The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-11-30
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-" a"foisTANTC0MMERcIALNEws "foisTA ANT
FROM ENGLaNn

I W tae vanderbilt IL of eommerc iaf i'm
o''aH.e' rue aaxiety of the merchants and ha,k.
AA'S.iooi ana London TO have the uews ~.
uae ahderbht reach New York h.f,rs ~ ,,
OF the Atlantic, was very great and a, ,,,n; - al
soiIeitatlon Capt Higgins mad. ever ~, " soit
eemptish that object. On the 2Ist ipst h 80 ~ aS-
m,ar,a, orlg9hthe Alfred delivering thersto
uesa3eo many hours of Cape Race searchi,,aa, 80! 90!
inc news yacht of che Associated Press h''o AZ.
IaVpnSeuns IN hndlng her, proceeded 10 TrInassv
run in with the duplicates. 70
STATE OF FINANCIAL AFFAIRS IN ENGLAND
| FROM the London Times tcity artclel Nov ,,1
Ahis mas been the most anxious ray in tba ri.
since the height Of the pauic in lS47 OA''
of anoth'r S SdoasteF announced was tho stoppage
Vi anotner scotch establishment. the CITY of Tia
gov BANK, with capital Of &l 900 900 a rasarve3
i"ma Oh f9o.199, and ninety-six branches
ms was followed by the suspension of the Lon.
doh discount house of Messrs San,ierson SaTIa-
man CO., with liabilities fer three ~ 80 m
hall millions, believed however to bs an,nlx 60
cured by commercial bills and the properTv - ~.
| Erm. A0t0''S Vi 'he
The telegraphic accounts from Glasgow d,r;r,.
the morning described coutinuapce of tha ~
which commenced yesterday on the varions ha,ks
ana nearly Soo,Oco soYereigns in addition TO the
5oo'oV1 dispatched last evening, have been sent
from the Bank of England TO meet the demand II
Was stated also that amitaFy force had been found
necessary at Glasgow to preserve order
When the Western Bank of Scotland, which
stopped on Monday, was applying for assistance to
this other Scotch Banks, its expectations were al
legged to be based upon the fears to be entertained
Of the universal panic that would result if il were
to close its doors. The courage of the various III
Stitutions, however was net to be shaken. aud
taelT STABILITY Is now being tried to the utmost
That the City Of Glasgow Bank would be III dan
ger, seems to have been generally contemplated.
but strong hopes are entertained that the remain
der will stand their ground. The amount of its
deposits is not known. They are supposed to be
! considerably below tltC5T of thA AestaTu a
land, although still CT great magnitude and widey
diffnsed owing to the number of branches aud the
! fact of the concern having been established ~
years. 1t has al authorized note issue of G72UZI.
and the extinction Of this will be equivalent TO
contraction of S6l4 iu the circulation, in add
ton to the suppress oa Of E2-5 292 from the failure
/ Of the Western Bank. lNs shares are distributed
/ among larger number of persons than those T
/ the Western Bank, the total in that casa being
,2Sc while in this ii is 90. OF the p 0spscts of
a resumption Of course 10 conjecture eau yer b.
| formed, but from the circumstance that the bank
| had agencies empowered TO draw not merely IN
New York but California, is to bs apprehended a
close investigation may show it has not been con
| ducted with great prudence.
The drain If gold to Scotland NJ the rat. of more
than million in two days. constitutes Of course
q most serious addition to the pressure iu London
1t must have its limits however. ana there Can he
clearly traced The authorized note Issues of Scot
land amount to f308I, ,233. Beyond that total not
note can be put out, except against gold. At the
last return, the circulation f4 Uol $50 being
t9040UJ in excess Of the fixed SUN, hut speCe "
held to the amount Of 6 ,573,546. The uncovered
paper currency therefore E., iT7.og9, and the
! gold sent hence to-day and yesterday. s conse-
queEtiy nearly equal to 20 per cent Of the whole
Considerable quantities, il must be Femenl ert d
had been sent prteiOCsys aud further parcels il
is said, will De forwarded tomorrow. although
it seems scarcely possible that more will he re-
Quired.
