The Sun.
London, England, 1855-06-15 00:00:00

BANKRUPTCY OF MESSRS. STBAHA

AND Co.

--..----
Revelations are taking place with regard to the affairs
of the banking-house of Strahan, Paul, and Bates wh
as one ich
are likely to put their case before the public of
the worst upon record. The amount of their liabilities,
instead of being 350,000/. or 400,0001., as was repre-
stnted. on Saturday, are now admitted by them to be
far greater, and to range at least between 500,000/. and
700,0001. They also admit that the prospects of their
creditors are as bad as possible. At the same time, their
statements regarding the amount to which they have be
-
come involved with certain contractors for Italian rail
ways are inadequate to explain this tremendous de-
ficiency, the utmost extent of their immediate lia
bilities- on that account being believed to be 180,000
000/1.,
although this sum is nominally increased to 350,.
by commitments in the shape of guarantees. There
is consequently every reason to fear that for
along
period the house has been existing upon the property of
those who have confided in them, and that the
railway
speculations were merely a desperate throw to retard a
final break up, or to lose all. Among the banking in-
terest in the city the house has been believed for years
to be one that was gradually dying out, and it appeare
even now that they have ne creditors there, except O.
few persons who'have recently been incautious enough
to take some of their acceptances, which, it seems'
have been attempted to be circulated in overal
quarters within the last few weeks at 7 per cent. di!"
count,'
or any other race that could be obtained. It 14,
among eoblemen ail wealthy commoners at the
eyes
end that the disaster will be chiefly felt ; and themeart‘
ners acknowledge one case M which; at the it of 1
ti °
their stoppage, they held 40,0001. to the cred
drawing account. Other communications are reentior3
ch
which leave no doubt that when a full examination taees
place instances of cruel hardship will transpire su
have rarely been exceeded. With regard to the bar f
being kept open and payments made during tol("ile:a
Saturday, when on Friday nightit had been asoorta'ne.
that its existence could under no circumstances be pr-
longed beyond another day, it appears that no exehteer;
tion is attempted, and the indignation
general. Every daytbat the bank has been kept open
during the past year or two must, however, hav,etsiof
volved an equally deliberate violatibn of the rig:u will
all parties.. Under such circumstances the Pubh° ecy
demand that the investigation in the Bankroloing
Court should be of the strictest and most errcicbeera
character, although it is inferred that the fiat ma effort
obtained through a friendly channel, and that an effort
will consequently be made to secure a choice eiealgattleith.
which may prevent the case being "vigcronsirs by eeeh
As to the share of responsibility to be sustaioe ~..,.t tot
individual partner reports vary; and, from tto ;use of
is there'
eu
each one in turn is mentioned as the prieeiPal all etre
the mischief, it may be assumed, perhaps' that . John
compromised in a like degree. In the case 0, f
Paul the circumstance that the entail of kas Sirt estates
ig
eS :ed as
a favourable feature, since it would glow
said to helve been already cut off may be eelistrbe hell
that Coed
to others. The firm were connected with
unreservedly included himself in the ruin he bas tom;
panies, Sir John being governor of the CoPPer aers'
Association, and chairman of the Railway re?sree an of
Assurance Company, while Mr. Bates was 0-ealr SaaarY
the Namur and Liege Railway. It is scarcely eecef the
to add that the feeling excited by every feature
Tier in
case derives additional intensity from the 0101 been '
which the attention of men of business has eenttLetios.
excited by the unlooked-for developenients in oee'
with the affairs of Davideon and Gordon.-riwies-
---arrige joS-
REDUCTION' OF THE BATE AND.
vasioSiner;
a
COUNT BY THE BANK OF -ENv--- ;
------4.-- (laced thei
The Bank of England yesterday have re d stooo.
.'
rsiantceeetfhdeis3edouonftmfaroymto43plerpecrecnetntat which it be
tea t"t,
icip
The measure had been so completely ante led to
instead of causing any advance in- the fund' itbo,3sbo bed
realisations on the part of several speculator,' it would
recently made purchases under the conviotienk the pro'
occur. For a few days during the past wee .peenied
bability of gold being required to be sent to Peri wed ten.
to render a temporary delay probable, but a retno bas
dency to an improvement in the French an by the
since manifested itself, and is further confirree_,,es the,
quotations received yesterday. At the tin'eb7rete of
last reduction was made it was thought that t,__ , le o;
4 per cent. would probably be maintained ree',,asaeler
time, but the favourable turn which has sub9,4the re-
occurred in the prospects of the harvest, eu'n whole
peated successes in the Crimea, have altered te°, and
aspect of affairs, and caused a rise of betweenit:tio 0
per cent. in the funds. As regards any direct to and
the the money-market, the reduction is not thelikeY doneot
much influence. When the supply is beyond t witeo
the Bank can never descend to any safe out in t"
being underbid by the other establishroeuts .;I.og ateeshe
present case the general rates already preoi ling Of. te'il.
them are sufficiently low to prevent the rtece.; oo t. e
movement being met by any further aetOseras ti
part. Paper of a choice description has
been freely negotiated at 3 per cent., and t a Otto
for be prot i
bility is that, with some occasional exceptionst_eeo the
will be made at that rate. The last period rog be'
Bank rate of discount was as low as 3t per ceniiioe tit°
tween June and September, 1853. The bill 01 titer
ranged between 17,000,000/. and 18,000,,000,eat at a+
eels were about 98. The bullion is. now el„i 'Ott
same point, but the amount of notes unelrtie,"
larger by more than 2,000,0001.—Times 011

