The Washington union., 1857-11-25
ICorrsspOHisnos or The NY. Commercial Advsr,ssr
MONETARY AFFAIRS IN ENGLAND.
LoSDox, November 10,

MONETARY AFFAIRS IN ENGLAND.
LosDos, November 10, 1857.
Heavy tidings 20 BY this mail and it is terrible que
ton whether viii have 10 follow.
Dcnnistouns have stopped with liabilities first stated
at about two millions sterling, but believed 10 be
considerably beyond that All the establishments Of
the finn have gone togethertbe head house at Glasgow
and The subordinate in Liverpool and London The
almost total cessation OF remittnces from their CORES
pondents at New York and New Orleans k Of course the
cause. They could get no help the banking institution
with which they had been most largely connected 1.-THE
Borough Bank Of Liverpool having stopped a fortnight
preyously involving them IN new liabilities as large
sharcholders while the Glasgow difficulties Of similar
kind which have since burst in full force, prevented the
slightest hope OF aid in that quarter The private prop
erty of the partners extremely large, and their circular
announcing their suspension Is worded simply request
for time How far their antcipations OF speedy re-
sumption are well founded is difcult 10 conjecture
Some events which have subsequently, occurred tend
diminish the prospect Fortunately they have house
at Melbourne Australia which IL s said, viii DO
compromised The Glasgow firm established seventy
year ago. and the father Of the present senior partner
eft the largest f400 00O that had up 10
that date been accumulated there fss4l
The break down Of Dennstoun & Co. has been followed
by that Of the Western Bank OF Scotland BY the hast
packet 1t mentioned that the axiees regarding the
probable fats Of this institution had gained increased
force Its friends however, still insisted that il would
be able maintain itself Whether this might have been
possible supposng other matters TO have gone smoothly
il is needless to discuss The fall Of Dennistoun Co
sealed its fate Its headquarters like those Of that firm
were ut Glasgow 1t has than hundred branches
and ts deposes stated TO amount 10 six milions
sterling while its paid dup capital Is million and half
The American revulsion fell upon il ut time when from
gross misconduct the part Of its managers 1t was I'M
der advance to set Of speculative firms who failed in
knot about three weeks back and inflicted upon loss
OF at least $500 600 The manager dismissed or at
least ordered to resign Immediately, and
appointed but dstrust had already been engendcred
the new New York by each packet became and
worse involving many Of their respectable
ons and last the Dennstoun enderodfu
thcr struggle impossible Previous TO their failure they
had applied for assistance first to the Bank of England
and then to their powerful rivals among the Scotch
banks. The Bank of England of would enter
tain their request The Scotch banks would listen
only the condition very fair one looking at the
past mismanagcnent that hd been developed that the
concern should be wound up This the Western Bank
resisted 1t had large and profitable connexion and
only by trusting 20 future profits That the shaehod
could hope TO renstate their pered capital Both
parties uncompromising and in the midst Of the dis
pue the doors Of the yesterday finally closed
The shareholders immensely wealthy the Baird fam
ly celebrated among the richest iron masters in tho
kingdom, being the principal Hence there Is not tho
slightest doubt of all its liabilities being met That
portion of the paidup capital of 500 900 be saved
is not to be hoped If the holders escape with the loss
OF the entire value Of their shares, they will have
to be thankful ta4
simultaneously with these there have been other
American stoppages at Liverpool and Paris AT Liver
pool Hoge Williamson correspondents of Hoge Co,
Of New York have broken down, with other smaller
firms and at Paris much CONSERVATION has been created
especially among American travellers ON the continent Of
Europe by the soppage of John Munro Co., who
ceeded to the banking business of Green Co At Am
steram there has been rather large fai'lu firm be-
ing that Of Gaerkamp Brothers; but theT in direct
connexion with defaults from America is not stated
Two suspensions have also been announced in London
but these have been caused in great degree by the ruin
fall in the produce markets Bennoch, Twentyman,
Rigg was the name Of one, and Broadwood Barclay
that Of the other Bennoch Co silk agents, and
they have establishment in Manchester well in
London. Their liabilities range between f2OO 900 and
$500 900. Broadwood Barclay in the East and
West India trade and from ESQ 900 to goo, ,000
In the midst of this state of affairs the Bank of Eng
land found it necessary yesterday morning to make
other advance of cent in their rate Of discount
stands Mt 10 per cent being per cent beyond the
highest ever known. This movement, however has
scarcely proved sufficient to check the demand for dis
count since every house, in vague desire to guari
against all possible contingencies Is en6evorng pro-
vide itself with twice much money Is necessary.
Anything ridiculous than this could scarcely be
conceived because the Bank have placed no restrictions
the amount of accommodation 70 be granted and have
idea of doing Their policy is 10 check the demand
by constantly raising their rate to the full market value
and giving every at that rate much they
quire b8 as see
number of the old and crotchety opponents of the
bank charter act endeayorng, however to stimulate
the movement with the hope Of producing a panic that
may government suspend tne opcfatoh"
the law so to allow unlimited issue of notes repre-
senting anything on nothing,
They not likely to succeed but it is disagreeabe in
the thick of the crisis to have such mischiefmaken at
work So far from the public having anything to COM
plain Of in the way OF contraction they have in their
hands between one and millions in excess OF the
highest amount Of currency required for the trade of the
country in ordinary times and there has been fall
in prices and drawing in of business, which has render
ed far less currency necessary il is evident that inn
mense total must have been needessly taken in idle
fright The rate Of 10 per cent per annum for month
two instead Of being practically regarded with alarm,
is actually insufficient to prevent rush for much more
than is really wanted. " 5.si s5ss 5 .s5
The probable Of the Bank Of France is looked
upon with much curiosity Its rate remains at u per
cent and with the London rate ut 10 the directors fore
the increased peril in which its bullion is placed They
have asked the Emperor to be allowed to adopt rise
but the request refused tax upon the expectation
Of specie then solicited but this also failed to obtain
assent OF 1t would have done good and have
profted no except band of smuggers, but 1t was
asked probably in desperation BY the unhappy directors
who occupy responsible position before the financial
world, although they are mere puppets Of the imperial
will nv
The English funds continue to be wonderfully supported
The public the approaching end OF the Indian diff
Guilty, and that the American crisis, however terrible IN
its consequences to the houses in that trade has neither
been occasoned aggravated by any general sound
dom. Investments therefore, steadily made, ana
the fluctuations OF each day scarcely exceed halt per
cent At the last date the three cent consols were
quoted at set They have since touched S7a and the
final price this evening was 80
The Liverpool cotton market Is almost paralynd and
quotations nombal few small sales effected yes
terday at further decline Of to Id per pound