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

MEI?CANTILE FAILURES.

The suspension ha 3 been announced of Messrs.
Bennoch, Twentyman, and Rip, of London and
Manchester, a respectable houselargely engaged in
the silk trade as agents, Their liabilities range
from 200,0001. to 300,0001., and their fall, it is
said, will probably involve that of four or five firms
with whom they are connected in the manufactur-
ing districts. The causes of the difficulty are stated
in the annexed circular :
" 59, Friday-street, London, Nov. 9.
" We are requested by our clients, Messrs. Benno*
Twentyman, and Rigg, of Wood-street, in this city, and
of Manchester, to inform you that, in consequence of
the heavy advances they have made upon goods specially
prepared for the American aed other markets, for which
there is no;•preaent demand, of losses sustained by recent
faibires in the manufacturing districts, and of the sudden
depreciation in the value of silk of which Messrs. Ben-
noch, Twentyman, and Rigg are large holders, they are
compelled to announce their inability to meet their en-
gagements.
Messrs. Farrington, Ladbury, and Co., of King-
street, accountants, have been instructed by the princi-
pal creditors to examine Messrs. Bennoch and Co.'s
books, and prepare a statement of their affairs, which
they will submit as early as possible to a general meeting
of the creditors, of which due notice will be given to
you.—We are, &e.

"REED, LANGFORD, & MARSDEN."
Another house to be added to the list is that of
Messrs. Broadway and Barclay, East India and
general merchants. The liabilities in this case are
supposed to reach 180,0001. or 200,0001. The
causes of the stoppage are not stated, but it may be
supposed to be connected with the decline in all
articles of produce.

SUSPENSION OF THE IVEST.ERA BANK
OF SCOTLAND.

GLASGOW, Nov. 9.
The Western Bank of Scotland suspended payment at
two o'clock, at which hour the doors at the head office
and branches were closed. Although to some extent
looked for the suspension has caused great dismay. The
bank did an immense business in Glasgow, and. had
about a hundred branches scattered over Scotland. Its
deposits are very large, amounting, it is said, to between
five and six millions sterling. There cannot be any
eventual lose, as the proprietary contains many of the
wealthiest men in Scotland, some of whom are believed
to be worth about a million sterling.
The directors have put forth a statement to the effect
that circulars will be immediately issued to the creditors
communicating details and suggesting measures to be
pursued, which, with forbearance and calm self-posses-
sion on the part of the public, may avert many of the
calamitous effects which would otherwise result from
such a catastrophe. There is scarcely another bank in
Scotland (they add) which, if time is allowed by the
creditors, is so we►l able to draw upon the resources
of its wealthy proprietary. The holders of the notes of
the bank are enjoined not to part with them at a dis-
count, as full ultimate payment is certain.

THE Essiex MIIRDEL—We regret to say that up to a
late hour yesterday no clue had been obtained to the
parties who so barbarously murdered ,Mr. Isaac Buteher,
farmer, of Coins Eagaine, on Saturdayse'nnight. There
is now very little doubt that one of the suspected parties
slept on the Saturday night at a public-house in Kelve-
don, the nearest railway town to the scene of the murder,
and left by an early train for London on the following
morning. The gentry and farmers resident in the neigh-
bourhood of Halstead and the Colnes have offered a
reward of 2001, for the apprehension of the murderers,
to which the Government has added 1001., with the offer
of a free pardon to any accomplice not the actual mur-
derer. The remains of the deceased were interred on Fri•
day in the presence of a large concoarse Of spectators,
and the greatest excitement still prevails in the neigh-
bourhood.

A House BLOWN UP WITII G
terribleUf r
°WDEelx4.pros°iorinSatur-
day evening, about 7 o'clock, a
in its consequences, occurred at the shop and house of
Mr. James Moore, chywist and druggist, Ince, near
1 .igan. It appears that Mr. Moore was serving in the
shop, when two Ms came in to purchase. tobacco, and
having filled their pipes, asked for a light. He lit a
piece of paper at the gas and handed it to them, and it
is supposed that a spark from the paper must have fallen
into some colliers' blasting powder that was lying loose
in the shop, which at once exploded with a terrific re-
port, knocking out the front wall of the shop and the
house adjoieingi, and considerably damaging the adjacent
premises. One little girl, named Mary Jane Taylor,
about ten 3 ears of age, happened to be standing at t
shop window at the time, and she was killed on the
spot, her body being dreadfully mangled. Another
little girl, also named Taylor, had both her legs broken,
and is so much injured that her life is despaired of. Mr.
Moore Is himself very badly hurt, and Mrs. Moore, who
was buried in the ruins, was promptly got out, and
found to be severely injured, but not so much as to lead
to any fear of its terminating fatally with her. About
five minutes before the accident, a group of about 20
children were standing outside the shop, and had the
explosion happened then the consequences might have
been still more terrible.—Nanchoter Guardian.

REACTION OF THE AMERICAN PANIC.

