The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-11-13
our London Correspondsnes.

Our London Corresp0ndenoo.
LONDON, Oct. 70, 1904
The TnGwciaI Presure Raddin9 from 'CAan0e Abroad
FailyY in India-7A E6eeh at Home-Hop the CT.
sis Pyodnced-7he ACTION Of che Bank Of England
Pdimeraon1 DIPLOMACY and Povliomens- Waning
Hopes Of ne Rebel Sympothissys, DO
Commercial and financial Affairs still take precedence
everything else The effect Of the late pressure In
the money market here begins to DO felt other locaA
ties and Of the continental cities coming for
their share India and China also going to get their
portion Of the experience Some heavy failures are re-
ported Bombay The financial squeeze here in London
begins TO be mitigated.
The storm not oil yet, but 10 b believed that
the worst OF 1t has passed. There will DO failures and
ups and downs In commercial circles for the six
mouths at least az part Of the present lack Of conf.
dence. Word has gone out to China told counter
mandpg about all the orders that have lately been sent
that very few goods may be expected from that
try after the arrival Of carsocs the way. This
win tend 70 keep the specie at homo; but the China
chants win feel the effects very sensibly.
As have intimated In former letter, this
half crisis In the commercial world got up on
purpose Whenever foreign loans and other large
financial transactions 20 be negotiated here
in London, a few houses OF long standing and good
repute like Baron Rothschds oIyu Mills Co.. Overland
Quincy Co, Jones, Lloyd Co.. and one Or two NOR o,
Always kot Jop amVuk them, Auu hnoy uAu the lat
results. But during the lost year two joint stick
banking companies have been formed with very 20
capitals add these seemed likely 10 interfere seriously
with the rich pastures where the bulls Of Bashan
been accustomed 10 grsze. Many OF those living
In expectancy, and 70 stranGe them Q combined plan
reeorted TO- The old said, "Iet drop half
million and shall get after many days. 50 they
sold consos largely. and million after million OF govern
ment securities we're put The market I'LL great share
OF the cash became invested In them or
per cent And, everybody knowing their value Efforts
were made 10 raise as much money ~ possible 10
invest In them, knowing that they must come M.
OF course with this drain on the financial resources
Of the country the rate OF interest rose, till
ten, eleven and twelve per cent was the usual rate
followed, and people began 70 frightened No
knew whom 10 trust. The joint stock banking concerns
began TO amagamae, aud those who pulled the strings
began 10 see the effects Of their Diplomacy You may DO
that this how all about and the losses In
blockade running. IN fall Of cotton and The rebel loan all
canning Of The same juncture only served assist the
crash. And II Is not yet over From the nrst
tam that the substantial ones have bad fear OF the
resulls Inere no saying more true than that 80 few
There wHI be no dissolution Of Pariismeut now, not
wshstanding such has been started. Twas
OF Pamcrston's sly jokes He wanted the tories 70 90
OF TO their constituencies, and deliver speeches and
make all sorts OF promises 70 the "desr people, These
ike other political promises would be broken and then
when the dissolution does come 10 twelve sixteen
months. be win exhibit before their eyes ther broken
pledges. SO look for new prorogation OF Parliament
the 10th OF November.
few benighted individuals are still 70 be found who
believe JET. Davis rebel infant will yet grow TO be
man but the number OF these unatcs Is growing sma
BY degrees and beautifully less"