New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-09-21
Monetary and commercial Affairs in Great
Britain.
Foreign Corre.pondence Of The Tribune.
ro.nox Sent 1917

LONDON sept ), ~.
With regard 10 monetary and commercial affairs
scarcely dare trust my pen 70 describe them-
scarcely dare relate the whole truth. although Il
must gradually be known The private letters thar
viii reach the American bankers, brokers' and mer-
chants by this steamer will appnse them OF the true
state of affair, in England but it is my duty to
give the public all the information that can Win
propriety be published. Mere reports cannot a.
ways be depended on, and their publication might
cause serious injury. could have referred se'e'ai
weeks $40 10 the lettering condition OF more tnan
one great London firm and could point now to
several houses that must fall within lew weeks
bat the list Of failures is long enough and heavy
enough already. and this list | will never give
Perhaps the failure Of the Governor OF the Bank oil
England has caused more general astsnishment
than any other. The announcement certainly
greatly alarmed every holder Of bank note VINO
was ignorant Of the exact position OF Governor Of
q great institution like the Bank Of England and
these holders Of notes very rapidly changed them
into gold and in many cases at great discount ;
but as the failure OF the Governor can IN no way
have any effect to injure the Bank no saorhce
should have been made on the notes
Mex, in Importance among the great incidents
Of the mercantile world is the refusal of Messrs
Overend. Quincy 4 Co to accept the drafts drawn
upon them by the house of Messrs Prime " ara
Co. of New-York This announcement vas pub
licly made last week and caused as you may INA
CINE. universal astoEishment and regret | shall
refer to this subject again presently and give the
final arrangement made last evening between the
parties.
The failure of the Governor OF the Bank o. Eng
land was announced on the 23d ut. and caused
great surprise in the commercial circles The house
+ Of Mes.r.. WmLIAx r. RoBIssoS Co was en-.
gagged in the Corn trade and the liabilities Of the
firm are stated to be from $4,000 to / 100, OoO-
This fsilnre Il attributed entirely 10 speculatons In
breadsiua. It +. stated tbs. within The is' eshteen
wears no teas than six individuals Who have been Gov
esnors Of the Bank OF Eoglsnd have fallen Into nsol-
yenry Tho TINS remarks upon this fact that shers 10
scarcely position 10 which the qualities Of mature OBJ
servaion settled habits Of thought dignihed bearing
end free dom from all personal pecuniary Distractions
could be more requisite than In thsoi Governor Of the
Bsnk VT no, only IL the poet fed b. those who are
absorbed in i stlnste business of their own coupled
too oi,u with the sn~ises Of the wildcat speculation
D
but BY hss who arc GOT permitted TO stain to the
Advantages OF experience even they ~er8 disposed
10 benefit ~ the opportunity rs their term 81 otce eN
tends . only tSo yesrs
/ The daily journ,ls have commcnied severely upon
Ibis failure and call Il very srsve occurrence NOR
oush reform Of the Bank cement i cutly esllei
tor superior Government oiacial l. recommended,
Of the description as The Governor OF the Bans VI
France.
Co Il was announced that the old and highly rtspect
able firm Of Messrs Catalan Sons Co nad
stopped payment. This failure took place on The 21tn
nit .nd caused eres, surprise.
loon the s.oppage OF this house. the Iiues remarks
that there has rarely been failure "ncn mas cans
sincere regret Inc insioItu9. naS isusn % NC
nrm not from any speculaions Of their own oul nom
isulzced confidence Ia the. foreign correspondents
The failure of Messrs Fraser Co oil Antwerp iuJure
Tho frn-bls to the amount OF 4SOvtJ hsvps oren r.
turned ur Castelar, the senior partner, Is Consul ios
Ralyiuu They were merchants and bankers. Inc H.