(From tke New Fork Times.)
I The Europa at Halifax from Liverpool, Saturday,
Oct. 10, brings the first decided evidence of the
financial effect in Europe of the money troubles on
this side. The action of the Bank of England, with-
out waiting for anything worse than was then re-
ceived from New York—the latest being by the
Baltic to the 26th Sept., the day of the Philadel-
phia suspension—was to immediately put up the
rate of interest to 6 per cent., and this upon an ad-
dition to the bullion reserve in the establishment of
613,0001. It is possible our Halifax despatch may
have used the word increased instead of decreased in
reporting this item, but it is evident that the Ame-
rican panic was mainly the cause of the advance in
th© terms of discount. The political and financial
complication in British India also had its influence
with the Court of Directors, but not to the same
extent, since the India troubles had rather di-
minished the export demand for silver, while the
American difficulty was about to reverse the ordi-
nary course of gold.
When the Baltic left New York on the 26th of
September, it was known that the Philadelphia
banks had stopped payment. A confident tone as
to the policy of our own banks was held in the papers
and private letters which went by this steamer, and
exchange on England was quoted 105 i to 107, irre-
gular, and already discouraging to drawers against
produce shipments. These low terms justifying
shipments this way, and the expectation that the
New York and Southern Banks would require aid
in the shape of bullion to move the grain and cotton
crops with ease, while the Pennsylvania and other
banks were in suspense, had prepared the English
money market for early and direct specie drafts
from an unexpected quarter to a very considerable
amount. The action of the Bank of England ma-
nagement, therefore, ought not to cause surprise.
But the worst of the panic here was yet to be
heard from. The New York packet succeeding the
Baltic was the Persia, of Wednesday, Sept. 30.
She arrived at Liverpool the morning the Europa
left. Her news, which was of a startling character
in regard to the further complications of our ex-
changes, was not yet generally known in London,
while in Liverpool, for the first time in very many
weeks, the cotton trade was brought to a pause, and
a decline in all qualities was being submitted to hA
anticipation of accounts from this side still less fa-
vourable. The rates of exchange on London re-
ported out by the Persia were from par to 103 per
cent., with increased difficulty in negotiating ordi-.
nary commercial bills on any terms. The circulars
and letters were of a sombre cast, though still ex-
pressing no doubt of the ability of the New York
banks to sustain themselves. It was not until the
Arabia sailed hence ou yesterday week that the
protest of the New York and Erie and Michigan
Central Roads, the assignment of the Illinois Cen-
tral,. and
.the suspension of all tqe New York
banks were communicated. The last event
afforded a temporary let up in the European
exchange and the postscripts to the advices
which went out may for a few days induce the ex-
pectation in London that no further aid in the way
of bullion will be demanded. But this hope will
soon be dissipated by the subsequent packets, by
which a number of additional mercantile failures
and extensions directly affecting the import trade
and its remittances abroad were communicated, to-
gether with a reaction in exchange to almost the
lowest point of previous depression.
We must therefore prepare for corresponding bad
news from England and France by the return op-.
portunities. The leading London journals at the
last dates were still under the impression that the
panic here, being the effect in a large degree of
mere fright, would pass over without serious
damage. This feeling will not be entirely removed
until the accounts of the disaster are brought directly
home to the American houses in England, and to
the Lancashire and Yorkshire manufacturers, who
have sent or sold goods to the United States. These
parties will feel the pressure first through the
failure or delay of their customers and agents on
this side in covering the credits opened for them in
London. And the continued low ruling of exchange
here will be the first index to the Bank of England
and the private and joint-stock establishments in
London that American collections are to result dis-
astrously, and further sales of goods to this country
almost embargoed until the storm passes over. A
similar concern on the subject will be created ou
the Continent, where a large portion of the losses
and suspended debt now making in New York and
Philadelphia will fall heavily.
) W ill the American houses in England be able to
weather the storm ? The number that some-strictly
under this designation is not large, nor do we be-
lieve they are very much exposed. It is possible
that one or two of them may be seriously embar-
rassed, and find the American profits of half a-
dozen years engulphed by the losses or suspended
debt advised in the same number of weeks. But
th© opinion does not generally obtain here that
any important concern accepting for the United
States will be carried down. The doubt, however,
on the subject is just sufficient to make the inter-
vening two or three weeks a period of painful sus-
pense to their friend and correspondents. Most of
our New York banking firms connected with the
English trade do their business with old English
houses, known and recognised as such ati home,
though, from their long and intimate identification
with the trade of the United States, better known
here as Anglo-American firms. Of such are the
Barings' Brown, Shipley and Co., Dennistoun, and
others. All these may feel the crisis severely, but
none of them, we believe, disastrously to their own
high standing and credit among the first merchant.
of England.
The further financial effect on the other side is
expected by many to be ruinous to the credit of
American stocks, particularly the railways in which
English buyers have taken an interest. This sort of
fear is always exaggerated in panic seasons among
ourselves, whether originating in war troubles in
Europe, or diplomatic or money troubles at home.
We regard it as pretty certain that the least of the
1 concern to the English people and money-marke*
from the present state of things here will be mani-
fested on this score. They will have been sufficiently
prepared for the worst ruling of stock value on this
side, and the only additional event likely to startle
the holders of American securities of which they
have yet to hear is the assignment of the IllineiS
Central Company. And this will soon be accounted
for by the extraordinary embargo upon all exchange
negotiations, which drove the company to protest
while holding credits to the amount of 200,0001. on
London, for which they could find no sale on any
living terms.

The effect which will touch the English and con-
tinental people more readily will be their mercan-
tile losses, prospective as well as immediate. The
embarrassment to their trade with this country,
which is to reverse its ordinary course and to bear
heavily upon the London and Paris money-markets
—producing at the same time serious mischief to
the English and French manufacturers—is, that
the raw material of cotton, which must be bad from
the United States, and foreign bread, which may
be required from the same quarter, can no longer
be wholly paid for in goods. The want of cotton,
on the extremely low supply now in, Europe,'is
absolute, and must be met, if need be, by a drain
of gold. The counter-action, from the temporary
suspension of a single market in their export trade,
on the Manchester interest will not be such as to
diminish materially the necessity for liberal stocks
of the raw staple, unless the leading London journal
greatly misrepresents the manifold resources of the
" broad trade of the British empire" in its manu-
factured products. But there will probably be a
recompensing advantage to the trade, even In this,
on the score of price, which must rule relatively
cheap, if to be met by the embarrassing'and reluc-
tant process of remitting gold, on a dear money-
market, from the other side.