apart from Messrs . Collie and Co ., the following firms have suspended : —Messrs . Robert Benson and Co ., Messrs . A . Gonzales and Co ., and Messrs . Henry
Adamson and Sons . As the end of tho half year is now rapidly approaching , various estimates are being made as to the probable extent of some of the dividends . In the case of tho joint-stock banks , says the Standard , a reduction is anticipated , by reason of the small supply of
mercantile bills and numerous failures during the six months . Suspensions throughout the country havo been notified from time to time , but in some cases private arrangements have been made without any publicity , and in other instances estates have been virtually liquidated by the firms themselves , 20 s in the £ being paid and
new business being refused with the certainty of loss . It is estimated that tho total liabilities of houses that have actually failed in the half-year reach at least £ 8 , 000 , 000 , of which about half may represent real loss . But this loss , it mnst be remembered , is distributed throughout the United Kingdom , a comparatively small amount
being amongst the London banks . According to present appearances the dividend on the estate of Messrs . Fothergill , Hankcy and Co . will not exceed 2 s to 3 s in the £ , but , as previously stated , the liabilities of Messrs . Sanderson and Co . are mostly covered by good bills . As regards some banks , dividends may be kept up to the
old level by withdrawals from reserve funds , the object of such funds being , it is argued , to equalise dividends , and in other cases a recognition of losses may be deferred till next half-year , on tho ground that , pending decisive information respecting tho dividends to be paid on certain estates , no real estimate can be formed as to the extent of
losses . The total liabilities of Messrs . J . C . Im Thurn and Co ., who stopped payment on 31 st March last , are now estimated at £ 513 , 806 ' . Tho directors of the London and Provincial Marine Insurance Company havo decided to pay the usnal interest for the half year
ending 30 th June at the rate of 10 per cent , per annum , free of income tax . Tho East Indian Railway Company announce the paymant of a dividend 2 s 6 d extra , making £ 2 12 s 6 d , instead of £ 2 10 s , for the half-year ending Jnne .
An extraordinary general meeting of the East London Railway Company was held on Thursday , when a resolution was passed authorising the raising of £ 400 , 000 . The General Post Office issued , on Thursday , an important notice with reference to the " General Postal Union , " of which the following
are parts : — " In accordance with the provisions of an International Treaty concluded at Berne , on the 9 th October last , the whole of the States of Europe , the United States of America , and Egypt , have formed themselves into a General Postal Union , for the reciprocal exchange
of correspondence , and have agreed to adopt low and uniform rates of postage for all correspondence despatched from one Stato of the Union to another .
" As a general measure , these provisions , which extend to letters , postcards , newspapers , and oilier printed papers , patterns of merchandise , and legal and commercial documents , will take effect ou the 1 st July next , but , in the case of France , not until tho 1 st January
187 G . The following is tho official return of tho Bankers' Clearing House for the week ending 16 th June : — Thursday , 10 th June - - - £ 13 , 315 , 000 Friday , 11 th June .... 15 , 253 , 000
Saturday , 12 th June .. .. 21 , 552 , 000 Monday , 14 th June .... 17 , 380 , 000 Tuesday , 15 th Juno .... 17 , 496 , 000 Wednesday , lGth June - - - 40 , 371 , 000
£ 125 , 397 , 000 At the corresponding week last year the total was £ 136 , 2 G 9 , 0 CO . Both returns included a Stock Exchange settlement .
At a meeting of the Court of Common Council held yesterday afternoon , at which the Lord Mayor presided , it was resolved , on the
Money Market And City News.
motion of Mr . Deputy Stapleton , seconded by Mr . R . N . Philips , to present an address of welcome to his Highness the Sultan of Zanzi . bar in a gold casket of tho value of 100 guineas . The following letter was read from his Royal Highness the Prince Leopold : —
KENSINGTON PALACE , 16 th June 1875 . My Lord , —Iu answer to the communication that you have kindly made to me , I beg to inform your lordship that it will give mo great pleasure to take upon myself the freedom of the City of London . I remain , your lordship's very faithfully , LEOPOLD .
The Right Hon . the Lord Mayor of London . Mr . Wm . Lawley , the Chairman of the City Lands Committee , announced that Thursday , the 29 th of July , had been fixed for the grand banquet in the Guildhall to M . Ferdinand Duval , the Prefect of the Seine , and tho principal municipal authorities of England and tho Continent .
Demission.
DEMISSION .
