Northern Times.
Liverpool, Merseyside, England, 1857-10-05 00:00:00

THE HULL FAILURES.

Scarcely had our townsmen made themselves acqhainted
with the facts which we published in our last, with reference
to the condition of the Hull Flax and Cotton MiUs—its
decline from an apparent state of exuberant prosperity to
one of disastrous collapse - than they were alarmed and
astounded by an announcement of a far more portentous
character. Last Thursday mooning, -instead of the resunap-
ion of business, at the rteual hour, Messrs. Harrison,
Watson, and Co., the bankers, .of No 54, Whitefriargete,
in this town, posted up a notice to the effect that they
were under the necessity of suspending their paynae ate.
This came on the town like a thunder-clap. Up' to the
very moment of closing, the bank had maintained the
highest reputation. Not the eleghtest suspicion of the inte-
grity of the partners o, the solvency of the firm hao been
entertained It was known that the two principals we. e
lauded proprietors of same extent, and coupled with the
fret that the bank was 'chiefly one of deposit, we may
simply say that its character was on a-par with that of any
'eatataishment in Hull. On Thursday, then, the whole
town was moved from its peepriety, as well it might be.
Knots of basine's men were evoryWhere to be seen dis-
cussing the various rimy: Airs which were allele. The
Cotton M.ll collapse, the anonymous though perfectly well
-underetood proeeedings in. the Bankruptcy Court on Wed-
nesday (which we reported in tier last), and the closing, of
the bank in q-iestione seemed to be immediately connected
with each other; and out of that sudden and lamentable
conjuncture.'spennletion found eb mdance of food where
with to cram public ru flour. Ner di I this cease for s 3
days ; nor, in fact, has it ceased yet. One cause of Messrs.
Harrison and Watson's suspension was said to bs the fact
that theyiwere under heavy advanced to the. moribund
Cotton Mills ; another statement was to the effect that
the advances: to the Cotton Mill Company amounted to
only £22,000, and that the etoppege had -been precipi-
tated by. the' fact that two depesitors, whose united
balances reached £70,000; wished •to draw out'
a .large proportion of • them. We believe that neither
of these statements is correet. Tee suspension cross
from other circumstances. ' It is confidently stated that
the whole of Wedoesday'a business was completed in due
form, and that; teeth as regards theiraull business (with
one 'exception) and the London agency, 'nothing omit-rod
to precipitate the bank's elesing. Wednesday week's
preceedioge,-whicO were well known to have reference to
Me. H. S. Bright, furnish the best aolathen this
lamentable catastrephe. A.s soon 119 the suspension was
anuouncel, most extraordinary rumours of the balk's
liabilities came into circulation, and 'various' estitnwes
were formed as to the prebable dividend which wou d
. accrue to the 500 depositors whose confidence had to
uedeviatingly been extended to it. There were not wantieg
those who refused to believe anything but that the event
had been caused by unwonted pressure, arid.becauee the
per nets were noti able in ainoinent to extricate thenneelves
from a • sudden concentration 'of diffieulties:• ' But it ie
not too much to say that, ae every day revelled
the existence of other depositor., some of theta to a
serious aniennt, so vanished' the hope of a resumption
of business by the bank, and the payment In fell of all
demand,., as atfiret ant'cipated. Great blew!, is attached to
the bank by the repot t of its 'heatjeadvaiiceS to then houses,.
whiCh are undertood eo chief debtors. We fled it .
stated in the. ,Shipping Gazette that the firm of Taylor and
Bright are indebted in a suns rf 470000 and 480;000; enc 4.:
the Daify News .has it thet:• me. Hassell, another of the
C otton Milt directors, is on their bo Ice to the extent of
£130,000. We 'are not in'a peeitierrto contradict either
of these statements. But we may add, that the joint slim',
owing on these • two ac :milts, is 'something verging on a
quarter of a million of money. - Of theliabilities and assets
of the bank, no statement has yet been issued; but reports
place the fi at ra about £400,000, and the available assets t
£225000. -The lande I property of IVIr. Harrison and Mr.
Wet-on is said to be mortgaged; 'but the rumour of an
entail is incorrect. The- partners in the bank, yesterday,
formally surrendered to the benkettptcy regiet ae. Yes.'-
terday afternocu, the progress of the iavestigetion lea to
an antic potion that the .dividend will be equal to 101: in
the pound.
Of the effect of this disaster upon the trade of the town
for the remainder of the se at, there unfortonately is but
one opinion Nor can there be arty doubt that. the calaimity
will be severe to maly individnale. whose ``entire resources
wore looked up in the concern: One very . sad case was
menti-med the other day with reference to the -failure of
the British Bank. • Three ladie., pest the prime of life,
had quite sufficient to live comfortably on for their lives,
but it was all invested in B hide Bank shares ; every penny
is 1 and even their furniture was been taken, and they
are now in situations ail governesses. Were went liberty to
publieh names, we c mid give instances equally as 'pains,
ful, in the ease of the bank Under notice—where the entire
savings of in .ny years have been 'swept away at once, and
- when teeMing•peverty has soddenly fatten upon those who
up to this day week esteemed themselves in safe p Seesi,ion
of a comfortable reso _tree. In addition tcethel6s.es
individuals in this way sustained, the various friendly
societies find themselves serious loeers. The West bulk of
them deposited their eurpin4 foud3 in al essrs.ellarrison,
Watson, and Co.'s bank. We ate inforMed that-the
ameetat of the Shipwrights' Eociety deposit was ne less than
£925. The Manchester 'Unity of aid Fellows is a loser
• to a very seri nis extent. Nine lo gses of this ,soeiety were
depositora to the amount of -£2,250, which with the large
sum of £705 belengiug, to the eviJows', and orphans' fend
of that body, :.makes a total -of £2.955, It is true that
this is only apportion of their funds,, but she,on ly amount
ef the latter 'fund at present in the treasurer's hands is
£55 Us. The ledges of 'the Kixeg,ston Unity of 01
Fellievs arc creditors to the amount of soinethipg like
£l5O. The Druids' deposit is abent ..t450, In addition
to these, the Fishermen's Zinciety had also intrusted their
money to the seine keeping, and it is probable other sums,
the. property ,of other societies established fsr similar
benevolent and:laudable purposes, will hereafter be found
to have been deposited.

