The Sun.
London, England, 1857-11-19 00:00:00

SIR ROBERT PEEL AT TAM WORTH.

On Tuesday evening Sir R. Peel and Lord Raynhain,
members for Tarnworth, were present at an entertain.
ment given to the ex-mayor of that town, Mr. E. B.
Hamel. The mayor, Mr. S. Hanson, presided.
In responding to the toast of "The Borough Mem-
bers," Sir R. Peel, referring to the Indian war, said the
contest was discreditable in the way in which it had bees
brought about by those who had the government of
India in that country. He would give the government
credit fur the energy and determination with which they
proceeded to put a step to the mutiny. Three days—and
obis was the great merit of Lord Palmerston, for aged as
he was he possessed a vigorous mind, a mind capable of
appreciating events and expressing itself vigorouly in
action—three days after the news of the mutiny reached
England, on the let' July, troops were immediately die-
patched to India. Before the end of the month 15.000
Britieb bayonets had left, and before the 15th Sept. 40,000
left our shore. to revenge the blood of our murdered
countrymen. They, however, sent these troops by way
of the Cape, and surely every one knew who had com-
mon sense that the best route to take would have been
across Egypt. They bad the means, and yet they did
not adopt it. In the Mediterranean there was a fleet
under the command of a man to whom, from the begin-
ning, biral e had
ad always hai an antipathy—he meant Ad-
Lyons ; a fleet which kept philandering
about, doing nothing. They read in the papers how
Lord Lyons went here' and went there ; visited the Greek
ceneul and breakfasted With him ; and went about seeing
the beauty of the 'cenery in this place and that; when
thoseiwr, Inieht hoaffvethbiesenthcarrying troops to India
cetreeadBthhojef shownriti !he g
7, a emvaani.r. ev‘sitiomwaans who
showingeve r
himself off instead cf doingmt service to the British
f rust hfleeehto.pwedhiicthwhoaudld
been
eiderng
nothingth greate
hut expenseexhibeintci
nation. When Parliament
this,
Lord Lyons. Attempts
bad been made to throw ge blameoh on the Governor-
Generals; and one man actually ad. the audacity to
affirm that the disturbances were oawidng to the govern-
yDeaarlhaohouusilej
benretvoulnpos(eutehaart,
hisre en
ptc ofn
itahne
011;1
5a r,
oqouoi el. ofa
for.
hear.) Was anything more monstrous
man to get up and say this of a man whothhand
peril-
led his and broken hie health by so lotwigahoamreistie-
deuce in India as Lcrd Dalhousie—a man,
made no hesitation in saying, was as great a governor-
general as ever governed our
.Indian territory ? His name
was to be held in as high estimation as that cf Clive and
Bentinck—and one still greater than either, as Hastings.
It retnailed for Lord Canning, when peaca was restored,
rep'ace the chief government ni its former position.
He held that the outbreaks in India were to be ascribed
to the
clear mTDdllaiaCvemt::)abney.lt
s tmaaAn asweeping
refoe Eastrms
mould
intro-
duced. That was one of the questions they must deal
with—a question of the deepest importance. It was not
necessary to do away with the East India Company,
but they must establish a legislative council at Calcutta,
and give it a local power—not letting it write back to
England continually for instructions.