MI. vary "a the extent of their liabilities some psrits
rsiing tir the" sao0oo0 and others as hsh IS
On the 2slh MI The failure Of tho bouso Of MeSsr'
WooDLTg. corn nero suis, Wa acncuncef
Thl. failure called iJsth nnuca sympathy The Aeuy
Nee. of IN, -,h says None Of the unfortunate
occurrences Of the have excited more sympathy
than this Il il known that Il prudeui b0ase 81
business Last year the ea5in partner Issued Circular
announcing his intended retirement from business IN
favor OF rs nephew. II ia stated tast b. had then
carried bis intentions into effect, he would have ei with
solid capital Of AlJOOO. Unfortunately DC was per
suaisd after much reluctance, by relation - continue
and Join in large coru-purchssing operations In !rs
ned states hieh The relation in question went him
self 20 conduct The result OF course evident But
II is mentioned that .upposng the stock Of on hand
and 10 could be- sold At prices Realizing ~ per cent
loss the prime the head OF thu hrm would SUI
be- able TO retire with 10000 The Liabilities ol ih'
/ house are said 10 be about s20OOOO
On the both ult the failure of ALEXANDRA DICKSON &
! Co of Belfast announced and Increased IN very
strong degree the general gloom pefVsa'ng monetary
and antile circles Mr. Dickson vas distller and
also an extensive dealer ia grain The liabilities OF tbs
firm are about $4,000 IL Ia stated that some oil hs
most prudent Of the London contractors sre creditors
10 large amount as sre also several houses IN Liver.
pool. This failure Immediately brought down iOuf or
Eve smaller firms ia Ireland
On the 27lh the failure OF Messrs LYON & KINNEY
general merchants st Liverpool, was announced. This
event caused BY syecuaons Ia corn. sDd he hsoi
ties Of the firm large. not lees than 100000 The
losses will fall upon houses In London and 10 New
Orleans
on the same dsy Two other failures in Liverpool were
Arnounced-,hat OF Messrs - & r. ONEAL Co. for
10000 and that OF Mcssrs w. RowErr Co FOR about
the same amount Doth houses we're engaged IN ine
corn trade
During the uresent week several other failures In
Liverpool have occurred The Morning Head OF yes
terdsy remarks thst the whole amount OF Liabilities
Considerable and tina, those stopPsges are key 10 b
the prelude to many others. Tue names OF only t"o
firms are made public. Messrs FTrzfArhick a Co. or
kirkpatrick. provision merchants, for AlVcOuV' and
Messrs GKKGG for tJOOOO
/ 10 Irelsnd failures are numerous In the corn Trade,
although the liabilities Of the firms are not very great
Win regard these failures, the Morning h1aid 81
the 2-th ut makes the lollo~ing remarks The stale
Of the corn trade becomes matter OF Importance 10
many beside those who engaged In II The eonun-
ued failures Of houses Of the nrst respectsbfy are Gre
siing feeling OF distrust which unless happily checked
once will extend and increase the mischief mat
has already occurred The stoPPsse OF nrn Ike thsi
Of Messrs WOodey Of several Of those already an
nornce1 creates feeling OF anxiety Tor the trns ~nicn
may De- exposed 20 Losses and i not unireqseuty
iesds uufounccd rumor which destroy tne credit o.
those no would Oiher~iss be able u WITHSTAND thf
pressure Various unfounced statements have reached
10 which prove not only that RumOr busy 10 destroy
Ing character bat that the public arr becoming exceed
IDgly anxious with regard u the effect Of the several
failures that have taken pisce.
The disastrous extent Of the recent failures viii D.
soeu 10 the Affairs OF Messrs Leslie Alexander ACo
meeting Of The creditors held lssi week, when a
balance sheet of the Affairs @. the concern ~ss exhioec
from which II appears that the liabilities are so'e
and the assets are fl seq leaving deficit alter tne
m0st favorable tnuagement OF fjil,t55i Al the dsia
Of the failure II was stated that the property OF the lF
would pay IL the pound but n0s II Is ssid mai u
will not yield than Ia 10 So Inc enoi part OF NE
enormous losses which this house have sustained have
taken place within the last three weeks and principally
from tie great depreciation Of grain and the occurrences
Of Irish failures Mr. AeNsncers lrisn estates are va
/ ued At 1900 but norgsged to the extent OF
EcOOC0 IL s believed that here will Be dencieney
IN the settlement Of the Affairs of the arm u sonleihn-
ike a370 600 a. the Losses BY bad deots and b grain
on difference between purchase and sale, or present
I prices vii amount to that sun This 10 mosi De