New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-10-21
Commercial and Monetary A fairs in Great
Briurin.
Foreign Correspondence OF The Tribune

Foreign Correspondence OF The Tribune.
LONDON, Oct. g. ls47
now send another gloomy chapter concerning
the present monetary and commercial crisis but it
IS precisely Of that character which promised in
a former letter Perhaps my predictions were then
UNDECIDED or, mayhsp some persons fattered
themselves that had overcolored the picture but
ask them to refer to my words. said, emphati
cally, C. warn our merchants To entertain delu-
sive hopes. Bad as the past has been, the worst is
yet ahead" This was written in September
write now in October This letter must be care
fully pernsed the number Of failures counted and
their liabilities added together, to show whether
then took false or a correct view Of future events.
In September wrote, not without deep regret, my
opinion | then said that the monetary panic,
the dull state Of trade, and failures will not cease
with September, bat that in October they will con-
tinue to spread yet deeper gloom throughout
Europe and the United States" Behold how truly
my words have come to pass Look at the present
monetary psnic-examine the reports of trade
count the failures Houses of the highest stand
ing, once possessing millions, have been swept
away by the terrible storm, and they have
scarcely guinea TO call their own
Every one hopes for brighter day but the worst
should be known. 1t isneedless to cheat ourselves
when danger is at our door But when will that
brghterday come To morrow, or TO morrow week.
This is the important question. Can | venture to
answer it Will my answer be regarded fear
not. But it is my duty to speak disinterestedly,
honestly, and fearlessly repeat, then the words,
" October will tell gloomy tale. | say seriously
and with deep regret that during the whole of DC
tober the crisis will continue" There may be a
temporary cessation of troubles but it will be only
temporary. | have looked too deeply into The cause
and effect to be deceived There is a powerful
under current at work which will force itsc If onward
Long aud disastrous as the list OF failures is already,
it will yet be longer and more disastrous. But
before make any farther remarks with regard TO
the future | will give the melancholy catalogue
that has been filed in the brief space of two weeks
On the 22d ult. it was announced that MeSSrs.
Watson, Brothers d. Co. Of Liverpool had stopped
payment This is a large mercantile house, with
branches at Leeds, Manchester, and other towns.
aud WAS engaged in trade in Mexico. The liza
bilitles of the firm are stated to be t200,0 900,
and parties in the principal manufacturing towns
of England are likely to be sufferers 10 great ex
tent by this unfortunate suspension. They were
among the most active merchants engaged in the
export trade.
On the 23d the old established London house of
Messrs. Cockburn Brothers, IN the wine trade,
stopped payment. The branch OF this house at
Oporto drew upon Messrs Reid, Irving a Co. 10 Lon
don, and the connection accounts for the downfall OF
tbs firm The house has been long at the head Of the
wine trade in Scotland and their misfortune is the sub
jet OF deep regret.
On the 25ih the highly respectable hrm OF Mesrs
CocsereH q Co East India merchants stopped payment
One OF the partners Sir George Sargent candidate
10 represent the City OF London in Parliament, and Mr.
John Cockerell formerly u Bank Director. The
liabilities Of the firm range from 96000OO TO al 100000
The soppsge attributed to the great scarcity Of money
India and England and to the general dscredt which
resls upon the whole mercantile community. The
Morning Post of the 2s.h remarks tina, for time |,
has been well known to many that this old aud respected
firm WAS engaged In fearful struggle Tor the preserva
ton of its credit Even 90 the 18th ult tho pressure
upon its resources was most the securities that
such house would DO likely offer for discount and
which In ordinarily quiet times considered unex
ceptionsble and desirable being under monetary
difficulty, scarcely at all negotiable. Bills at SIX, eight
ten twelve months, have OF late found ayor 10 no
quarter particularly bills OF certain class, where the
sgnstures OF drawer aud accepter have been all but
Identical Messrs Cockerell 4 Co. Notwithstanding the
indulgence with which their actual circumstance have
been received in moneyed circles, were At last com
PEELED to stop "A large dividend at present talked Of
but first estimates In such should be received with
a liberal abatement"
On the 9Th the house OF Mes1s. Belslsaa & Co. in
the foreign trade, stopped payment They were doing
business with Gibraltar Africa and Mexico. 1t 10 stated
that they have been much hampsred by their trsnssc
tons with Mexico, as their resources were cut of
through the intervention of the war with the United
States The liabilities of the firm about 9l5O-0Oo.
On the same day the firm of Messrs Coekbarn & Co.
Of Whitehall bankers and army agents, cshonored lite
checks and announced that had been obliged to sus
/ pend payment. This house most respectfully con
nec,cd and its fall will entail much loss and nconve-
nence military officers The liabilities Of the firm do
no, exceed 100000.
I'VE are sorry" says the Morning Herald OF the 29lh
ito have to announce an addition to the list of
ca failures although scarcely any other result could be
expected from what had previously occurred when so
many main links 10 the chain of credit have been bro
hen" The failure referred to 10 the house of Mesus
Perkins ScAussr Mnllias old established hrm In
the Russian and East Indian trade Mr. Perkins IL said
u be- the of the wealthy brewer belonging To the
been compelled to withdraw bills from the Bank OF Eng
land 10 the amount OF 10000, the parties upon whom
/ they were drawn having stopped payment They had
aso received by the last overland mail from India bilis
10 large upon the parties which decided
their ste The friends OF the rm say that there 10 much
more than sufficient property to meet all claims a..
though not Immediately available in the present state oil
dscredIt The Herald remarks that this 10 most pal
psbe practical illustration OF the mischief that may be
done 6y the Bank Of England requiring bills to be taken
mn by drawers and end0rsers when the sccepIers ia
without reference to the psper being at maturity Mol
only is such systen calculated 10 knock down com
mercisl houses Instead Of sustaining their credit but
the Rank from the risk OF loss while resps the
advantage of high rate OF discount
The Posi- announcing this fsiare says of al the nrms
that have been subject embarrassment during the
pte.sure there IL certainly not one whose situation 10
more regretted than thst OF Messrs Perkins Co who
were personally populsr, and whose affairs have been
conducted upon the moe, prudent possible LA
bites fi0O0OO
The same journal says We have before US the names
of several Manchester traders who have closed ineif
doors among whom included those OF some well
Known cotton and share brokers' and q manufacturer
hut eyen with other parties Of Importance have been
freely ana openly mentioned As having actually suspend
I'D payment -.