The Duke of MONTROSE moved the first resolu-
tion as follows :—" That this meeting has full con-
fidence iu -the system of banking which has been
maintained in Scotland for a long period of years,
during which the country has made most rapid ad-
vances in prosperity ; a confidence confirmed by
the events of the last ten days—events which prove
beyond all doubt the general stability of the banks
although two, and two only, have yielded to the
pressure, a pressure aggravated by want of that
confidence which is necessary for c srrying on the
ordinary dealings of trade.' " His Grace said :—I
chink that all those who are connected with busi-
ness, and who have consequently transacted busi-
! ness with the banks, and know the mode in which
that is carried on, imust be sensible of the great ad-
vantages derived 'by this country from the system
of credit and banking in existence among us. But
for the banking system, the business of this great
t )wu, and the manufacturiner and trading interests
of the.Coinmuniti,—could not ha:ye bean carried' Ou
to the extent to which they have been carried on,
and to which we must all wish them to be carried
on. (Cheers.) I therefore think that at a moment
Arisen distrust has been created from various cir-
cumstances in the banks themselves, and when also
i very large number of persons, at least in England
hold that the system of banking in Scotland is
not sound, and thatthe system of Scotch bank notes
is not a proper one, and would wish to make great
changes4in that circulation and system of,banking
—in these circumstances, I think it is right that
we should come forward and state that on the
whole we are perfectly satisfied with it, and believe
that great dangers and evils would accrue to the
country if any great change were to take place.
(Cheers.) The noble duke concluded by again
reading and proposing the adoption of the resolu-
lion, and sat down amidst great applause.
Sir JAS. FERGIISSON seconded, and Mr. BAILLIE
COCHRANE supported, the resolution, which was
carried unanimously, as were the others proposed.
Lord BELHAVEN proposed the second resolution:
—" That this meeting deeply regrets the embarass-
ment of trade and public loss which would arise
from the final stoppage of the two banks which
have been obliged to suspend t payment; and, be-
lieving them to have ample resources ultimately to
meet in full every claim upon them, resolves to as-
sist their proprietors and directors in gaining time
for arrangement of their affairs by joining in the
resolution so well taken by 300 firms in Glasgow,
and, like them, individually pledge themselves to
accept payment of rent and claims in the notes of
the Western and City Banks." His lordship stated
to the meeting, as coming within his own know-
ledge, that he had seen no gentleman, no indivi-
duals in his own neighbourhood, or within the
county, who had not unanimously come forward
and desired that the notes of the two banks referred
to should be taken in payment of rents and every-
thing. The noble duke who occupied the chair, at
the moment he heard of the stoppage of the West-
ern Bank, sent word to all his agents, desiring that
hisirents, at this time, might be taken either in notes
or deposit-receipts of these banks. (Loud cheers.
Sir MICHAEL S. STEWART seconded the resolu-
tion. He said—l have already acted upon the
spirit of the resolution. (Cheers.) I have already
received rents paid in notes of the Western and
City of Glasgow Banks; and, of course, I shall
continue to do so. But I do not want to make
any boast in saying this, because it does not depend
so much upon the landlords and others whether
they receive the notes as whether the other banks
will take them. (Hear.) So long as the banks act
in the way they are doing at present, I think there
need be no fear of landlords and others declining
to receive Western and City of Glasgow Bank notes.

Mr. WALTER BUCHANAN, M.P., said :—I tbink,
in a question involving the principles of confidence,
it is of the utmost importance that all classes should
unite to express a strong feeling regarding the causes
of those evils under which we are at present suffer-
ing, and it certainly is peculiarly appropriate that
gentlemen connected with the land, and the landed
aristocracy of the country, should unite with the
mercantile interests in any question regarding
banks, because it is most certain that for fifty
years hack the landed interests, as well as the com-
mercial interests of this country have been greatly
promoted by the institution of our Scotch banks.
But in a question of the present kind it is necessary
that there should be a united feeling and a united
expression of that feeling, and that we should
loudly proclaim our confidence in these establish-
ments. It is not a question among any of us whe-
ther any absolute risk of loss has been incurred.
We are merely met here to endeavour to stem a
a headlong panic. The Western Bank, according
to the opinion of those who have most particularly
investigated its affairs, if it is to continue business,
can go on as firmly as before. It has still a million
of capital untouched—a million of capital as avail-
able for bank purposes as it ever was at any former
time—and then, in addition, it has a reserved fund,
subscribed by its wealthy and public-spirited pro-
prietary, r
itm es y
and,
a
amounting
million
more.
therefore
Western Bank is in as good a position, if only
allowed a little time anda little patience on the
part of those who have claims upon it, to car., rtyair
the business which was formerly entrusted to d
amnesnwte, r a allstheelle ps uervp
eors ei ot
df aid] aartgaenbanyfokriran
feot confidence in the solidity of the Western Bank
ge
re s ptaebriish-
od.
(Applause.) We have every reason to feel per-
and its ability to pay every claim to the last
shilling ; and I say that it will be for the benefit
of the community that that bank should be rein-
stated as before, and remain a large part of the
banking system of our country as it hitherto has
done. (Applause.) I would wish to say tho same
thing with regard to the City of Glasgow Bank.
That establishment it is not contended has had any
losses—it remains just as it was ; but it has been
overborne by a headlong torrent. These two estab-
lishments have succumbed from mere accident. I
do think I am entitled to say that, placed in the
same circumstances, exposed to the same panic, there
is not one establishment in this city, there is not
one of the chartered banks, there is not owe of the
joint-stock banks in London, and I believe not even
the Bank of England itself could have resisted the
pressure. Now, are we in a position to give up these
banks ? Because, by accident or caprice, circum-
stances have so fallen out that these two establish-
ments have succumbed, are they therefore to be
blotted out of our banking system ? I say most
assuredly no. (Applause.) Whether by fresh sub-
scriptheas from the proprietary, whether by aid
from Government, by whatever means it is to be
done, it would be a grievous evil were these two
establishments not again to be reinstated.
Sir EDWARD COLEBROKE, Bart., M.P., moved :
" That a committee be appointed. to watch the course
of events, and to take such steps as may be deemed
expedient to carry out the views of this meeting, the
said committee to consist of the Duke of Hamilton,
the Duke of Montrose, the Earl of Eglinton, Lord
,
Belhaven, Sir M. S. Stewart, M.P. Sir E. Cole-
brooke, M.P., Sir J. Fergusson, Walter Buchanan,
Esq., M.P. Peter Blackburn, Esq., M.P., with
power to add to their number." He said :—Our
deepest gratitude is due to those other banks and
to a very large portion of the community of Glas-
gow, who stood forward in the breach, and, with a
knowledge of the circumstances in which they were
placed, declared the alarm was unfounded, and
stated their willingness to take the notes. (Ap-
plause.) The credit of this country stands upon
the confidence of man in man. It is by standing
shoulder to shoulder that we shall stem this tor-
rent ; and I think the effect of this meeting will be
to show to the whole country-side that there is that
coi,fident disposition among us to stand shoulder
to shoulder iu put! iug an end to any slight degree
of alarm that may continue to exist.
Sir A. ALISON proposed the cordial thanks of the
meeting to the Duke of Hamilton fcr his conduct
on this occasion. (Great applause.)
The Duke of HAMILTON returned thanks, and
the proceedings terminated.

