Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1847-11-26
EUROPEAN INTELLIGENCE.

Since the last accounts, more failures have oc
Cured in the principal towns among merchants
and manufaclurers-and also several Bank
have failed in different parts Of The country
The North and South Wales Bank at Liverpoo
having Numerous branches III the Principally
has sUccumbed under the influence OF mis-
chievous report, which caused run upon TIC
Bank The Salisbury Bank, The ShaiIeshury
and Hudson Bank, and the Shrewsbury Bank
have also stopped payments.
In Manchester, The failure OF Mr.. Robert Gard
ner, merchant trading largely TO China, has
caused great CONSERVATION. Several ONE! hcaVy
firms have also Jailed.
In London, Messrs. Coates & Co., the buyers
of goods for the American market in Bread
street, Cheapside have stopped payment. Their
Liabilities are estimated al fi00, 600.
Latest from London "A Geographic despatch
to the Liverpool Exchange, dated London, Nov.
4 10 A. NJ, says, "lndia Mail arrived accounts
said 10 be good. Money easier at The London
Stock Exchange say six per cent"
On The Continent considerable failures have ia
ken place: Leshorn, Genoa, Trieste, Lisbon and
Client having chiefly suffered. The French
house al ST. Petersburg, OF c. Riva & Co. has al
so tailed.
The application of the Liverpool merchants 10
the government, for aid on the 18th, is we'll known
10 have been unsuccessful. On the 23i deputa
ton OF The London Bankers called upon the Prime
Minister, and were admitted 10 an audience
They represented The intensity OF The panic; The
impossibli,y Of allowing matters to continue
without making some effort 10 alleviate the pres
sure; that the bankers were ull Of money, bu
mol one dared 10 part with ii, for lear Of run up
on him, and their statements produced such ef
fec, on the Minister, that he promised on TIT
| Monday following, 10 give them an answer. MI
| RothschiId also visited the Minister. When tit
news Of these interviews transpired, better feel
ing in the CITY was The result. Consols and share
somewhat rallied.
The interview lasted several hours, and OF
MONDAY an official answer was received, in whic
| Lord John Russell said:-
"Her Maiesty's Government have come 10 IN
conclusion that The time has arrived when Inc
ought 10 attempt, by some extraordinary and lem
poIary measure. 10 restore confidence to the mer
camille and manufacturing community. For ~:
purpose they recommended 10 The Directors OF III
| Bark OF England, in the present emergency, 10 en-
large the amounts Of their discounts and advances
upon approved security but that, in ORDER 10 re
tain this operation within reasonable lin'its,
high rate OF interest should be charged In pre-
sent circumstances they would suggest mat IN
Tale of interest should not be less Than per cen
If this course should lead 10 an infringement Q
The existing law, Her Majes'y's Government VII
be prepared TO propose 10 Parliament, on lis mee'
ire, a bill of indemnify. They will rely upo
The discretion o! the Directors 10 reduce as soon
possible The amount Of their notes, il any extraor
dinary issues should lake place, within the limit
prescribed by law"
This suggestion was in part carried into effec
and The consequence was electrical; IN the sc
neral eagerness of .peculators for tall 10 ou
in their accounts the market became wild, Cor
soils in day or two advanced, ai,ef the most VIC
lent fluctuations, not less than FIVE per cent. upo
their EXTREMIST point OF depression OF the prevIou
week. Shares of railways, which had been III
inously depressed, rose rapidly. The sugar mai
ket became more active, and cotton and corn &C
vanced considerably.
But this excitement and rise OF STOCKS prove
eyanescen,. After the first general rush OF pr
ces upwards, Spectators began to 1enect sPo
all the bearings oil the measure, ana STOCKS Ue
anne al first stationary, and then PROCEEDED slea
Oily TO recede. Consols before me week tefm
naied. had relapsed TO about SO Tor Money, an
London and Northwestern Shares 10 LAT; III
price OF EIchrquer Bills, perhaps the ruesl CT
ierion OF Government credit and the value OF me-
ney, fell 10 l6s discount; the Cotton market D.
| came as dull and inactive as ever, and prices rt
coded whilst failures in Manchester, Glasgo'
and London still continue 10 cause great dsma
in the mercantile world.
The European Times says that whilst Ban
| Directors themselves are actually borrowing INC
ney on stock al seven per cent. until Inc 29'n
November, and charging eight per cent. On sun
lar security, and nine per cent. on discounts, u
plain that, as regards money no present reiiei ca
be calculated upon. The genera! contraction
ali business and engagements is, however, wor
ing gradually cure. Its fatal effects, howeve
are but loo evident.