The Sun.
London, England, 1860-12-31 00:00:00

COMMERCE AND _FINANCE OF 1860.

Summary of the principal financial !Lad com-
mercial events of the year now closing :

Jan. I.—Consols, 95 ; French Three per Cents., 68f. 90c.
Proposal put forth by Messrs. Baring and Glyn on behalf
of Government of Canada, to convert the various debts of
the province, amounting to £11,661,010, into a consolidated
5 per cent. stock, irredeemable for 25 years. This arrange-
ment involved the payment of certain old bonds and an
issue of £2,800,000 new ones on the London market, the
whole of which were rapidly subscribed, the applications
having reached about £22,000,000.

Jan. 3.—Announcement of peace between Buenos Ayres
and the other States of the Argentine Republic. Buenos
Ayres Six per Cents. 82, whence they have since steadily
advanced to 96k.

Prospectus issued of the Bank of Turkey.
News of treaty concluded by Mr. M'Lane, the United
States' Envoy in Mexico, and the Juares Government in
Vera Crux. This treaty failed to obtain ratification at
Washington. Mexican quoted 23.

Jan. 12.—Notice from the colony of Victoria fixing the
issue of Victoria railway debentures in 1860 at £3,000,000.
Jan. 16.—Commorcial manifesto of the French Emperor.
Consols firm.

Jan. 17.—New Belgian loan of £1,800,000 introduced at
Brussels at 91.

Jan. 19.—Encouraging report published of,Grand Trunk
Railway of Canada, from Mr. Blackwell, its vice-president
and manager, on opening of Victoria-bridge.
Bank rate of discount raised from 2t per cent., at which

it had stood for six months, to 3 per cent. Cori/sole, 95i.
Jan. 26.—Outline of Treaty of Commerce with France
published in the Patric.
Cape of Good Hope Six per Cent. Government Deben-
tures for £50,000 adjudicated at prices varying from 1051
to 108 k.
Jan. 31.—Bank bullion reduced to £14,542,502, or
11,918,322 less than on the Ist of January, owing chiefly to
continuous purchases by the public of the Indian Rupee
Debt and other Indian Securities. Bank discount advanced
from 3 per cent. to 4 per cent. Console, 94.
Feb. I.—Silver discoveries at the Waehoo Mines an-
nounced from California.

Feb. 10.—Budget of the Chancellor of the Exchequer,
showing an estimated charge of £70,000,100, and a surplus
of £164,000. The diminution of revenue was estimated at
£1,100,000 from the French Treaty, and £1,900,000 from
the abolition of Customs and Excise duties, including that
on paper. On the other hand, new imposts and savings
were to yield £982,000. The balance from alterations,
therefore, showed a net loss to revenue of £2,108,000. An
increase of the income-tax from 9d. to 10d., and an altera-
tion in the collection of it, so as to force an additional
quarter into the current year, a shortening of the malt and
hop credits, and a renewal of £1,000,000 Exchequer-bonds
maturing in November, were tho main resources adopted to
restore the account and to furnish the surplus promised.
Intelligence from India that a Government issue of notes
had been resolved upon ; the first emission to be £5,000,000,
but future issues to be made without other limit than the
necessity of holding a sum equal to one-third of the amount
iu bullion. The latter part of this proposal was subse7
quently disallowed by Sir C. Wood.
Introduction of a bill by the Railway Companies Associa-
tion to enable railways to escape the liabilities of the Com-
mon Carriers Act. An analogous movement had been
made by the Great Western Company in 1859, but without
success, and the present measure ultimately shared the

same fate.
March 11.—Tmprovement in India ripe° traper on defini-
tive statement from Calcutta that no furl her loans would be
required, and that the deficit for the current year to be
made up by new taxes would be only £900,000. Rupee
Five per Cents., 94; Five-and-a-Half per Cents., 1051.
March 15.—Half-yearly Court at Bank of England ;
dividend of 41 percent. declared, leaving the Rest £3,025,991.
March 16.—Introduction of a new Bankruptcy Bill, con-
taining 529 clauses, by the Attorney-General ; subsequently
abandoned.