GLASGOW, WENESDAY.
A meeting of the depositors was held here to-day
in the Trades-hill which was crowded to suffoca-
tion ; Eir James Ferguson, of Kirkerran, presided.
Mr. FLEurrro, the interim manager, stated that
from a rough calculation made on the Gth of Novem-
ber, the entire liabilities of the bank amounted to
7,671,641/., and the assets to 9,398,1841. It was
resolved that the bank should be empowered to re

The first failure reported yesterday was that of
Messrs. E. Sieveking and Son, connected with the
Swedish and Hauaburgh trade, and although ex-
aggerated statements . were circulated respecting
the amount of liabilities, the total will no doubt
turn out sufficiently serious to affect the particular
branches of business with which they have been
associated. It was stated early in the morning
that the engagements of the firm would be found
to approach 1,000,0001., and that the consequences
abroad would be extremely serious. Fortunately
the acceptances of the house will not reach more
than 500,0001., an amount is all reason heavy
enough, and, therefore' the effect will not be
so disastrous as was auticipatesl. Hamburgh and
„the North of Europa will novertlieless suffer largely
by this suspension, and the full extent of the
mischief which will follow cannot be immediately
estimated. The circular of the house, issued this
afternoon, is subjoined :
" 65, Fenchurch-street, London, Nov. 18. 1857.
" Gentlemen,—With feelings of the deepest grief we
Anne' ice to you the duty which has been forced upon us
to suspend payments this day.
Embarrassed by the unexpected failure of several
houses, whose acceptances we held to a large amount,
and the fall of one of whom has compromised some of
our West India connections, with whom we are deeply
involved, we have also at this critical period been de-1
prived of the customary channels of accommodation ;
and the efforts of friends to support us have been ren-
dered nugatory, by the impossibility of making available
a large amount of bills now in our possession. We are
thus compelled to take a step, of the pa'nfnl necessity
of which we had not until quite recently the remeteit
suspicion.
" With the assistance of Messrs. Quilter, Ball, and
Co., we shall prepare a balance-sheet, which shall be laid
before our creditors with all possible dispatch ; but we
need hardly add, that from the nature and extent of our
business, some time must elapse before its cmepletiem.
" Bespeaking your kind sympathy under these sad
reverses,
__ .

" We remain, Gentlemen,
" Your obedient, humble servants,
(Signed) " E. SIEVINING and SON."

The failure of Messrs. Gorrissen, Iluffel, and Co.,
described as general merchants, was made known
in the course of the afternoon, and occasioned some
regret. The acceptances of the firm represent
600,0001., but nothing definite has yet transpired
with regard to assets, although it is expected that
they will prove favourable. As mentioned in the
subjoined circular, heavy cash advances to parties
in the United States, the firm having acted almost
in the capacity of bankers, have precipitated the
catastrophe. The house is also reported to have
been largely concerned in operations in sugar, and
the effect of the suspension will, it is appreLended,
like that of Messrs. Sieveking, be seriously felt in
Hamburgh, where extensive connections hare been
maintained.

