New-York daily tribune., 1857-10-26
THE FINANCIAL CRISIS IN ENGLAND.

THE FINANCIAL CRISIS IN ENGLAND.
On Saturday the day the ElrOps sailed, an eI-
eessve demand for money prevailed in the London
market, cau-ed by the uDfavorable nature Of the
American advices by the Per,ia AID the apprehension
of further rise in tre bank rates On Morday morn
i1g the Bark Directors held meeting and before |
o'clock announced further re Of one per cent IN their
pnim um rate Of discouptibat is tney advanced the
rate from to per cent both for the discount Of mer
osntle bills and loans on stock. ConsOs rapidly fell
upder this movement 10 81 la declle during the day
Of DO lees than per cent On Tuesday, Cobsos went
q low as 56a but subseq rallied aud closed firmly
MS7l 7las72 for money and account Railway and other
securities participated in the downward movement,
but DO. to the same extent as Consos. The Bank OF
Ireland followed the example Of the Bank Of England
and advanced It's rates to per cent. At Hamburg
the rates of discount had advanced 10 per cent and
similar movements in progress in other Cont
pental cities.
The extent Of the applications to the Bank for
accommodation continued extraordinary on Tuesday,
under the anticipation of further advance in rates,
but Gu the whole, says THE Timts, the day may be
consi aered to have passed satisfactorily The gold
Withdrawals from the Bank were light, as specie re
mitta, ces could not be made to the United Sates at
any material profit.
The fai urs Of Ross, Mitchell & Co., engaged in the
Canadian trade, and having house in Toronto, was
Announced in Lordon on Tuesday. Liabilities estima-
ted at GEO 0O0 while their assets were recently val
ned at about f3jOOOO. 1t was though that the sus-
pension would be but temporary.
-Four or five failures were announced from Glasgow,
including ]. Mouteith & Co, large shippers of Glss-
cow goods TO Americs Macdonald g. Co. and Wal
hce & Co. Two failures in London in connection
with these Scotch houses were also reported. Est-
mates Of cue aggregate liabilities OF The assow firms
run A hi. n az 800 000 bat The Times conalders
this an exsegeration The Bank Of Pennsylvania had
adyi ed their Lord correspondents that remttanceS
would lie Ii ade with undislmbed regularity. The
city article of The london Tunes Of Oct L. says:
As ,efpec.s the comme cal losses % be sustained
90 Tbs side very heavy amounts are believed to have
fallen on Lyons and Havre. Here 1t Is feared nian
chet ter, Bradford ana Glasgow wiz suiiei oonsi"e"
bly," ~. o,,. ,r,,.,. o,, IS
The Bank of England have to-day raised their rate
If discount from T. 4 cent, winch was auVP'ou oh
Thursday last TO 4 cent.
This measure was fully anticipated, aud, from the
extent of the applications to dey, 1t is douonu IL
further movement will not nnle oe ioIu h1uos
only 50 OOO but il is asserted that OOOO VIII De
dispa ched 20 New-I0rk anu )son by the bainc ana
CaaAds on Wednesday and Slurday heXt, and, as the
In PXclHuscS
cent at Bombay and 2 y cent at Cacutt4, II Is al
anticipated that the shipments iu that direction oy tne
overland mail Of the 20th viii be larger than was at
one time thought probable With these Pro'pects,
fire th advance can scarcely be avoided and perhaps
we may again the rate at 3 8 cent, the
highest point it has ever reGched during modern ex
perit nee ard at which il stood 10 October, lSl. 10
proportion, however, 10 the suddenness OF ihe pres
sure will be the rspdlty of the Ultimate reaction, and
ss on that occasion the rate within year atterTard
went bee to per cent there will IN the present case
be ,rea:on to look for extraordinary turn OF the
tide as soon as the immediate difficulty shall nave
been completely met. Notwithstanding the tempting
rates OF exchange at New-NoIk and Calcutta, the
hansIii sion of specie thithsT under existing crcum-
stance must be Il hazardous speculation since tue
question in each nstaace is not what may be apparent
profit Judging from the present advices bat what will
have been the course of the markets n the interval be-
fore the operation can be carried out. In America the
arreaIs now TO EOgaud sGd the Continent en0r
NOUS and are accommodating every week, aud the
monl, II the panic subsidies ana the Influence Of the
,rriahtly gold arrivals from California sgalu beg
10 be a the scarcity of bills upen us may be as
makable As their present abundance. In India, like
wise the falling of in the shipments OF produce, and
the demand upon the Government ior payments 10
English steam companies for the transport OF troops,
must exeroi strong effect IN Restoring. more faNor-
nbe copditiops There is consequently, nothing to
excite apprehension that the disturbance wl DC pro-
iraced The sole cause for anxet y Is lest the ta oil
,uch houses in The provinces ana ELSEWHERE IS are I'M
ayoideby COMPROMISED by the American failures, and
the fluctuations in the markets tor Eastern produce,
shouG begct any vague terror calculated 10 lead even
10 a sinele day Of general dsirust. The b9let Is,
however that the decided action OF the baLk mas
remove all danger on that account. 50 well Is tne
effect Of Iapd advance 10 the rate OF discount no"
under stood ihaShen the necessity for f exists V'
trous course Of action is at once sppreclsted IL Is
unqucstonabe that this was the effect Observable
TO-DAY. When the advance to : per cent was an
nourctd every one saw that the work Of protection
was in prOgress and the conviction that in case OF
need there would be no hssitaton in making another
ad eanfr, Tna
fur ds went down and there much unes Sness re-.
speciirg the probable fat of the manufacturing firms
that have sustained losses but there fright lest
apeiiod might be approaching at whish 1t would be
impossible for perfectly solvent houses TO obtain
money on any terms. The absence OF excitement
among The banking and commercial community afford
ed striking contrast to the that used 10 os wit
messed when the true principles which requisite the
cure ncy were unIecOgmZsd. If any regret was eX
press, il was simply the Ti-e 20 per cent hsd
not been resolved upon CAY or two earlier Alto
gsther the feeling exhibited was such as 10 excite pd
m our leslthfu system of dnance aud TO confirm the
irnpr ssion that although this shock from America has
come upon US n the mid't OF the Iu6ian mutny, we
shall be able 10 Withstand it, that its consequences
heavy 40 they Must necessarily be, shall net destroy
confidence or interrupt the general welfare of tat
country.
The Discount houses have increased thsir rates o.
allowance to a. cent for money at call, and 81 a
cent ioT deposits with short notice, being advances
OF q cent. The National Discount Company have
notified that their terms are respectively 81 and g. 4
cent The rate Of the joint-stoCk banks for deposits
will be T. cent
-Four or five iailures-sOme OF them OF importance
weie announced froq1 Glasgow to-day. The prncpa