March 18.—Brazilian Four •and-a-Half per Cent. Loan
for £1,373,013 introduced by Messrs. Rothschild at 90, or
£.8835. Bd., reckoning dividend, &c.
March 20.—Intelligence of the proposals of Mr, Wilson

for establishing an income-tax in India of 2 per cent. on all
income above £2O, and 4 per cent. above £5O, and to levy
import duties of 10 per cent. oncotton twist and yarn.
March 24.-Unsuccessful meeting at the Stock Exchange
to consider the propriety of revising existing scale of bro-
kers' commissions.
March 27--Deputation from Manchester to the Presi-
dent of the India Council to remonstrate against the pro-
tective duties proposed in India.
March 29.-Bank discount advanced from 4 per cent. to
41 per cent. ; Consols, 941.
April 7.-Act imposing new stamp duties came into ope-
ration.
April 10.-Tenders opened for £2,650,000 6 per cent.
Government Railway Debentures of the Colony of Victoria.
Minimum price declared to be 105. Only £1,570,000 sub-
scribed,
April 12.-Bank rate advanced from 41 per cent, to 5.
Consols, 94k.
Intelligence of revolutionary movements in Sicily.
Proposition from Government of the Central American
republic of San Salvador to compromise the foreign debt of
the State (479,000) by a cash payment of £16,000, or about
4s. in the pound, unanimously rejected.
Exraordinary drain of notes from the Bank, the athount
in circulation being £23,467,255, or about £3,000,000 be-
yond the average. Much alarm among a portion of the
trading classes at sudden refusal of discount. houses to con-
tinue theiroperations on the ordinary scale. Disquiet allayed
by the discovery that Messrs. Overend, GUrney, and Co.had
simply vat ithdrawn a total of about £1,550,000 in notes from
the Bank-being a portion of the amount held by them as
deposits from customers-with the view of locking these notes
in their own safe. Dissatisfaction on their part at the strict
operation of the rule adopted by the Bank after the
panic of 1857 to withdraw all facilities .for the prac-
tice of re-discounting alleged to be the cause of this
proceeding. The experiment terminated in the notes being
carried back to the Bank by Messrs. Overend, Gurney, and
Co., on the 19th of April. About this time Messrs. Street-
feild, Laurence, and Co. were in the height of their business,
and experiencing some inconvenience from what was termed
the " conduct of the Bank in checking the commerce of the
country."
News of the indigo riots in Lower Bengal.
Aprill7.-Balance of the Victoria Railway loan again
offered and taken at the minimum originally named-105.
April 20.-Frauds of Pullinger detected on the Union
Bank of London, of which he was principal cashier. The
amount subsequently proved to be £263,000, and on the 15th
of May he was found guilty, and sentenced to 20 years'
penal servitude. The shares of the bank declined from
30 to 23.
May 1.-Tenders invited by the Grand Trunk Railway
of Canada for £1,111,500 second 6 per cent. preference
bonds at 80. On the Bth of May the whole were stated to
have been subscribed, with the exceptionof £225,000 which
was afterwards placed. Default occurred on the first divi-
dend becoming due at the end of September.
May 3,-Failure of J. and A, Blaikie, solicitors, at Aber-
deen, with liabilities estimated at £200,000, The senior
partner absconded.
Protest of purchasers of Indian rupee securities against
a determination of the Government to render them liable
to double income-tax.
May 8.-News of native outbreak in New Zealand.
Receipt of the minute issued at Madras by Sir Charles
Trevelyan on the financial measures of Mr. Wilson.
May 11.-Reduction of the Bank rate of discount from
5 to 41 per cent. Consols, 951,
May 12.-Stocks flat, partly in consequence of the ex-
pedition of Garibaldi to Sicily.
News of failure of the Red Sea Telegraph cable and the
consequent loss of £BOO,OOO, on which the British Govern-
ment have gnaranteed 41 per cent. for 50 years.
May 17.-Fall of nearly 1 per cent . on the Paris Bourse,
owing to landing of Garibaldi at Marsala. • Consols, 941.
May 19.-London bankers adopt an arrangement to close
at 3 o'clock on Saturdays.
May 20.-News of the Emperor of China having refused
the ultimatum of the Allies.
May 22.-Vote of the House of Lords for maintaining
the paper duties. Consols advanced from 941 to 95.
May 24.-Reduction of the Bank rate of discount from
41 to 4 per cent. Consols, 951.
June 18.-Meeting of the Emperor Napoleon and Ger-
man Sovereigns at Baden. Console 931.
June 23.-News of the stoppage of the banking house
of Jecker, Torre, and Co., at Mexico, with liabilities for
£BBO,OOO.
June 24.-New Russian 41 per cent. loan of £8,000,000
introduced by Messrs. Baring, of London, and Hope, of
Amsterdam, at 92. The amount ultimately subscribed
was £5,000,000.
June 25.-Public subscription opened by Bank of France
for £12,000,000 of Railway Obligations.
July 3.-Failure of Streatfeild,Laurence, and Mortimoro
in the leather trade, with liabilities, including those of
their Liverpool house, amounting to about £1,200,000, fol-
lowed by the stoppage of a number of other houses, with
aggregate debts (chiefly represented by accommodation bills)
of about £1,000,000 or £1,500,000.
July 4.-Console dull on announcement of £3,800,000
being required for China war.
July 17.-Funds firmer on announcement that the deficit
of £2,336,000 now shown in the revenue, notwithstanding
the retention of the paper duties, would be provided for
without the creation of new securities-partly by an in-
crease of the spirit duties. £1,500,000 East Indian 5 per
cent. Railway Debentures for five years offered at par.
Only £1,200,000 were taken in the first instance, but the
balance was ultimately placed.
July 23.-Consols flat on the disturbances in Syria.
July 27.--Announcement of £9,000,000 being required
for fortifications, of which £2,000,000 will be raised within
A year.

