The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-10-19 00:00:00

4
SECOND EDITION.
Standard-office, Half-past Two, p.m. ]
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i
TRE-NoNEy pREssrRE
THIS DAY. E
THE BANKS AND THEIR DEPOSITORS. v/
We have no new disasters to record as having taken la(
place this day. If we except the fact that the Liverpool
Banking Company have solicited from their depositors
their forbearance for a few days, until the severity of the I
present pressure is overcome. We are not, however, a
aware of any parties being refused payment when insist-
•ed upon. The feeling amongst merchants and other
..
classes continues in a very feverish state ; and rumour is I
busy with her hundred tongues. Nothing definite has yet a
been arranged with respect to the relief of the Royal Bank, i
whosestoppageweannouncedthis morning, from its present t
state of inactivity. Expectations, however, are still en- E
tertained that some assistance will be rendered to it, but
t
on what terms, or in what shape, has not transpired.
I
We learn that very great exaggerations are abroad with v
respect to the position of this concern. A local contem-
porary, after referring to a rumour that one house has a
been accommodated to the extent of £400,000, and that :
two other houses have had between them an amount
which makes up in all nearly a million of the capital of a
the bank, states, that whilst giving such great fad- 1;
lities to these three houses, "no extreme liberality has i,
characterised its proceedings among men in ordinary
business." We are assured, on good authority, in t
the first place, that the accounts of the parties re- :
ferred to are greatly overstated ; and it must be i
borne in mind, that although the true amount appears
excessive, it is based upon the best security. 1
With respect to the charge- of neglecting men of• ordinary i
business, we are authorised to state that the Royal Bank I
has been ever ready to assist, as far as applied to, the whole
mercantile community; and in many instances it has even ;
extended its assistance to the constituents of some other €
banking houses. a
We regret to observe symptoms of a movement taking
13
place, which, if persevered in, must still further increase r
the difficulties which surround commercial men. We I
refer to the demands which are being made upon certain 0
banks by depositors, who have taken alarm for the safety ]
of their deposits. It is most important that this feeling /
should be allayed ; and we would earnestly impress upon c
our readers and the well-informed portion of the publiC '
to do everything in their power to allay the apprehen- i
sions of the few timid people who are making such mis- i
chief. I
These parties should be reminded that the banking in-
terest of the country is now in a very different position to
that which it occupied in the disastrous crises of 1816 and
1825, in the latter of which years seventy banks failed, and 11
the average dividend paid did not exceed ss. in the pound.
The majority of our banks now are conducted on the joint , 1
stock principle, by which the whole property of every pro- j 1
prietor is liable in case of the bank not meeting its i•
.engagements. It is a fact to be set against the re- j
collection of former losses by the failure of private banks,
issuing their own notes, that there has not been.as yet an ii
instance of a joint-stock failing, in which every deposi- ,
for was not paid in full, with interest. Moreover, in the
few cases of suspension, the depositors have been paid .
first. 1
With respect to the present position of the banks of Li- 1
verpool, we are certain that the depositors need be under
no apprehension. It is well known that our three private '
banks are full of money, having prepared themselves be- 1
forehand for the possibility of a contingency like the pre- 1
sent. Our joint-stock banks have also for months past i
been restricting their operations, and providing themselves 1 :
with cash to meet any sudden demand upon them. We
have authenticated information of one which, if necessary, I i
is prepared to pay back the whole of its depositors' money , i
to-day; and we have little doubt that others are, if not ,
altogether, at least nearly as well situated. I i
There can be no dou'at of the fact that the restrictive
efforts which the Banks have had to make to place them- !
selves in this position has seriously increased the pressure ' i
on the public and the embarrasment of our commerce. 1 ,
Each Establishment has been placed under the necessity of k '
keeping a large mass of capital locked up and idle, instead of i,
its being circulated in the ordinary channels of business.
Only let those for the payment of whose claims thiti
hoarding system has had to be practised—the depositors
—throw away their absurd fears, and manifest more con_
fience, and the money, at present withdrawn from trade,
will be brought out, and the commercial energies of the
country receive new life, and assume their usual healthy
action.
.—....___....
LIVERPOOL CORN EXCHANGE—Tuis DAY,
Although we have some fresh arrivals since Friday, the sup- 1
plies of Wheat and other Grain, whether British or foreign, '
durinF the entire week, are only moderate; but of Canadian
and States Flour, which had been delayed at sea by contrary
winds, the import is liberal, amounting to 42,794 barrels.
There has been a moderate demand for Wheat at this day's 1
market, the best qualities on terms rather below the rates .
ofFriday, making thereduction on fine qualities 3d. to 4d., and
on inferior fully 6d. per 701b5., from this day week.
Flour Is. to 2s. per barrel cheaper than on this day week, and
in tolerable request at this decline.
Barley, Malt, Beans, and Pease remain steady in value.
Oats 3d. to 4d. per 45 lb., and Oatmeal 2s. per load cheaper.
' Indian Corn in good request, on rather lower terms. Indian
Corn Meal taken off freely, at 13s. 6d. to 14s. 6d. per barrel.
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