UPON the subject of demission from Masonry , Grand Master Irwin , of Georgia , says : " I will take this ocoasion to lift my warning voice to you and to the Grand Lodges on this continent , against a great heresy which is springing up upon tho question of demission , which has been advanced by able men and true Masons , and argued with great zeal and ability , but which , in my opinion , is a heresy nevertheless , and that is this : ' That as a man comes into
our institution of his own free will and accord , so ho should be allowed to go out of it of his own free will and accord , else he is not a free man ; and that if Masonry refuses this pr > vilego they thereby restrict the freedom of an individual and makes him in one sense a slave . ' Does not the marriage tio do the same thing , sanctioned as it is by the laws of both God and man ?
Marriage is not lawful unless it is entered into by persons of lawful ago to contract , and who do contract ' of their own free will and accord ; ' but when thus contracted aud consummated , neither party can throw off its yoke , whether it bo ono of iron or of rose leaves , ' of their own free will and accord . ' Mrs . Woodhull and her followers denounce the law of marriage , because it restricts the
personal freedom of the parties and prevents them from ( if so inclined ) indulging in unbridled license . Are we to have freeloveism in Freemasonry also , based as it is upon the same argument ? A Mason by withdrawing from a Lodge severs his connection with thai Lodge , and is no longer bound to discharge the duties of a member , but does he sever his connection with individual brethren ? Is he not
still bound to them , or are they not still bound to him , by ties which nothing but death or expulsion can sever ? Will you permit him to say , to-day , I am no longer a Mason ; and , to-morrow , when he changes his mind under the pressure of misfortune , and appeals to you for help , will you , can you turn him empty away and keep a clear conscience ? Suppose death lay 3 its hand upon him , and
after he is laid away his wife and little ones call upon you for bread , can they not triumphantly point you to his demit ' in good standing , ' and defy you to produce any record showing that any Lodge ever reversed that judgment by either suspending or expelling him ? In the day of onr greatest prosperity many men sought admission into our Lodges either from mercenary motives or
idle curiosity , and were received ; so soon as they found that either their personal or political ambition was not gratified by their admission , or as soon as the novelty wore off , they applied for demits and fell away from active duty as members and refused to bear their proportionate share of the burdens because tho heart preparation had been ever lacking . Should adversity onco
again lay its iron hand upon the institution , such men would be the first to head the crusade against it . They would turn and rend it with the fury of the sans culottes of Pari 3 during the bloody reign of Robe . ? pierre , Danton and Murat . Cut all such off by the solemn judgment of your Lodges , and let the record speak against them . As duties are reciprocal , so are obligatians . If an individual brother may sever his connection with the whole Fraternity at will , why may not the
whole Fraternity sever their connection with him and cast him off without a trial and without the semblance of a judgment against him ? Bring it down to this , and our boasted chain of Brotherhood of golden links , holding us together in its loving and strong embrace , becomes a mere rope of sand . Once a Mason always a Mason , until death or tho judgment of the Lodge cutting him off , after trial for some offence deserving expulsion , is the . only safe and the only true Masouic doctrine . "
PH . VYFII IN THE LODGE . —The immemorial landmarks avo silent upon the subject of prayer , hence to them we cannot appeal for light . No particular form of prayer was used in tho Lodgo about 120 years ago , when tho Grand Lodge of Englaud decreed the use of Christian prayers ; but as this regulation was local in its uatnro , binding only npon subordinates in allegiance to tho English Grand Lodge , none
can claim for it the sanctity that necessarily abides in a landmark . Masonry , in its original formation , bore no evidence of sectarianism—belief in God and a just reference for Him as the source of all light and truth , was the only prerequisite exacted of its initiates , nor is moronow demanded . The Jewish and Christian Masou aliko claim to honour , reverence and obey Jehovah ; each
regards the prayer made to Him as just and propor . Tho Jewish brother worships God as a unity ; tho Christian Mason worships Him as a trinity . Tho latter , in praying through his Redeemer , thereby petitions , according to his theological views , the God of Abraham , Isaac and Jacob . When ,
there-Fore , a Christian brother i * called upon iu a Lodgo for a prayer , ho is privileged by our Ritualistic teaching to follow in tho light of his own conscience ; aud if ho invokes the blessing through his Redeemer , he thereby violates no landmark , nor does he infringe upon any of the vital principles of oar Order . —Pomeroi / s Democrat ,
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Money Market And City News.
MONEY MARKET AND CITY NEWS .
