The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-21

cC1tImafP AVIllIaT'u1If
doubt OF thsi being effected unless an insane demand
upon them should prevent IT, IL may, however De
asked, why not avert the chance q sseh iSiy pya
that principle would he Illuminating ana riiicuons,
still could DO no harm, and might prevent much mis-
chief THIS announcement scarcely be requisite
All classes OF the public must he well aware that the
should paby lose its self possession as To give
way TO panic there but remedy, and that the
eminent will be compelled TO adopt il. There be
need, however, by formal proceeding 70 proclaim be
lief that the financial sense Of the nation is still so low as
the degrading contingency to be regarded not
only possible but probable
The funds today have exhibited fully much steadi-
could have been anticipated Under the certainty
that further movement would take place at the bank,
they opened at decline OF quarter per cent and SUISSE
quenty experienced another slight fall but the market
was without agitation Consols for money were first
quoted S. to "a from which they advanced TO So They
then remained at ss to 50 till the breaking up of the
Rank Court when several sales of stock some OF which
we're alleged to be account of the bank caused reac
ten 10 ssh TO u which was the final quotation For the
9TH Of December the last transactions were at s9 70
In connection with the bank announcement to-day no
fail to Of congraulaon at tho fact Of
heavy loan TO India having been avoided Even the
assistance already afforded to that countryamountng to
three four millions sterling the cessation OF the pay
mens ordinarily due from il must equally with the specie
course despatch be regarded contribution
psrthas seriously aggravated The difficulties Of the crisis,
ana loan Of fre ten millions IL, addition had been
contracted should undoubtedly for the sake Of making
everything smooth 10 the Indian people and the routine fnan
at Calcutta hare plunged the entire trade Of the empire
into confusion Happily too, regards the future II may
be hoped that the advance to per cept will have the
good effect OF causing the home government insist that
these nnancierS, before awaiting themselves
method Of drawing upon what they fancy TO be the
haustess resources Of England shall be compelled to at
tempt the discovery whether country which for long
time has been absorbing silver from US al the rate OF
six millions per annum cannot be made ~ provide
in some degree for the cost Of its disturbances
Periods of instruction are precisely those in which
suspension of specie payments is only legiti-
mate but in most matter of justice, ndspen
sable, and even II were an unmixed evil, instead OF
sautary precauon would be better that the natives of
India should be subjected to the slight Inconvenience of
receiving their dividends and other claims in interest
htstt
Of Erope and America should b. conrlsa, and
thousands Of families b. ro,cn out Of employment, in order
tha there should hs discomfort that side and an
trrsIson 10 the facilities Of boarding 1t is the business
of the Indian government consider what they would do
Would they abandon the country would the wholesome
stimulus OF necessity yield its usual resulsg We have
supplied men and munitions and India is rich enough TO
find money. There is no reason 10 assume that the
issue OF note circulation, even on large scalesup
posing II requisite as last resource crcumsan far
from certan-would be attended with difficulty. The
natives would be found sufficiently keen estimate the
value Of government note, carrying per cent into
rest receivable at par in the OF six or twelve
months for dues and al the time should
have the satisfaction of knowing that every with
paper OF this description in his pocket would feel
cess OF loyalty and proporonate desire for the main
tenance OF order
average business has transacted in the foreign
stocks generally al the depressed prices of yesterday
There gold Withdrawals from the bank to-day,
some which were Intended having been checked by the
alteration in the rate Of discount
The discount houses have increased their of allow
ance 10 per cent for money at call and for deposits
with short notice. being an advance Of per cent The
National Discount Company have notified that their terms
are, respectively sd and ~ per cent The rate of the
loini stock banks for deposits win be per cent II was
expected that large increase would have been
adopted and in several quarters there was strong in
disposition TO accede TO IL.
