The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-19
THE MONETARY PRESSURE.

Financial affairs still paramount in Importance.
On Wednesday, the 4th inst, consos fell 10 So There
was increased anxiety and pressure in the money market
nnder the apprehension Of further rise in the bank
rates. but the heavy payments of the 4th well met
The suspension of Powles, Brother Co. announced
Their acceptances amount To about $4,000.
The Of discount Hamburg advanced TO nine
per cent
eu the 9TH ms, the Bank Of England, as was apprc.
hended raised the rate of discount from eight the
prsceden,ee Of nne per cent This movement sled
aba,e the demand for money which continued without
diminution throughout Thursday.
The Times thinks the continued pressure must be mainly
caused by alarm the consequent desire OF every per-
son 20 b. over supplied.
Suggestions were current that tho government should
be called up for palatives hu, tho Hncs argues that
there no shadow OF pretcxt for such step The Tines
says
All classes Of the public must be well aware that the
should ptably lose its sepossesson as to give
way pan there but remedy, and that the gov.
eminent viii be compelled to adopt There can De no
need however by formal proceedings 10 proclaim the be-
that the financial Of the nation still so low as
the degrading contingency TO be regarded not
only possible but probable.
The funds ucuaed about hafper cent during the 9TH
inst closing at IS y ssn.
From all places on the Continen, various sums in specie
were said to be in course Of transmission America.
Tho suspension Of Naylor, vckcrs n Co.. OF sheffield,
and having branch house in America, was announced.
Their liabilities estimated at from e6oo 900 TO Il ooo
o00 and their believed TO be f2oo 900 In ex
cess Their difficulties were believed 10 be temporary,
and were said TO have been solely the cessation
OF remittances from America. Messrs. w. Orr Co, in
the River Plate trade, have also suspended
Alta public meeting Of merchants nj glasgow, deputa.
on appointed proceed to London TO wait the
government and urge the necessity Of immediate meas
mcs for commercial relief.
On the 9Th inst the applications al the bank for money
were numerous but no new difficulties ranspired Consols
advanced carly in the day, but subsequently reaction
tosk place.
The urges a suspension Of the export Of specie to
India and thinks India rich enough be left 70 her
resources.
The Daily Hars believed the Glasgow deput,ton ar.
rived In London evening OF the 5th They will IT,
s understood urge upon the government, the advisaby
of supcndng Of the provisions Of the Bank Charter
act, as was done ls47. Movements with similar OBJ
,e,t may be shortly looked for in other districts.
The Borough Bank of Liverpool was paying all dcpos
The Paris Bourse continued unsettled, but without any
great fluctuations.
The Paris correspondent Of tho Daily Nccs says
II has been reported rat eighty millions Of francs
Engleh bills and forty millions in French bls on the
United states have been returned protested.
was rumorcd In London on the Ath instant that the
Bank of had advanced s Of discount but the
Daily Ss correspondent elcgraphcd that the Bank Of
France had not advanced the rate hoping 10 find other
means Of self protection.
There Is some question to the right Of exporting gold
from France.
On the ath The funds France closed eef roc and e7f
The bullion in the Bank Of France is said 10 have In
creased from 100 900 900 francs TO 1875 600 900 francs
Vienna despatch OF November says that the Credit
Bsnk has today taken step likely 10 extensive
embarrassment II Ia in want Of ready money and has
demanded payment from those persons who have obtain
cd advances on government and private stock.