Aug. s.—New 5 per cont. Sardinian loan for £6,000,000
opened at Turin at 801, the whole of which was speedily
subscribed, the applications having amounted to
£22,000,000.
Aug. 10.—Intimation by Lord John Russell that Great
Britain does not concur in the attempt to gain admission
for Spain to the rank of a first-rate Power. Satisfaction
expressed by the holders of her securities who aro suffering
from the confiscation she still practises.
Aug. 14.—Vote taken for an Indian loan of £3,000,000 as
matter of precaution against possible contingencies before
the next meeting of Parliament, the estimates published in
the spring having proved erroneous.
Aug. 17.—Power taken by the Chancellor of the Exche-
quer, as a precaution against the contingency of a bad har-
vest and a possible falling off in the revenue, to issue an
extra million of Exchequer bonds.
Aug. 23.—Reduction in the Piedmontese import duties
on yarn tissues, &c., of cotton, hemp, and other articles.
Sept. I.—Transfer and dividend business of the Indian
debt removed to the Bank of England.
Sept. 11.—News of the death of Mr. Wilson at Calcutta.
Sept. 13.—Half-yearly Court at Bank of England, divi-
dend of 5 per cent. declared, leaving the Rest £3,008,489.
Heavy failures reported from Rio de Janeiro.
Proposal to open up communication between Pogu and
Western China discountenanced by the Foreign-office,
partly on the ground that it might inconvenience that de-
partment.
Oct. 10.—Decline in Consols owing to purchases of gold
by the Bank of France.
Public meeting on tho determination of the Government
to extort double income-tax on Indian native securities
held in England. Committee appointed to adopt legal
measures on behalf of the holders.
Monthly return of the Bank of France, showing a falling
off of £2,840,000 in the stock of bullion.
Oct. 21.—The English creditors of the Republic of San
Salvador agree to accept £25,000 in liquidation of their
claims of £79,000. Intelligence of legal proceedings
having been taken in Canada by the agents of judgment
creditors in England to protect their interests. Rapid fall
in the Stock and Debentures, the price of tlio stock, which
a year previously stood at 40, having declined to 26, and of
the ordinary debentures, which were at 74k to 52.
Oct. 28.—News of the complete overthrow of the illegal
power of General Franco, in the Republic of Equador (the
debt of which, chiefly held in England and Holland, amounts
to £1,824,000), by the constitutional army of Gen. Flores.
Nov. B.—Bank rate of discount raised from 4 to 45 per
cent. Consols 93k. Protest in consequence of serious dis-
asters in the Baltic against the deck-loading of vessels.
Nov. 9.—Bank of France return shows another falling
off of £1,000,000 in the bullion. Total reduction within the
past year, £1,600,000, or from £26,000,000 to £27,400,000.
Nov. 12.—Advance in rate of discount of the Bank of
France from 31 to 41 per cent.
Nov. 13.—Advance in the Bank of England rate from 41
to .5 per cent. Consols 935.
Nov. 15.—Advance in the Bank of England rate from 5
to 6 per cent., in consequence of a rapid increase in the
drain of gold to Paris.
On this occasion the Joint Stock Banks, instead of rais-
ing their allowances for money at call to within 1 per cent.
of the Bank rate of discount as usual, fixed it at 45 per cent.
Nov. 21.—Meeting of the London Discount Company.
Resolution to wind up.
Arrangements between the Bank of France and the
Bank of England for the latter to purchase £2,000,000 of
silver. Immediate improvements in the money markets of
London and Paris.
Nov. 25.—News of heavy fall in the rate of exchange at
New York, owing to money panic, consequent on the pros-
pects of disunion.
Nov. 29.—Reduction in the Bank rate of discount from 6
to 5 per cent. Consols 931.
Nov. 30.—Further unfavourable accounts from New
York. Average fall of 20 to 30 per cent. in the principal
securities.
Dec. I.—Commencement of gold Olipmentx to America,