II the run consisted simply of the notchoIlers
itwonld he altogether improbable that the existing
supply would prove inadequate: huf depogi,pps
are contrl! uting to the panic and large number
OF these also claim specie. Nevertheless, " hat
may bc the demand on the Scotch banks it is
plain that their power Of drawing upon us n!rst
be simply 10 the extent Of the credits they have
open. the Bank % England notes they may be aLIe
10 collect, or the funds they realize by sales II
the stock exchange. Ct the eL e deposits which
they hold, sId which aIs estimuted at more than
thirty millions, only very moderate pFunCrtinn
is available in this way. As far London is con-
cerned, therefore. the movement now taking place
has vagus terrors. For the moment. it crcetcs
a most annoying ageraFation OF our trou0lcs, but
as it cannot gp beyond certain point and even at
| the worst - not Withdrawal of sold from the
country. the RaHE Of England meet il iu a
bolder manner and with more indifference as t.
the temporary effect it may have upon their re-
serve than would otherwise be the case. Unfortu-
natey the differences between Scotch and English
law which have SO long been permitted 10 eInhar-
the intercourse between the two countries
are most prominent on ali tinancia! points. Ram
Of England notes not egBl tender in Scotland
aud thus it is impossible even 10 lessen partially
the incOuvenenccs of tie case by sending the re
quired relnittances in that form.
The fact If about two;hirds Of the Scotch citCu.
latlon being in notes under IS, coupled with the
known habits ci the people, especially Of the Cpe
ratiFe classes at Glasgow in using the banks as
places If deposit for their savings Will account for
any popHiar disturbances that iIay nov have b-en
threatened. Such movements. however. are more
esanescent aud more easily met than those of
fargr iruti isf: nd 4buua
fright the whole affair will probably be of short
duration II appears that the rate OF allowance Of
the Scotch banks for deposits throughout all the
recent advance in the money market, has not been
raised above per cent, although the churges III
the rates VI discount have kept pace with tQsc Of
the Bank Of England. Indeed, they were recently
charging Sia per cent when the London rate. was
). The reasons assigned for keeping down the al
ioWanCe !Jr deposits are, that the banks are c1n-
sidered 10 Offer the only means Of investment Az.
pTouching in safety to mortgages cvEsois. and
that, az the former can scarcely he obtained. and
coua0is pay still lower rate Of interest. per
es.t, = sufficient proposition.
Annexed I3 tae circular isEued by NessEs san
deIsou Sandctnan / Co, announcing the necessity
for their suspension. The liabilities of tie hcuse
10 depOsitofs. by whom bills arc held as security
are stated 10 te between three millions and three
millions and half while those to other parties
may be about f290GU0. The great majority of
the bills held being perfectly good. such as
would be discounted by the Bank of ENGLAND
inconrenienCe and the effects of the stoppage will
therefore he very limited when compared with
the magnitude Of its appearance. Ten years ago
the house suspended during the crisis which then
ragged, and il les. than Eve months it resumed
business, Mr. ssndemsn being admitted as part
ner. An equally favorable result is confidently
hoped for 81 the present occasion. Tic principal
difficulties Of the firm have ar.en from the failure
Of the Liverpool Borough Bank and Dcnnistoun /
Co. hut from neither of these sources any utl-
mate deficiency he much appfehendeA.
King WILLIAM STREET, Nov. II.
Ii is with extreme PAIN We have to announce 10
you that cur house is under the necessity OF sus-
pending its busness--an event which was wholly
unforeseen and unexpected by
The pressure of the times and the recent lament
ed death Of our senior partner, Mr.. SandeTson,
have left Us alternative bnt to take this step
which we trust will be but temporary The aC-
counts are being made up with all dispatch. and
in a vcry few days they will be in a state to be
submitted to those interested.
We are, &c,
SANDRRaoy. SANDMAN 4 Go.
The applications at the Bank to-day for discount
we're again extraordina numerous, but this lea
ture loses much Of its Importance from the Cir
Cumstence that it is chiefly from parties ove~'up
plying themselves. These PERSONS when they get
frf, fhaofr hxx hon,