The Sun.
London, England, 1866-05-11 00:00:00

MONEY MARKET

AND
COMMERCIAL I NTELLIGEN(II

TWELVE O'CLOCK.
A monetary and commercial panic now reigns
ttahtreod by
yut the City. The crisis has been precipi-
the suspension, late yesterday after-
noon, of Overend, Gurney, and Company,
One of the largest discount undertakings in
Loudon. It was only converted into a
Joint Stock Association last July, having formerly
been the oldest and most successful of financial
enterprises. The old partners were well known
for the
colossal fortunes which they ac-
quired in this business ; but some time after
the junior partners had succeeded to the
management of the concern rumours were cir-
culated respecting heavy lossses. Notwithstanding
this reaction from their former success the house
still enjoyed a first-rate position, and when it was
transformed icto a limited liability company it rose
to a higher estimation, at least with the out-
side public. The company must have lately
overladened itself with securities for unfinished
works, not immediately convertible, and when
this became known the shares went to a
discount only three weeks since, and a
steady drain by the depositors upon its resources
ensued. This could not be sustained very long,
and all aid being refused by the Bank of England
and other large establishments no other course
Could be adopted than that of closing its doors.
This stoppage has excited wide-spread alarm,
and crowds of people may be seen around the dif-
ferent banking houses. Many, it is true, are idle
gazers, but the majority are either depositors or
other interested parties. The English Joint-Stock
Bank has been obliged to suspend payment iu con-
sequence of an expected drain upon its resources.
It is hoped that this stoppage will be merely tem-
Porary, and that the bank will be enabled to re-
sume its business on Monday.
The Bank of England Directors have raised the
rate
IZ:li:ae:mit this morning to 9 per cent. This
expected in consequence of the large
demandthat has been, and is still likely to be, made
upon the resources of the national establishment.
nQade The weekly return from the Bank of England,
up to the 9th inst., shows some slight changes.
tione chief variation has been a considerable diminu-
t,: in the stock of gold, with a large increase in
se
Other Securities. On the other hand, the re-
v "f
notes has been slightly augmented, and a
large addition made to the public deposits. Sub-
Pined are the particulars :
ilictilivoen Circulation
Decrease ••• £22,344,395
528,375
••• ••• •..
Rest 13,136,140 ()crease

353,000
3,Public D posits e 5
72
829
771
B°s
281
77
Driller:as° " Other

858,837
eposits—.. "•
**.
*"
•.:: 13,51.5,537
Decrease . . •..
: ... 293,324
Se 0 Decrease Day and Other Bills ... 462,265
Increase
25,219
GO
••• ••• ••• Wee
Increase
Securities ... •
... ... ... 10,194,254
Other
.• •.• ... ... 20,844,217
U
Increase
463,822
Notes
nemployed •••
*.•
::: ::: 4,950,325
Increasse
...
111075
.• ••• •• ••
leThe second series •
of colonial• • wool sales for, the
ar Commenced yesterday. 'The attendance of
ole
'lo and foreign buyers was good, but the bid-
gs were languid, and compared with the previ-
ous auctions, the rates realised were fully Id. to 2d.
per lb. lower for most descriptions.
s The dealings in the Foreign and Colonial Produce
Markets during the last few days have been on a
VertVey limited scale. Sugar, however, has generally
ained former values. Tea has been dull, while
in Coffee, rice, and tallow there has been little change
of importance.
The gold taken to the bullion department of the
Bank of England yesterday afternoon amounted to
£57,000.

Two o'CLocit
At the Paris Bourse this morning, according. to
Iteutor's telegram, the Three per Cent Rentes were
quoted 62f. 60c. Very agitated.
No information has been received at the Bank
respecting additional powers to be given to the
authorities for the further issue of notes. A very
heavy pressure has been experienced at the Bank
for discount accommodation, but out of doors the
brokers will not work at any price.
The Stock Markets have shown considerable
activity, and prices have fluctuated very materially.
Consols have improved to 851 for money, and 844
ex div., for the account. The Reduced Annuities
queB34 and the New Threes, 824 82i ; Exche-
r Bills for March, Bs. dis. ; India 5 per Cents,
; ditto Enfaced 5 per Cents., 101; and
-unods, 15s. prem.
The fortnightly settlement has commenced in the
mareigt and Share departments, and prices have, in
9''alaY instances, been nearly nominal. Greek are
iA 11 Spanish Passive, 21 ; the Certificates,
: ; Italian, 36 38 ; Turkish 5 per Cents., 274
G 1 ; and Mexican, 15 i; United States 5-20 Bonds,
"65 ; Erie, 43 45 Illinois, 72 74.
v 111 the Railway Share Market business has been
in values.
inactive, and a further decline has taken place
values. Great Northern A Stock has declined
; Metropolitan, £4 ; London, Chatham, and
Dover and North Western, each £1 ss. Lan
41.
,'(1 Yorkshire .E cashire
1 ; Midland, ; 155.; Great Western,
; , and Great Eastern, ss.
12resThe Foreign and Colonial lines are also de-
Bed• Great Luxembourg have receded 10s.,
'lid Great Indian Peninsula, £l.
Bank and Miscellaneous Shares aro very dull,
an
aat almost nominal prices. Bank of London
hive declined to 10 15, London and County to 64,
_Alliance to 13 15, Union of London to 48. Credit
Imperial
and Alobilier of England are marked 4 dis. ;
leolniiplietriaeloA.l,cr3cantile Credit, 44 dis. ; National Dis-
prem. ; and Overend, Gurney, and