Firm.
Debits. Assets,
Church and Son, fruit merchants ... 134,1174...L32,195
E. J. Wheeler and Co., AustreVta
merchants
J. H.Cohn, East India merchant.... 50,000.... 280
Smythe, Searle, and Co., de...
Tucker and Son, lamp manufacturers.. 23,785.... 14,624
Foot and Son, silk dealers ..
Hooper and Parkinson, leather trade, 43,715.... 10,758
William Francis and Co., ditto 69,721.... 10,951
Streatfeild and Co., ditto .. 744,448.... 214,624
J. 11. Smith and Co., ditto .......... 168,306.... 47,074
Smith and Patient, ditto ... 207,138.... 37,097
A. Waring, ditto
T. H. Mortimore, ditto
Gibson and Co. ditto
H. Hacker, dittO
W. C. Mundy and Co., ditto 59,948.... 33,168
Ridley and Sons, ditto 23,084.... 5,477
Rider and Co., ditto -
D. Barclay and Sons, ditto 7,957.... 3,878
R. Mortimer°, ditto 34,400.... 17,500
Laurence, Mortimer°, and Co., ditto 300,000.... -
Joseph Hooper ditto
Daniel Carpenter,' ditto
D. and J. Mackintosh, ditto
W. A. Page, ditto 6,500.... 3,580
2.... 4,406
J. Baker, ditto
Thomas Randall, ditto
W. J. Armstrong, ditto
J. G. Sullivan, ditto .... 50,000.... 2,450
John Morris, ditto 8,335.... 4,665
E. Buvelot, ditto
R. and J. Clarke, ditto
Rolling and Yeoman, contractors
Mouat, Nickisson, and Co., lace mer-
chants 53,612.... 48,869
E. M. Abbott, brewer
J Reinaeh and Co., merchants 26,421.. 4. 12,865
Tilley and Co., Manchester ware-
housemen
Chicken and Co., ditto - •••• -
Smith, Sinclair, and Co., linen factors 43,553.... 16,011
S. J. Wood, cement manufacturer 9,202.... 3,b90
A. W. Simpson, East India merchant 6,493.... 6,075
Peter Brown carpet warehouseman 27,762.... 21,408
Walter Howell and Co., distillers 38,963.... 13,235
William Archer and Son, cornfactors 35,687.... 15,139
Thomas Nokes, miller 18,051.... 5,090
Smith and Co., distillers
Alexander Allan, miller
H. Brookes and Co., manufacturer of
pianoforte actions
Evans Brothers, builders and con'
41,424.... 24,911
contractors
Robert Davies and Co., bankers 140,000.... -
J. and E. Williams, sugar agents 42,281.... 34,485
W. H. Rowe, contractor 11,866.... 6,489
William Maxon, ditto
Thomas Piper and Son, builders 52,236.... 15,617
Henry Bateman, timber merchant 65,413.... 40,774
Holdsworth and Co. sugar refiners 20,000.... -
F. H. Schroder, dittO
Dodge and diandonati, American
cloth manufacturers -
John Eades, timber merchant -
The above represent a capital of £17,230,000,
a but number of them have been withdrawn, com-
prising at least one-fourth of the total.
The following list comprises most of the firms
whose failure has been announced during the, year
in London or in direct connexion with London.
They represent debts to the large total of
£3,574,641, but are so limited to a few distinct
branches of trade as to show that the general busi-
ness of the country has been remarkably free from
bittqt
terhhuuaaeemtetdeshsaemdttesyi
stoppages
tpsi:
olepteahlrabtatisgelhduieefesers
p,
surmised
adlanai
also
s someeetdhraif
diminution
rwevuseheatrahietetoiuncl
cnaarthttsehio theei
evfnshoe moderate rlbuildingtyssohndsmerietprasia aouie mainly twellelt
yaee
that
to rmtimber
trades. It is also a feature for notice that many of
disaster. Thus, out of 59 houses 26 belong to the
l
rmdcthoooaffurbrnfloactmcostaa,ettartithnnrof
attri-
buted
Bank of England in compelling the various money
establishments to rely upon their legitimate means,
and net upon facilities of re-discount. The assets
of the several firms in the list show an average
dividend of about 7s: 6d. in the pound, subject to
expenses of collection :-
Company.
Anglo-Spanish Mining Company
Algerian Railway.. .. • .
Brighton Hotel
Bahia Gas
Buenos Ayres Railway ..
Bury Port Coal and Ironstone ..
Bank of Turkey
Central American. Piers .. .. • ,
Croydon Sewage ••
Cardiff and Caerphilly Iron •• ••
Coventry Cotton Spinning .. • •
Cwm Ammon Anthracite Coal ..
Dock Warrants Advance and Discount
East India and London Shipping ..
Folkestone West Cliff Hotel .. ,
Glocester Wagon .. .• • • •
General Mining and Smelting of Maurienno
Gas Engineering and General Ironworks ..
Great Northern Palace . •
Gellivara
Great Kanawha ..
Hull West Dock
Himalayan Tea ..
Isle of Wight Railway ..
King's-cross Patent Wheel
London and South African Bank
Lagunazo Sulphur
Labuan Coal ..
Lantrissent Hematite ..
London Brewery ..
Muswell-hill Land
Maesteg Iron and Coal ..
Moseley-green Coal and Coke .. .•
Mirkside Pig Iron
Mercantile Bank of St. Peterburg • • • •
Nerbudda Coal • • ••
Oriental and Colonial Fibres .. •
Parsonstown Railway .. -
Portugal Land ..
Pneumatic Despatch ..
Queen's Hotel ..
Regent's Canal Railway
Respryn Copper ..
Rio Drainage • • • • • •
South Eastern of Portugal Railway ..
St. Helier Water • •
South Devon Marine Hotel
Santa Elena Mining • • • •
Thames and Mersey Marine Insurance
Thessalian Mining .. • •
Turkish Bath • . • • • •
United Kingdom Electric Telegraph ..
Universal Lime Light ..
Union Discount .. • •
Whale and Seal Fishing
Wheal Ellen Mining
Westminster Chambers .. • •
Winter Palace and Yacht Hotel