"1, Royal Erehange-buildings, London,
Nov. 18. 1857.
"Gentlemen,—With deep regret we have to acquaint
you that we are compelled to suspend payment, and
have in consequence to request the indulgence of our
creditors.

"Heavy oath advances to parties in the Waited States,
who are at present unable to meet their engagements ;
the effect of recent failures in this country, in suddenly
rendering unavailable remittances already received ; to-
gether with the uncertainty which exists respecting
future remittances, are the causes which have necessi-
tated this step on our part. -
" Oar books are placed in the haneftrof Messrs. Quilter.
Ball, and Co., with instructions to investigate ou r
affairs, and to prepare a full statement-of teem for sub.
mission to our creditors at a meeting to be convened
with the least possible delay,-and of which dde notice
will be given.
" We remain, Gentlemen,
"'Tour most obedient servants,
(Signed) "GORRISSEN, HIWILL, and Co."
The failure of Messrs. Brocklesby and Wessels,
which was announced yesterday morning, has been,
it is alleged, produced through the suspension of
Messrs. Bardgett, Picard, and Co. The debts aci
liabilities are probably under 100,0001., and the
result of the assets cannot yet be estimated. An-
nexed is the circular of the firm intimating the
unfortunate event

"Muscovy-court, Nov. 18, 1857.
"Gentlemen,—We deeply regret being obliged to
announce to you, that owing to the depressed state of
the corn trade and the present unsatisfactory condition
of the money market, we have been compelled to sus-
pend payment.

" A. statement of our affairs, which is now being pre-
pared by Mr. G. H. Jay, of Old Jewry-chamber 4, will
be submitted to you at an early period, and in the mean-
time we have to solicit your kind indulgence.—We are,
gentlemen, your obedt. servants,
BROOKLISBT & WEssELs."
Messrs. Svendsen and Johnson, another firm in
the Swedish trade, was announced as having sus-
pended in the course of the day. Their operations
have not, however, been extensive, being com-
paratively a young house ; but connection with
Messrs. Hoare, Buxton, and Co., and Messrs.
Sieveking
satisfactory result.
and Co., hare at once produced,this un-

The suspension of Messrs. Allen, Smith, and
Co., manufacturing chemists, and interested in
mercantile operations, was the last house reperted
this afternoon. ThrJ debts and liabilities in this
instance are believed to be considerable, and but
little is known with respect to assets.
Some other suspensions for small amounts were
mentioned at the close of business, but the rumours
circulated with respect to an important Manchester
firm were contradicted. Several cases of bills being
returned were announced, but these do not always
involve a suspension of payment.
A meeting of the creditors of Messrs. R. Bain-
bridge and Co., who lately failed, connected with
the American trade, was held yesterday, at which
a preliwivary statement was presented by Mr. G.
H. Jay, the accountant, but as it did not show the
position of the firm with regard to its Transatlantic
engagements, it was determined to appoint a com-
mittee to wait the receipt of advises from New
York.
The following circular was issued yesterday after-
noon by Messrs. Hoare, Buxton, and Co., in ex-
planation of their suspension, which was anuouuced
yesterday :--
"23, Old Broad-street, London, Nov. 18, 1857.
"Gentlemen—The unprem dented state of the Money
Market having thrown unexpected liabilities upon us,
the result of which we are at present unable to estimate,
we have been under the painful necessity of suspending
our payments. Our dependencies are prit &pally with
Sweden ; and relying on the good faith and stability of
our correspondents there, which have hitherto charac-
terised their commercial transactions with us, we trust
we shall be enabled to discharge our liabilities in a com-
paratively limited period.
" We have placed our affairs in the hands of Messrs.
J. E. Coleman and W., the accountants, and propose to
have a meeting of our creditors at the earliest day
possible. In the meantime we shall adopt measures for
'the most speedy realisation of assets for division, in order
to obviate as far as possible the inconvenience which our
suspension may have caused.
"The Calcutta and Manchester firms of Hoare, Miller,
and Co. are in no way affected by our suspension.
"Yours, very obediently,
"HOARE, BUXTON, & CO."
Yesterday the suspension of Messrs. Edwards and
Matthie, East India and colonial brokers, was an-
nounced under this head. To-day the firm issued
the appended circular :
it 17, Mincinz-lane, Nov. 18, 1857.
"Gentlemen,—lt is with feelings of deep regret that
we have felt it necessary to suspend our payments.
"Tf failure of houses in thi; country connected with
United Sates, combined with the serious fall in produce,
has caused us to take this stepwhatoownicile,cainu oardmereteotianygoiedf
detriment to our estate.
"We have placed our affairs in the hands of Messrs.
Ile as
we have made arrangements for &ids C
our,l,
crsedit Turquand,
the
to
creditors
rYotgr
ssestansootoi
practicable.
"In
transferring our business to Mr. Charles Sandiman, who
has been for several years in our house, and whom we
can safely and strongly recommend to your kind sup-
port
"Trusting we may assure ourselves of your kindness
and forbearance during the liquidation of our estate,
" We are, your obedient servants,
" EDWARDS & AIATTHIR."