FRIDAY . T 70 R some time trade has been in a very bad state , and the past ¦ *¦ few days has seen the stoppage of several large houses in the city . The suspension of Messrs . Alexander Collie and Co ., commission merchants , announced on Tuesday afternoon , with liabilities
said to amount to nearly three millions sterling , has since proved to involve several houses . The following have suspended payment in consequence : —Messrs . Young , Borthwick & Co ., bill brokers , with liabilities on bills bearing their guarantee of about 2 J- millions sterling ; Messrs . John Anderson and Co ., liabilities about £ 200 , 000
Messrs . Rainbow , Holberton and Co . over £ 100 , 000 ; Messrs . Strachan and Co . about £ 200 , 000 ; Messrs . Malcolm , Hudson and Co . about £ 100 , 000 ; Mr . J . C . Fowlie about £ 100 , 000 . Apart from Messrs . Collie and Co ., the following firms have suspended : —Messrs . Robert Benson and Co ., Messrs . A . Gonzales and Co ., and Messrs . Henry
Adamson and Sons . As the end of tho half year is now rapidly approaching , various estimates are being made as to the probable extent of some of the dividends . In the case of tho joint-stock banks , says the Standard , a reduction is anticipated , by reason of the small supply of
mercantile bills and numerous failures during the six months . Suspensions throughout the country havo been notified from time to time , but in some cases private arrangements have been made without any publicity , and in other instances estates have been virtually liquidated by the firms themselves , 20 s in the £ being paid and
new business being refused with the certainty of loss . It is estimated that tho total liabilities of houses that have actually failed in the half-year reach at least £ 8 , 000 , 000 , of which about half may represent real loss . But this loss , it mnst be remembered , is distributed throughout the United Kingdom , a comparatively small amount
being amongst the London banks . According to present appearances the dividend on the estate of Messrs . Fothergill , Hankcy and Co . will not exceed 2 s to 3 s in the £ , but , as previously stated , the liabilities of Messrs . Sanderson and Co . are mostly covered by good bills . As regards some banks , dividends may be kept up to the
old level by withdrawals from reserve funds , the object of such funds being , it is argued , to equalise dividends , and in other cases a recognition of losses may be deferred till next half-year , on tho ground that , pending decisive information respecting tho dividends to be paid on certain estates , no real estimate can be formed as to the extent of
losses . The total liabilities of Messrs . J . C . Im Thurn and Co ., who stopped payment on 31 st March last , are now estimated at £ 513 , 806 ' . Tho directors of the London and Provincial Marine Insurance Company havo decided to pay the usnal interest for the half year
ending 30 th June at the rate of 10 per cent , per annum , free of income tax . Tho East Indian Railway Company announce the paymant of a dividend 2 s 6 d extra , making £ 2 12 s 6 d , instead of £ 2 10 s , for the half-year ending Jnne .
An extraordinary general meeting of the East London Railway Company was held on Thursday , when a resolution was passed authorising the raising of £ 400 , 000 . The General Post Office issued , on Thursday , an important notice with reference to the " General Postal Union , " of which the following
are parts : — " In accordance with the provisions of an International Treaty concluded at Berne , on the 9 th October last , the whole of the States of Europe , the United States of America , and Egypt , have formed themselves into a General Postal Union , for the reciprocal exchange
of correspondence , and have agreed to adopt low and uniform rates of postage for all correspondence despatched from one Stato of the Union to another .
" As a general measure , these provisions , which extend to letters , postcards , newspapers , and oilier printed papers , patterns of merchandise , and legal and commercial documents , will take effect ou the 1 st July next , but , in the case of France , not until tho 1 st January
187 G . The following is tho official return of tho Bankers' Clearing House for the week ending 16 th June : — Thursday , 10 th June - - - £ 13 , 315 , 000 Friday , 11 th June .... 15 , 253 , 000
Saturday , 12 th June .. .. 21 , 552 , 000 Monday , 14 th June .... 17 , 380 , 000 Tuesday , 15 th Juno .... 17 , 496 , 000 Wednesday , lGth June - - - 40 , 371 , 000
£ 125 , 397 , 000 At the corresponding week last year the total was £ 136 , 2 G 9 , 0 CO . Both returns included a Stock Exchange settlement .
At a meeting of the Court of Common Council held yesterday afternoon , at which the Lord Mayor presided , it was resolved , on the
Money Market And City News.
motion of Mr . Deputy Stapleton , seconded by Mr . R . N . Philips , to present an address of welcome to his Highness the Sultan of Zanzi . bar in a gold casket of tho value of 100 guineas . The following letter was read from his Royal Highness the Prince Leopold : —
KENSINGTON PALACE , 16 th June 1875 . My Lord , —Iu answer to the communication that you have kindly made to me , I beg to inform your lordship that it will give mo great pleasure to take upon myself the freedom of the City of London . I remain , your lordship's very faithfully , LEOPOLD .