-----------------' vrogif
ROYAL SOUTH LOND.ON FLOP-
Yesterday, the second of this society'A e.,lcoleo 0
TURAL SOVIET Y. ni. _ties
mbitio- aeo
the season, was held at Cremorne-gardeos, "bea.,cuLt PI '1,1301
having come to the conclusion, from the irl,r;bieti 1.-iot
larity of these gardens, and the facility w1t,),,01i5,, t,,,1 .ir
enybe formedreach eadmfroorme
eligibleevery paarretao
ffo
rth e in e a 1.0 0 t ti..,
of
can
flowers than their usual place of exhibtitirond..:Tecinj,va°oitit7.::,
the beauty and variety of the flowers
elb3 of 9e9te,rtive.
could be more successful than the sheyfii attr'" fO,ll
The heaths and pelargoniums were especia
tiYc,, 076 ta
and on one rose tree we counted as ma c'crbilla be
blown buds ; but several circumstances a cow
' u r th 3
render the attendance of visitors sma"e- 0 the
desired, , sot seas° ore
Altogether during the whole of th eared jo greate ier
proprietor of 'Cremorne has been eaP:d duo oti.
struggle against his atmospheric foe, °'"
brie estateer.fo,
provements which he fobs made wof ent
nn
the novelties he has introduced in the
re ..,
d vlbiambeci'6lQ
ments have been comparativelY V° • bt have ,0,-;.t b.
hey log don. , ,
more favourable circutnstances t- of edifices,an ,na tile
the taik of all the pleasure-se'elteorgdo
offered to tbo
its tasteful gardens, its fanciful w
, funt are ~,,,rise,.
various amusements of every kina ,uciividaal entxt:trbtil•
public, Cremoine, as a result of irj, babyllet, lee 110. of
is little short of marvellous. markedAlilel eLdiciPcloiri fig
liantly put upon a small stage's" s thae :Hitei,lli O'c:3
grotesque talent more commo sire; ari
_no, _ 0 ad..'
performed in a commodious th spaceo or the
gy.l,
by daylight ; a lame circus afford-se trios a'd OIP ti
visesv nests,7he a oliefn„calourmd
ifonasoctet,hi
oe efficient
short, fr°ootit
e:lb t there ig s°--5 Wl3°'
ll • so that' fatter"
rt!_iividuse
end
perpetua y going on,
o'clock in the afternuacsuelnen
A the " faster le:' tuooeY' out
retire home early, an,. - t far their 003
come late, are sure to find plop y ~,,, esto, of proo;
which i. 1
it is hard to limit the functions uiet 1/.3ce.era f h
btoritiaoltrelindeitdyli::;
6e
s, _ _ d
~ p e
rsu.
~
0.1,0 .
performs. In one single day it i 9 %qr I _-, a ts' WhIC ,
menade, a respectable family te•t-g.
ca_oeustippet.s_.oo, 1
regular dinners—not rnerely for 04 danuoVa rolly'f
form an item of recreation— a gig:q des all t,..11136'5bePe063
t..heatre, an amphitheatre ;
em to Me, dto P .4 ni '
fortune-,telling, eec., which se la be hard that j-
i rifle-shooting,g• point fo r thosenl riean various abcodwi divers o ni:iert.i
eye
yie-reyeouliescortee ri,:! 1
i,:t:
tion of tas:6 and talent. It you „ —olone,
lea,sure substantial or triv
the sort of i'• '.......:,......................../.
to be found k t Cre'n"rne.
st___ 0.
IFI' ' 04
THE CAPTUR.E OF ge
ird tlrt tteto 0 of ) 0