The Sun.
London, England, 1857-11-10 00:00:00

LONDON, TUESDAY EVENING, NOVEMBER 10, 1857.

IRELAND.

DIIBLIN, MONDAY MORNING.

THE PRESSURE ON THE IRISH BANKS.
The accounts from the manufacturing districts
continue hopeful. As a matter of protection the
Belfast banks, it is stated, must follow the lead of
the great emporium of British finance, but beyond
the extra cost of discount, no further veil is likely
to ensue. The trade report of the Banner says :--
"Cash accommodation is freely given to all legitimate
traders ; there has been no scarcity of money to meet
every requirement, and we feel gratified to note that
'• the fourth" passed over satisfactorily. Two failures have
been announced, but they are not of such a character as
to cause any great shock to local commerce. From the
more distant towns and smaller places of business in the
north-east of 'Ulster our advices are all favourable—pay-
ments continue good, and, though the state of trade is
inactive, confidence holds the best place in commercial
circles. The traffic on the several lines of railway have
been fair for the week, and in the 'cross-Channel trade a
large passenger-traffic goes steadily on. The Glasgow
boats have had the best season ever recollected, and the
Liverpool and Fleetwood have equal cause of satisfaction
at the proceeds of goods awkpassengere' receipts."

Aucl again, with regard toihe state of. the linen
trade
" All the larger bleachfields in this and the next coun-
ties are in full work; the amount of finished goods turned
out during the last month is the largest known in any
former October. Sales cannot be reported as at all
changed for the better, except in some few cases. The
export to New York is as perfectly et a stand as if a
regular blockade existed between Great Britain and the
city on the Hudson. In the home market no large sales
are being effected, but it should be stated that for the
nine months ending September the turnover in linens
had been very extensive. 'The transactions in brown
webs fall into small compass. Rarely have the sales
been so low at any similar period of previous seasons,
and, while production runs up to a pretty large aggre-
gate, the quantity of linen taken off by bleachers is small
in the extreme. Ballymena market was dull on Satur-
day last, and considerable lots of stock left in the hands
of holders. Lurgan on Thursday was no less inactive."

The report of Mercury announces that all the
large linen houses will be very slightly affected by
the state of things existing in America :

"For the last six months, or we might say nine, our
manufacturers have been exercising great caution, and
limiting very much their operations. Tee consequence
is that they are quite easy under a pressure which would
have told fear/ally upon them at the commencement of
the year. If production be decreased still further in the
various departments of our linen and cotton trade, as
appears to be contemplated, there is no room for the ap-
prehension of any failures whatever "
According to the Northern Whig the story of the
crisis bas run through Ulster, and the conduct of
numbers of the persons accustomed to deal with the
banks has beea absolutely frantic. One good
story speaks volumes :
" A portly farmer, hurrying on a car from the railway
station at which he had just arrives, drove up to one of
our banks. He leaped from the car, rushed up the
steps, dashed to the counter, and demanded the whole
of his deposits--3001. or 4001. The clerk smiled, over-
hauled the books, deducted charges, and handed the
money—in the bank's own notes—to the excited agri•
culturist. The farmer pocketed the notes, breathed a
deep sigh of comfort, and txclaimed joyously, ' Now,
break as soon as you like ; I've got my money.' That
is just the insanity of ignorance which for the last few
days has been influencing the whale province. There
has been a run on the branches of the Belfast banks in
several directions, and of course that is a great inconve-
nience, and necessitates much di•arrangement. In Derry
the run on that branch of the Belfast Bank was a per-
fect panic ; and this may go on, unless every man in a
position to give him influence strives tocheck the lunacy.
Let our country readers be assured that the Belfast Bank
is a model establishment, conducted by profound finan •
tiers ; that it has for years paid enormous profits ; that
it it stapped to-morrow, its proprietary, and not the
public, would lose ; and that when the Bank of England
breaks the Belfast Bank will break, but not till then."