Capital.
£375,000
2,200,0110
76,000
100,000
150,000
40,000
1,000,000
115,000
30,000
100,000
250,000
50,000
200,000
300,000
60,000
100,000
160,000
30,000
• • 600,000
850,000
150,000
400,000
•• •• •• 250,000
175,000
• • • • 50,000
•• •111 400,000
30,000
• . •• •• 100,000
•• •• •• 150,000
600,000
• • 140,000
60,000
• • • 75,000
30,000
2,000,000
120,000
• 100,000
65,000
•• •• ••
•• •• •• 75,000
25,000
50,000
•• • • ••
650,000
•• •• ••
25,000
650,000
750,000
• • • • 40,000
50,000
• 30,000
.. 2,000,000
100,000
• • • • 100,080
• • • • 150,000
300,000
250,000
•• •• .•
•• •• •• 75,000
60,000
• • • • 130,000
• • • • 40,000

LORD J. RUSSELL A
ID TEE TRE ITALIAN
QUE

An address, signed by nearly 5,000 persons, in.
eluding the Lord Provost and the members of Par
liament for the city of Glasgow, having been for•
warded to Lord J. Russell, her Majesty's Secretary
of State for Foreign Affairs, complimenting his
lordship and the Government for the conduct which
had been pursued by them in relation to the affairs
of Italy, has called forth from his lordship the fol-
lowing reply, viz.:—
Foreign Office, Dec. 26, 1860.
Sir,-1 have received with great satisfaction the
address of nearly 5,000 of the inhabitants
hafivoeubriesehnoifngidaen
Glas-
gow, including the Lord Provost and the members
of Parliament for the city of Glasgow.
port which
esthust,y,s given by
etnhtethe
eaunldigthhteepnoeldicycitwyhoicfhGtlhaesgyohwavteo
fail to give encouragement and add strength to the
just cause they have espoused. I beg you to accer
my cordial thanks for your letter accompanYing"
address, and have the honour to be, sir, your roost
obedient se' want,
announced,
principles l3cea T sup.

