The Sun.
London, England, 1825-12-06 00:00:00

PLYMOUTH BANK.

The banking-house of Sir W. ELFORD, Bart.,
Tingcombe, and Were Clarke, of this town, stopped payment
on Friday last. Until the evening of that day the event was not
generally known, as the doors of the bank continued open at
the usual hour; but on the following morning notices appeared
on the windows, stating that the firm was compelled to sus-
pend its payments from a variety of causes, among which was
mentioned the necessity they had been under of selling out of
the funds at an immense loss, t 9 meet the severe run which had
continued with various fluctuations ever since the early part
of October, when the Kingsbridge, Devonport, and Launces-
ton banks failed. The astonishment and distress which this
announcement excited are beyond description ; multitudes were
collected round the doors during the whole day, and their coun-
tenances powerfully depicted the various passions with which
they were inspired. The pangs of disappointment, and the deeper
emotions of despair and agony, might be traced in almost every
face. We never remember witnessing such a strong excite-
ment of public feeling, and his heart must be utterly callous
who could be insensible to the prevalence of so much misery.
From the high character which the Plymouth Bank had main-
tained until the recent bankruptcies in the neighbourhood had
in a measure unhinged the system altogether, the confidence
of the community was unbounded, and the calamity is there-
fore proportionably great. The shock to the labouring and in-
dustrious classes in particular will be long and severely felt,
the connexion of this establishment with the commercial and
trading interests of the port being of the most extensive na-
ture, and a great proportion of their issues being in 1/. notes.
It is the severest blow that could be given to the rising prospe-
rity of the town ; and the near approach of winter will render
its effects still more lamentable among the poor, who may be
thrown out of employment by the general stagnation
which must inevitably follow. A most tremendous run
on the other banks was the immediate consequence of this
failure, which continued unabated during the whole of Sa-
turday, and part of Monday, when the applicants find-
ing that every demand was promptly discharged, became
gradually satisfied of the security of the remaining establish-
' ments, and a cessation afterwards took place, although up to
this hour much feverish anxiety continues to agitate the public
mind, and a deep gloom pervades all ranks. Various and con-
tradictory reports are in circulation respectilig the resources
which remain to meet the demands upon the insolvent firm,
but little is yet known that may be relied on. The most fa-
vourable occounts represent the deficiency to be upwards of
95,000!., and the probable dividend less than 10s. in the pound.
Should the landed estates of the partners be available, some-
thing more, will, of course, be added to the dividend ; but to
this subject we shall again allude, when correct information
can be obtained. A commission of bankruptcy was granted
against the above firm on Monday, and yesterday morning it
was opened at Plymouth, by Mr. Tink, solicitor of Devonport.
There were three other applications for the commission, and
the choice 1Y:19 decided by lottery.—(Plymouth Journal.)