The Sun.
London, England, 1867-04-11 00:00:00

small they thought them not worth fetching on
this occasion ; others had none at all, and it was
computed that the amount due in the aggregate was
not more than three-fifths of au average.

Reform Bill, proceeded to animadvert upon the
conduct of the Opposition in introducing Mr.
Coleridge's instruction, which he characterised as
being a wolf in sheep's cliithing. When Mr. Glad-
stone found that his followers declined to support
him in pressing that instruction, to use a pugilistic
expression, he " went down to avoid punishment."
(blear, and laughter.) The right hon. gentleman
found that his conduct had not only disgusted a
great number of his followers, but that if he forced
Lord Derby to go to the country on the issue he had
raised the electors also would have been disgusted.
The question to be discussed in the House of Com-
mons to-morrow related to the borough franchise,
and was whether it was justifiable on the part of
the Government to ask those whom they were about
to admit to the franchise to show their fitness to
exercise that privilege by residing two years in their
houses and by paying the poor rates. Iler Majesty's
Opposition, on the other hand, proposed to abolish
the £lO rental franchise, and to drop down upon a
£5 ratal franchise, without any restriction whatever,
except a short term of residence. He b.dieved that
the country would be likely to accept the proposal
of the Government as the more satisfactory of the
two schemes for settling this great constitutional
question. If her Majesty's Government shrank from
carrying out what he considered to be the vital and
important principles of the bill, be should not be
doing his duty to his constituents if he supported
them in the relinquishment of those principles.
(Hear, hear.) But he felt that no Government sin-
gle handedcould pass a Reform Bill. Sacrifices must
be made ou all hands in order to settle a question
which had thrown out so many successive Adminis-
trations, and which had placed the country in a po-
sition somewhat of danger. He trusted that all
parties would see the necessity for laying aside their
mutual animosities and particular interests in order
to unite in passing a measure which would so greatly
conduce to the peace and prosperity of these domi-
nions. (Cheers.)
Several other toasts having been drunk, the com-
pany separated at a late hour.
Mr. F. Toole officiated as toastmaster.

COMMERCIAL INTEL LIGF,NCE.

The panic of last year has not yet subsided.
The price of most securities, if not lower, is at
about the same price as on that memorable day
when Lombard-street was blocked up by that
eager, anxious crowd of lookers-on of so many
ruined or disappointed speculators. It was like
an army in full retreat before a successful foe,
throwing away both arms and spoils, and that
class of persons that had grown up, called di-
rectors and trustees, numbering 12,500, could not
find a general capable of a rally ; on the contrary,
did they not one and all join their- dupes in the
universal flight. The oldest City men did not see
how to stay a torrent which had acquired an
unprecedented violence. During three long weeks
panic was the only order of the day ; some of the
banks saw many of their oldest customers with-
drawing their accounts and carrying them to the
Bank of England. The Lord Chancellor was pe-
titioned to suspend the Bank Act to allow a
further issue of notes. Some idea can be gathered
of the extent of this memorable panic from Mr.
Watkin's speech in the House of Commons, where,
for our instruction, he has told us :—That simul-
taneously with the Act of 1862 there had been
• an enormous amount of speculation, and a series
of circumstances unparalleled in the history of
speculation and commerce in this country since
the South Sea scheme in 1725. At present there
were 2,2oo;joint-stock companies of various kinds,
with a capital of not less than £1,000,000,000; there
were probably 750,000 interested as shareholders ;
and directors and trustees numbering 12,500. The
extent of the operations of the Act was shown
from their having been registered under its pro-
visions, in 1863, 807 projects ; in 1864, 953 ;
in 1865 995 ; and in 1866, 745 ; representing a
capital of £706,000,000. Of these companies, 27
were financial associations, with a total capital
of £40,000,000, of which £9,500,000 was paid ;
17 were insurance companies, with £11,600,000 of
capital, and £1,100,000 paid up ; 54 were banks.
with £90,000,000 capital and £17,500,000 paid up ;
and 6 were discount companies—another form
of banking with £10,100,000 capital, and
£2,200,000 paid up. On the other side of the
account the failure of these speculations was repre-
sented by £42,000,000 of nominal capital, but really
by a great deal more. Overend, Gurney, and
Co. was one of those failures, and they, with a
nominal capital of £5,000,000, had liabilities to
the extent of £24,000,000.
The petition being granted to the Bank of
England, to authorize that establishment to make
a further issue of notes, it thought proper to raise
the accommodation to 10 per cent. ; this increased
the losses of those who had bills to discount, and it
had the effect of driving almost the best managed
firms to despair. Produce, as well as Stock
Exchange Securities, both became unsaleable ;
but the gold of the country began to flow
back into the reserve, and the bullion held by
the Bank increased in the same proportion as the
extra issue of notes. The high rate of 10 per cent.
prevented any demand for speculative purposes.
In the produce markets purchases were only made
. for immediate consumption. On the Stock Ex-
! change there was a general stagnation in busi-
ness ; those who were in want of money to pay off
liabilities were obliged to submit to heavy sacri-
fices ; the hands of the jobbers were soon filled ;
and those who were obliged to sell were forced to
accept the lowest quotation. The necessity of
liquidation is still as great now as it was last
year, which explains why the panic is still raging,
and why prices are still so much depressed.
There is not a jobber that can hesitate to sell any
amount of stock to any willing purchaser at the
highest price of the day ; he may, by exception,
require that the business done be not marked upon
the official list ; but, before the end of the account,
he is sure to be able to buy in any over stock he
may have sold. The number of sellers will be
greater than that of buyers, so long as the neces-
sity of liquidation exists. When will that liquida-
tion be at an end ? Nobody can tell. If we are
to believe Mr. Watkin in the House of Commons,
from 1863 to 1866 2,200 limited companies were
created. As on the Stock Exchange official list
there are only 899 registered, including consols
and every other item, it is impossible to say how
many calls are made each week on account of the
' 1,301 non-registered. There must of necessity
still remain a great want of money to meet such
calls. The majority of those new limited compa-
nies can inspire but little or no confidence ; and
no kind of advance can be expected on deposit of
such securities. The holders to meet calls are,
therefore, compelled to sell their best property,
which still commands a price ; and that is the
reason why the panic continues, and it must still
continue for some time. The present low price
paid for discounts and for accommodation, 3 to 2
per cent., shows the extreme anxiety and want of
confidence. Money can be raised easily at 3 per
cent. upon first class securities ; but no per tentage
will tempt any advance upon second and third
class. That explains how the stock of bullion at
the Bank of England and at the Bank of France
is every week on the increase ; many prefer
keeping their money on deposit than running the
risk of an investment. The stock of bullion will,
in all probability, go on increasing here until the
amount surpasses that held by the sister coun-
try. We may still expect to see prices lower
before the ebb tide of speculation returns, when,
like that natural element, it will flow slowly at
first, gain strength as it rises, and in time flow
again out of its limits, causing the same ruin and
disappointment to those who again may trust their
fortune, at extravagantly high premiums, to its
deceptive waters.—Westminster Gazette.

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