Signor Mario and Madame Grisi have returned to
Brighten from Paris.

Various means have been suggested by which the
difficulty may be met, but up to 5 o'clock nothing
had bean decided upon. It has been suggested
that a meeting of the depositors should be called,
and if possible some pledge should be obtained
from them to let their deposits rest for the present.
If anything of this kind can be done, it would
greatly help to free the matter from embarrassment.
For other purposes, it is not improbable that as-
sistance might be obtained by the aid of parties
who, on public grounds, are largely interested in
the maintenance of the credit of the district.

This morning an adjourned meeting of the Cham-
ber of Commerce was held. A good deal of discus-
sion took place as to the best course to be pursued.
The conduct of the directors of the bank in sus-
pending business with so much precipitation was
very much and Dot favourably commented upon ;
but any specific resolution on the subject wits de-
ferred. The propriety of an application to the
Bank of England for the establishment of a branch
in Wolverhampton was spoken of, but no definite
action was taken on this subject, and the chamber
adjourned until Friday.
The liabilities of the bank in deposits and credit
balances have been estimated at 450,0001. ; and on
bills under discount at from 250,0001. to 300,0001.
The assets are said to be larger than these two
amounts, but their yield must very much depend on
the circumstances under which the securities are
realised, and under which engagements are met.
Unless the bank re-opens, a great number of the
small tradesmen who have credit balances will suffer
very greatly.
Wednesday is market day at Wolverhampton,
and a great number of country people were in the
town to-day, but there has been no further run
upon the other banks, and the shopkeepers continue
to take the notes of the Wolverhampton and Staf-
fordshire Company.
The most perfect quiet prevails both in Wolver-
hampton and throughout the district, and although
the labour market 'must suffer considerably, the
Ipopulation of this district is generally so orderly
and well disposed, and on the part of the employers
so strong a disposition to meet the difficulty in that
respect with as much liberality as circumstances
will permit, that it is hoped a disposition to pre-
serve order will actuate all parties.
The Right Hon. C. P. Villiers, M.P. for the
borough arrived in town this morning.

(From the Wolverhampton Ch,ronicle of yesterday.)

For some time past,-as might have been expected
from the position of the trade of the district, the
bank was pressed to extend its discounts. It did
so, and, unfortunately as it has proved, beyond its
available means. It gave assistance, unluckily, with
too little prudence and too great liberality. Early
last week a great deal of uneasiness was excited in
the minds of the directors by the discovery of the
fact that an undue amount of accommodation had,
unknown to the general body, bean afforded to
certain parties who would not otherwise have re-
ceived it. On Thursday it was deemed prudent, as
a matter of precaution, tp decline discounting alto-
gether, and this fact naturally originated rumours
of pressure having fallen upon the bank. Urgent
applications were made, but the directors did not
feel themselves at liberty to comply with them.
On Friday and Saturday these applications were
renewed, but circumstances on the latter day had
rendered any adequate compliance with them a
matter cf impossibility, as a very large amount of
acceptances bearing the bank's endorsement were
returned. An applfcation for assistance had been
made to the Bank of England, had been complied
witb, but it was found insufficient. On Friday and
Saturday rumours of the difficulty began to creep
abroad, although in commercial circles the position
in which the bank was likely to find itself placed,
owing to the returned bills, was pretty welt known.
On Saturday evening many persons declined to
take its notes. Throughout Sunday hopes were en-
tertained that it might, by obtaining further assist-
ance, be able still succcessfully to encounter the dif
ficuities of its position. This assistance, however,
was unattainable, and the feeling of alarm having
spread, the result was such a heavy withdrawal of
deposits on Monday as placed all hope of a SUCCESS •
ful struggle with the difficulty, in the present state
of the money market, beyond expectation. We
understand that
,a deputation is now in London for
the purpose of laying the particulars of the case
before the directors or the Bank of England, with
the view of obtaining such assistance as may enable
the bank at once to resume business. Upon the
success of the deputation we cannot venture to
speculate ; but we hope that when the very serious
consequences likely to follow upon the continued
suspension, and the thorough security with which
it may be afforded, are placed before them, that it
will not be withheld.