The suspension was announced this morning Of the old
aud important house Of Nayor yickers < Co, steel
manufacturers and iron merchants, al Sheffield The
amount of their liabilities has not been stated
thery but they rumored TO range between $500 900
and f7o0 900. The firm Is Of the most respectable
character, and its difficulties understood have
arisen solely from total cessation of remittances from
debtors IN America, whose position few months back
seemed worthy Of all confidence II is confidently be
hryed tha The soppage VIII prove but temporary and
may be hoped arrangements will be forthwith made 10
prevent the regular business of the establishment from
beng impaired or materially interrupted. They have
branch houses at Liverpool, Stockholm, New York and
Boston At the commencement of the present year they
possessed clear surplus Of 100000, besides large
private property and their positive losses thus far in
anCes being yet the only ascertained evithe pros
pecs Of the creditors are very favorable Annexed the
SHEFFIELD IhvrRroor- Nov. 4 1857.
fisor9ansspon of commercial and s.nn@I faips IN ADerr
o'd ne ipIosssi- o seeing he md II ne present crisis ae
instructed arInoSd 'B Banner and Son q Liverpool
20 prepare statement Of affairs which will prove
assets 70 consist IN 80 great PROPORTION o. metals ana Ts
prop IVA ana our & 70 he 50 Una, 'ne pay
require u me This statement vii be ready 70 be laid be
clock our Offices in Sheffield, Al which urgently
request your attendance We Te HynS &c vrcvrps co
The Liverpool letters the suspension Of Messrs W
n
Al meeting Of the creditors Of Carr Brothers Co, Of
Newcastle who failed the 9th Of August the inspect
through Nr Coleman reported the result Of the fur
Their investigation into the affairs OF the establishment and
70 the compositions offered by parties To the bills on
which the firm liable. II appeared that there
= small increase in the OF the liabilities, but that
the statements 20 the working Of the Coeres during
the frs months Of this year favorable
than had been anticipated. question was raised and
considerably discussed TO the admissby Of certain
bills negotiated for or In conjunction with Messrs Carr
hrIet rtttr hat
should hc admitted tarauk the estate and the inspect
authorized ~ have the necessary deeds prepared
for carrying out the arrangement
III, hludators Of the Hull Flax ana Cotton Mills Com.
pany, which failed IN september have made call OF t25
per share the shares IN addition 10 the Al0O which has
already been paid ~ full On the $50 shares only $40 had
been paid and the holders 81 these required 10 pay
f12 10s and an additional 60 ON the fl5 shares only
bali Las been pad, and the call on them ~ tiZ los, ana
additional e. los The authorized capital VI the com
pany WA s375 900 the proportion paid NJ Al the time Of
the stoppage being E244567 10 The number OF share
holders l40 and the further claim upon them, N add
ton . the loss Of all their capital, must involve much
misery
special meeting o. the General Mining Association was
held this afternoon Mr. Bridge In the chair 20
ton the proposed Increase of capital required
late Duke Of York ID the mines and niue.
rails ~ Nova Scotia and Cape Breton. The
TO he raised u 10000, and Is proposed to issue
70 roio among The prorecr 300 new shares Of go at
fl0 each The report stated tina, by the lease the
company obtain, among other Advantages, the abolition
~ the liked rent and the reduction Of the royalty ron
= % 81 or Id No export duty Goals viii be imposed
ny the Colonial legislature without leave Of The society
IN return they engage 90 renquish their right other
m ncras, giving W merely nominal privilege. After a
short discussion, IN the course OF which observed
that the alterations worth $1,000 year to the
shareholders the proposed arrangements approved
unanimously.
In the railway market there has been increased gloom
aud further decline Of S. 81 has taken place. In
American securities further fall occurred ID Illinois Cen
tral Canada government bonds were arm and IN good
demand.
unndon (Sov % correspondence Of the Manchester
GUARDIAN
Tho advance IN the bank 81 discount yesterday has
necessarily claimed some attention in mercantile circles
n DAY hut a. interest secondary 70 the American al
vice which IN the present instance uniayorablc
An before and tend 81 diminish the hope Of matters g
themselves speedily a. expected The state of
The produce market - al the time, very atsac
tory yesterday ia IN prices being from ~ " 10 per
cent "a several articles making the total decline within
The last tWo months considerable Manufacturing all
these combinations and to probability Of the bank