The Express.
London, England, 1866-05-12 00:00:00

THE FINANCIAL CItIELS.

NORWICH, VvDAY.

The intelligence of the suspension of Overcast, Gurney,
and Co. was received in this city last evening, and this
morning the following notice was posted by Messrs. Our.
ney and Co., of Norwich :—" The panic in the money
market having compelled Macs. Overend, Gurney, and
Co. (Limited), of London, to suspend payment, Messrs.
Gurney and Co. beg to inform their friends that their
firm is not liable for the above-named company, and that
they are not in any way affected thereby.—Norwich, May
11." A little later in the day an amended notice appeared
iin these terms The panic in the money market having
compelled Messrs. Overend, Gurney, and Co. (Limited), of
London, to suspend payment, Messrs. Gurney and Co. beg
to inform their friends that their firm is not in any way

affected by such stoppage." This afternoon the mayor
(Mr. W. P. Nichols) oonvened a meeting of the citizens at
the Guildhall, for the purpose of expressing entire confi-
dence in the Norwich house.

DERBY, FRIDLT.

The announcement received this morning that Overend,
Gurney,andCo.'s D iscount Company had suspended payment
caused a great sensation, as there are a great number of
holders of their stock in Derby. The panic was increased
when, at 9 o'clock, instead of the Derby branch of the
English Joint Stook Bank Company (Limited) opening ha
premises as usual, the following notice was posted on the
front door :—" This bank has stopped pigment for the
present." As there are a great number of shareholders to
I Derby, the excitement throughout the day has been very
I great.

BRIGHTON, Fluvar EVENING..

This morning the utmost surprise was erased by the
announcement affixed to the door of the brunch of the
English Joint Stock Bank, "This bank has temporarily
suspended payment." 'When the intelligence got noised
abroad considerable excitement ensued. The branch has
only been established about 18 months, and the business is,
therefore, comparatively smalL There are, however, we
believe, about 130 accounts, and there are some tolerably
large deposits. If the estate and securities do not realise
well, much inconvenient)e and suffering are likely to
accrue in this locality, the customers generally being of a
class who can ill spare any losses. There are three other
banks in the town—Union Bank (Hall, Lloyd and Co.),
London and County Bank (Branch), and Hampshire Bank-
ing Company (Branch). There were considerable with.
drawals from them during the day, but nothing approach-
ing a run. The door of the English Joint Stook Branch was
partly opened during the afternoon, and the inquirise of
customers were answered by the local manager, Mr.
Reeve. It was hoped the London evening journals would
contain some official statement, and when this was found
wanting much depression was observable.
LIVERPOOL, FEUDAL
When the details of the failure of Overran&
Gurney, and Co. became known this morning, the penis
which closed all the Liverpool markets on Thursday, wee
greatly intensified, and for several hours consternation,
almost despair, reigned on the Liverpool Exchange. It
was stated by some of the most experienced business men
that a parallel had never occurred. There was the
wildest excitement on the Stock Exchange and in the
cotton market, but with little or no real business of any
description, everybody being perplexed and anxious.
As a matter of course, rumours of suspension were cir-
culating on all hands, the names of many well known and
extensive firms being mentioned as doomed to fall during
the afternoon, but at the time our correspondent's parcel
left only one failure, and that on the Stock Ex-
change, appeared to be beyond a doubt. Later
in the day, one of the officials of the Ex.
change news room mounted on the desk, rang a
bell, and amidst the breathless silence of a crowd of
merchants, brokers, Ste., read a telegram to the effect that
a deputation had waited upon the managers of the Bank
of England, that the Bank Act had been suspended, and
that the directors had been authorised to issue five mil-
lions in notes. This announcement was received with ray
turous applause, and every man congratulated his neigh-
hour. On all hands it was admitted that this prompt
step, by restoring confidence, would do a vast amount of
good and prevent incalculable mischief and ruin. In fact,
a better feeling prevailed during the whole of the after.
noon, particularly on the receipt of news from London
that a healthier tone pervaded the City, and that no sus-
pensions of any consequence were to be announced, only
one bank, of small operations, having actually gone.
During the morning some of the Liverpool banks were
freely drawn upon, but in all cases the demands were
unaptly met.