The Right Hon . the Lord Mayor of London . Mr . Wm . Lawley , the Chairman of the City Lands Committee , announced that Thursday , the 29 th of July , had been fixed for the grand banquet in the Guildhall to M . Ferdinand Duval , the Prefect of the Seine , and tho principal municipal authorities of England and tho Continent .
Demission.
DEMISSION .
UPON the subject of demission from Masonry , Grand Master Irwin , of Georgia , says : " I will take this ocoasion to lift my warning voice to you and to the Grand Lodges on this continent , against a great heresy which is springing up upon tho question of demission , which has been advanced by able men and true Masons , and argued with great zeal and ability , but which , in my opinion , is a heresy nevertheless , and that is this : ' That as a man comes into
our institution of his own free will and accord , so ho should be allowed to go out of it of his own free will and accord , else he is not a free man ; and that if Masonry refuses this pr > vilego they thereby restrict the freedom of an individual and makes him in one sense a slave . ' Does not the marriage tio do the same thing , sanctioned as it is by the laws of both God and man ?
Marriage is not lawful unless it is entered into by persons of lawful ago to contract , and who do contract ' of their own free will and accord ; ' but when thus contracted aud consummated , neither party can throw off its yoke , whether it bo ono of iron or of rose leaves , ' of their own free will and accord . ' Mrs . Woodhull and her followers denounce the law of marriage , because it restricts the
personal freedom of the parties and prevents them from ( if so inclined ) indulging in unbridled license . Are we to have freeloveism in Freemasonry also , based as it is upon the same argument ? A Mason by withdrawing from a Lodge severs his connection with thai Lodge , and is no longer bound to discharge the duties of a member , but does he sever his connection with individual brethren ? Is he not
still bound to them , or are they not still bound to him , by ties which nothing but death or expulsion can sever ? Will you permit him to say , to-day , I am no longer a Mason ; and , to-morrow , when he changes his mind under the pressure of misfortune , and appeals to you for help , will you , can you turn him empty away and keep a clear conscience ? Suppose death lay 3 its hand upon him , and
after he is laid away his wife and little ones call upon you for bread , can they not triumphantly point you to his demit ' in good standing , ' and defy you to produce any record showing that any Lodge ever reversed that judgment by either suspending or expelling him ? In the day of onr greatest prosperity many men sought admission into our Lodges either from mercenary motives or
idle curiosity , and were received ; so soon as they found that either their personal or political ambition was not gratified by their admission , or as soon as the novelty wore off , they applied for demits and fell away from active duty as members and refused to bear their proportionate share of the burdens because tho heart preparation had been ever lacking . Should adversity onco
again lay its iron hand upon the institution , such men would be the first to head the crusade against it . They would turn and rend it with the fury of the sans culottes of Pari 3 during the bloody reign of Robe . ? pierre , Danton and Murat . Cut all such off by the solemn judgment of your Lodges , and let the record speak against them . As duties are reciprocal , so are obligatians . If an individual brother may sever his connection with the whole Fraternity at will , why may not the
whole Fraternity sever their connection with him and cast him off without a trial and without the semblance of a judgment against him ? Bring it down to this , and our boasted chain of Brotherhood of golden links , holding us together in its loving and strong embrace , becomes a mere rope of sand . Once a Mason always a Mason , until death or tho judgment of the Lodge cutting him off , after trial for some offence deserving expulsion , is the . only safe and the only true Masouic doctrine . "
PH . VYFII IN THE LODGE . —The immemorial landmarks avo silent upon the subject of prayer , hence to them we cannot appeal for light . No particular form of prayer was used in tho Lodgo about 120 years ago , when tho Grand Lodge of Englaud decreed the use of Christian prayers ; but as this regulation was local in its uatnro , binding only npon subordinates in allegiance to tho English Grand Lodge , none
can claim for it the sanctity that necessarily abides in a landmark . Masonry , in its original formation , bore no evidence of sectarianism—belief in God and a just reference for Him as the source of all light and truth , was the only prerequisite exacted of its initiates , nor is moronow demanded . The Jewish and Christian Masou aliko claim to honour , reverence and obey Jehovah ; each
regards the prayer made to Him as just and propor . Tho Jewish brother worships God as a unity ; tho Christian Mason worships Him as a trinity . Tho latter , in praying through his Redeemer , thereby petitions , according to his theological views , the God of Abraham , Isaac and Jacob . When ,
there-Fore , a Christian brother i * called upon iu a Lodgo for a prayer , ho is privileged by our Ritualistic teaching to follow in tho light of his own conscience ; aud if ho invokes the blessing through his Redeemer , he thereby violates no landmark , nor does he infringe upon any of the vital principles of oar Order . —Pomeroi / s Democrat ,