Northern Times.
Liverpool, Merseyside, England, 1857-11-18 00:00:00

tar For advertiseme.nt3 see seco.ld plga.

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WEDNESDAY, NO VEMB.'E is, 1837.

THE DAY'S NEWS.

The hope was confidently indulged in that we
bad passed the commercial crisis, and that we
would hear of no more Bank failures. But such
bores are dashed to the ground. Yesterday, it was
announced that the Wolverhampton and Stafford-
shire Banking Company had suspended pay-
ment. \\haat the liabilities are we are not
at present in a position to state, but
that they are large, there is every reason to believe.
It is feared that this failure will cause a moat
disastrous panic in the iron trade of the Midland
districts. Already it is said that a number of
houses have already failed, and that others are
expected to follow immediately. In Scotland, the
panic may bi said to have died away, and in Ire-
land, commercial cre.diti unsh3.l:en. Sueb,hewever,
cannot be said of the affairs of the Continent, but
our readers will find a full resume of all matters
connected with monetary and Commercial affairs
under the proper head. We may mention, however,
that discussions are beginning to be heard as to
the prospect of a rise in the rate of discount
beyond .10 per cent , in the event of the demand
continuieg active, and causing the metallic stock of
the Bank to be trenched upon to any further impor-
tant extent. It is pointed out that the Government
Letter merely expresses the opinion of ministers
that " the Bank's terms of discount should not be
reduced below their present rate," so long as the
extra issue of notes con tines afloat, and that the
maximum, rate is lett to the discretion of the Bank.
As impartial recorders we are br,und to report these
views, but must express a hope that the directors
will not., unless upon very strong grounds, adopt a
step so calculated to revive the feeling of uncertainty
in the money market as a further rise in the rate of
discount. Meanwhile, the knowledge that, owing to
the suspension of the Act, there is u perfectly unli-
mited supply of money forthcoming on " approved
securities" ought to suffice to calm the public mind.
We regret to observe that the reports from the
great centres of manufacturing inthtstry in the
north of Engetred are gloomy. ahoy of the mille
and factories are running on short time and half
time, .and seine have stopped altogether. The
distress ie consequence is general and deep, and
unless things tukc a favourable taste, of which
known facts hold out little prospec, a 1,,(3-37 gloomy
winter is before the country.
. .

The disgraceful niisturbanees at Lurgan appear
to have arisen from the opposition of the operatives
to the introduction of power loom weaving. On
Sunday -a large number of mill operatives
assembled oundde of the town of Lur-
gan, at a plane called Shane hill, They
were addressed by Some leaders of their body,
and the feeling of the meeting was strongly ex-
pressed in favour of a rise in wages, and of some
movement for, putting down the stcam-loom facto-
lies. The la;_tet. was the chief topic of commentary
by the spealon s who harangued the assemblage.
From Shane-hil the crowd inar3bed into Lurgan,
their min-11)01,s o act
proceedel, so much se, that on the body reaching
the town it was swelled to the extent of frona ten
to fiqeen liwo.:sred. They at one.., proLueeded to the
residence cf Alal,uom, a lorgc mill-owner, and
demanded to see him. He did not make his
appearatice, and the mob passed on and reached
the market-house. Here they were addressed by
a number of stump-orators, whose sole cry was
`4Put down steam 'the force of the constabulary
in Lurgan is ten men, including the head-constable,
The mob, after being harangued at the market-
house, proceeded to the mills of Me. Malcom
which immediately adjoined his house. The police
had heard of such.an intention, and were at the
building he ore them. Mr. M nectar and his two
eons were inside, furnished with fl7c-arms ; the
workmen of the esuablishment were, also armed,
d no doubt but the property world have been
defended, oven at the sacrifice of life ; while, had
the mob been successful, the large quantity of
yarns and cloths would have been ,testroyed, the
machinery ruined, and the premises probably
burnt. H -ad Constable M Carron, dreading some
such result as this, got around with his
handful of men in the rear of the building,
and chargod, the crowd with fixed bayonets.
.Numers fell; the nine constables rushed after
them, and the folic or five hunired people thud
precipitately up the hoe. On naming to tile head
of this lane, the contest reached it.s heio,hn .rhe
carriage-tvay hrol been newly Lid down with broken
stones, by the name fortunate chance tha!`, pre-
ceding every tw,Afth of July in Belfast, the an eets
are newly Macadamiscd. The mob divided right
and left.; they hemmed in the constables; they
used the stones of the street very vigorously.
Some constables, it is stated., were knocked down ;
and three constables fired off theiz muskets. Shots
were also flag out of the I-tout-seg. The mob there-
upon dispersed, but dto:•ing, their retreat they
contrived., however, to nuaash some 500 panes
of glass belonging to persons obnoxious to
them. Messages were iranidiately forwarded
to Belfast, trod a number of the Constabulary
belonging to that town, were innne, .lately forwarded
to Lurio.. That town at our last advices were
quiet, brlit, ,be police patrolled the .streets day and
nigh

Now that the details of the news from India have
been published, and people have had time to digest
the various facts and figures contained therein, the
exultatiLm which was at first applrent, has, we
are sorry to say,- become supplanted by gloomy
forebodings. Various are the opinions with
respect to the fate of the garrison and the relieving
force at Luckn3w. 1113 perilous position of both
is now rec ignised on all hands, and the moat
hopeful have the greatest possible difficulty to
understand from what quarter immediate assist-
ance can be despatched to reach Havelock and ,
Outram. Indeed, a London cotemporary thinks
that the rciief of Lucknow was a great error. It
says —" Judging from private letters sent from
Calcutta, we should be disposed to conclude
that the last expeiition to relieve the garrison,
however much likely to carry with it the sympathy
of every Englishman, was, in a military point of
view, a great mistake, like the brave charge that
took place at Balaclava.. Those who think so say
that the Indian authorities should have known the
strength of Lucknow, should have computed the
forces opposed to Havelock, and should have ju iged
whether the terrible Nana Sahib did not wish to
inveigle the Cawnpore reinforcements' into Luck-
now, 80 that he might the more easily secur3 their
des ruction. The best hope that can be entet
tained- is this, not that our troops and garrison
at Lucknow will be saved by the arrival
of timely saccour, but that the desperate position
in which they are placed, will inspire them with a
courage that will enable them to escape." this is
bad enough, but if we are to believe the Paris
Pays, Lucknow has not been relieved in reality.
That paper professes to give a correct account of
the state or affairs in Omie at the date of the
latest news. According to the Pays the English
were not masters of the town of Lucknow, bat only
of the citadel, about two kilometers distant.
This fortress has been revictualled by General
Outraw, who succeeded, after a murderous !