J. RUSSELL.

CRYSTAL PALACE.—Saturday was announced
as a juvenile day at the Palace, and greater numbers than
usual were present to enjoy the revelries of the shadow pan-
tomime and the other entertainments o plenteously pro-
vided. After the pantomime the Palos was brilliantly
lighted up for the evening promenade. The whole of the
amusements will be contieued thin day, and during the
week.

interest.
While the case is still pending before the Com-
missioner we have no right to hazard any observa-
tions respecting the mode in which such transao.
tions ought to be legally dealt with ; but there are
several noticealole points worthy of comment about
which no dispute can arise. The most prominent
of these is the singular success of Messrs. Street-
feild and Co. in getting- discount. They were'
removed from the ordinary lot of traders who have
to seek for " channels" of aceommodation, the
moneyed world being proud to save Lb= the trouble
by offering unlimited " channels" 012 their own
account. It is true that if it had been generally
known that Messrs. Strratfe;ld were distributing
their favours so widely each individual house would
Marshall, probably have been rather shy of taking its shn're.
But it can hardly be imputed to the banks or dig-
count establishments that this ignorance of thcs
true state of matters arose from their own negli-
gence. In some quarters there appears a desire to
theof
reckless London
heap accumulated wrath upon the heads of thoso
who are accused of wantonly giving extraordinary
" facilities" to undue speculation. Who these
people may be would be a puzzle to discover. Mr.
alto-
gether enunciated an obvious truth when he said that " it
is not the b
but this business of a bank to lose money ;"
disregarded.
ther egm practicalaarndaegdve. e
wo f
Tt
ohhfee Banktwh ear
c,aso of
ei
nis London,
al t
o
fact,
been lectured amounts to this ."-""
itno enawbhleicah set
gentlemen, in the interest of commercial morality
at sr
r y haveßeal
ea
we must protest against your providing large warns
dangerously speculative business. The nation il5
injured by the unproductive waste of large amount**
of capital, and demoralised by' an injurious
example." It seems, absurdly enough, to be taken
for granted that a bank or a discount house find
pleasure in doing a class of business by yiriNch they
are certain losers. The fallacy of the assn.mption
is only equalled by its strangeness. The simple
truth is, that banks and similar institution@ are
liable to be deceived as much as others. Whatf let
us ask, is the article which there is such a desix
to purchase ? The answer is plain : it is safe first-
tradecraspittoalics
class paper. Now, it is certain front what has
transpired in the examination of Messrs. Streat-
feild, that their bills were universally considered to
be of the highest character, and to represent nothing
more or less than legitimate transactions, and it is
not, therefore, in the least degree to be woniered
at that they were eagerly taken. "if we had
known that they were accommodation bills," says
one witness, "we should not have discounted.
them." The competition was only for first-rate
securities, and not for paper like that issued by
Messrs. Streatfeild, although its real.nature was not
understood at the time. point of fact, Sat
understood
house was acknowledged to be at the hea of
a great branch of trade with numerous and suppod
wealthy connections, and in its own sphere was' of
commanding power and influence. Suddenly, how
ever, the whole system turns out to be supported".
only by an enormous issue of questionable paper.
We will venture to assert that scarcely any event
has for some years caused so much astonishment in
the commercial world as the sudden unmasking of
the real condition of affairs. The truth wns as little
dreamt of by the commercial world in general as
by the hanks and discount. houses in particuiAr•
There is one point, however, where the bailks,
discount houses, and other capitalists might protect
themselves, in some degree, from losses like the:
present. In their department of business perhapso
less co-operation exists than in any other. Each
establishment appears to hold jealousy
aloof from
others, and there is consequently great difficulty in
bringing about any united action. This state of
things is eminently favourable to the bold class of
speculators. Most other branches of trade have
some representative body, such as, for instance, the
railway companies and their association. Why
y
could not some similar association be o.rganise
with a view to the protection of capital. bene-
fits would be great, and perhaps immediate. Jt lu
well known that the Bank of England have lot
but very slightly by the crash of the leather trade,
partly through the insight into the discount busi-
ness of the failed firms gained by the practice of
the Bank to make every quarter, during the shut-
ting of the transfer books of Government stocks,
advances on approved bills. An association based
on a proper principle might afford to discount
establishments in general the same knowledge, but
to this it is essential that they should work together
with some degree of unanimity.