The •-uspension of the fine of Messrs. Taylor an I B-ight,
which has been offisially decla ed, bas not occasioned any
surprise to those who knew Ora- relationship of the head of
that firm, both with the Cotton Mill Company, of which he
was the chairman, :and' wirh the bank of which he was so
1-ary,e a debtor. Far many years this firm has
_been at
the head of the corn and seed trade in thIS towi,; and their
transactions were of: the wide't Possible exteht.• Of con se
the deficiencies of this firm, which was one of the leading
mutes of the bank's suspension, are likely to lisve a serious
eff,.ct in dininishin4 Masers. Harrison and WAson'S asssts,
thou..h we beli*ve fill allowance has been•mide for this
loss in 'the estim to which is given above.
During the sitting of the Bankrup,cy Conrt, yesterday,
Mr. Jas. Hold-m inquired if 'Mr. IL 8. B ight, had been
actju lioated bankrutiv,
Mr. 'Payne, sitting foe his Irthartr, replied •in the
affirnivive, remarking that the adjudication took place on
ur.faf, and that the bankrupt surrendered oa Monday
n;ght.
The choice of asslo'nees is fixed for Oct": 21,- and the
exitnination of he bankrupt for Nov. 25.
The bank of Mets s' Irdir'son;Vatt on, and'Co. was fist
opened in 1795, under the fi'in of Pcase; Harrison and Co.;
tubstqueutly, on the accession of additional partners. the
firth was anatred to Vnat of Pease. Hariision, Watson, Pease,
and Locke, and a bank at Melton, Under the firth of Pease,
Dunn, and Pease, MO carried on in eimr.eotioitt' the ewith
by some 'of the partners in the establishment; but, in
the course of years, the bark Of Melton was wound ttp,and
the late Mr. R. C. Pease, the senior partner in boqi, firms,
retired from business. Mr. Henry Pease, however, conti-
nued in the concern, under the firm of garrison, Watson,
and Locke. The partner-hip of Mr. LoCke ex+:i el by
efflusion of time some years sgo, and was not renewed, and
the firm then 'became - liar ison, *.atedn, 'and The
haute caned to issue its own bank' notes about thirteen
years ago.; Eavern Counties Herald, of VridaY. '

SOYS' CLOTHING MA E WI 'H GREAT.TAITE AT LEWIS and
C._)llP NY'S, Ilanelagh-street;

A VACtICT CoU''rY COURT JUDGIVOIiP.,--By the death of
NI;Lo4 wor,h Pred, u county nowt judgeship, of the
v due of £1.500 a yew-, fil!s to the hands of the minist.y.
It is a bonne boue4e in the way of legal gift•t, and we,hear
that there are an enoLtn,u4 number aLf!,,pplibants for the..
vacant post. It is 'was' p.obahe the. it will be coneerred
upon ore of the tnernbe s of the Vireste,-n OircAt.—
Ptym o Journal.
111! Wil Ir w i?.l was towel into Grimy a feW drys
ago, was hi ce t round and exhi!Litcd to visitors at sixpeive
act. An iainense. umber of per,uns by special traits
fern ManAlester, Sheffield, ant] irn-nediafe 'lt Ltions Nava
in-n to see tWit leviathan.. Oa Tuei4lay'rnorn:rng 1, st it
vi -8 cut up an [boiled in large pit st on. the sand; near
where it was laid. It i=eilanlated to produce one and a
half tun of oil. The cran or iksh, which will weigh eight
or nirae tone, .has been sold for inanure. ;.. .

Exclusively. f<<r CLOTHING.. BONS in in Six to 'Twenty Yew s
LEWIS & COAIPANY, liasslagli-street,