The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-05-24

Belts
No. 8 GREAT GEORGE STREET, WESTMINSTER,
May II, 1866 We much regret to find ourselves
der the painful necessity OF allowing our accept
ances to be returned, owing wholly to the disap-
pOintment OF the arrangements we bad made for
their provision, which have been defeated by the
unexpected turn which has taken place in the money
sidered it to be the most expedient course in the
interest of all parties that Tor the present we should
sdence of the nanci panic now o% preHanS, p SU
we are enabled to state that, having submitted a
statement OF our affairs to Mr.. ), e. Coleman so
lately as the 23d OF last month, then possessed
clear balance of upwards of fl,000 900, estimating
our various properties at their then deprecated
value Our position now Is but slightly changed,
and we have, therefore, only to solicit fo obearanoe
on the part Of those who hold our engagements, and
we trust in very short time to submit through
proposal for the adjustment and discharge of all
We remain, your very obedient servants,
PETo & Belts
The drafts OF the Consolidated Discount Com.
pany we're this afternoon returned unpaid This
concern was established in January, 1864, TO
take over the discount business OF Messrs San
deman Co. The nominal capital is fl, 200, 900,
in shares OF ESQ, with fl2 los paid, and the pre-
sent price is nine to seven discount.
The directors of 0verend, Gurney & Co.,
limited have today, in the interests of ali par.
ties, presented a petition to the Master of the
Rolls for windingup order, and Mr. Turquand
(ot Coleman, Turquand u Coz and Mr.. Harding
(of Harding, Whitney Co.. have been ap.
pointed provisional hquidators.
The jointstock banks have to-day raised their
rate OF allowance for deposits from five per
cent. to six per cent.
In foreign securities there has been partial
recovery. The quotations upon Holland aud
Hamburg were higher.
The sum of one hundred and thirty-seven
thousand pounds in gold was taken to the bank
to-day. Some considerable Withdrawals OF coin
were made for the provinces
1t is already known that several failures
among the dealers will be announced in con-
nection with the approaching halfmonthly
settlement on the Stock Exchange
Rumors we're circulated in the course of the
day, OF a severe run on the bank OF Messrs.
Barnette, Hoares, Hansburys d Co.'s, but they
were entirely without foundation. There was
run upon two or three other banks, and, being
well met, soon subsidized. Both in London and
the country ample preparations seem to have
Deen very generally made for such contn
gencies.
The Bank Charter.
STATEMENT OF THE CHANCELLOR OF THE Ex
CHEQUER TO PARLIAMENT.
In the House of Commons on the l1th of Nav
Mr.. Disraeli sald:-I take this opportunity OF in
quiring of the Chancellor of the Excneuuer,
whether there is any truth In the prevalent
rumor that her Maiesty's Government have
authorized any relaxation of the provisions OF
the bank charter regulating the issue of notes
THE CHANCELLOR OF THE ExCHEQUER-In the
first place, IN reply to the question OF the right
honorable gentleman opposite, beg to STATE that
there is truth In the statement that her Maestvs
Government have authorized any step to be taken az
yarlance with the provisions of the of 1874 In
point OF iact they have not arrived at any decision
upon the subject of the state OF things winch pre-.
walls In the city IN immediate connection with the
ca anxious event announced yesterday. Until two
hours or TWO hours and halt ago no Representation
or formal report had reached me from the city upon
the subject OF the exist ng state THINGS; but for the
last two hours and halt my time has been occu-
pled IN receiving information and statements and,
may add, an important requistlon from .rY inhu-
entail persons connected with the city. have seen
many OF the most influential and respected mem-
bers OF the body of the London bankers on the sub
lect and have not yet had time to see but expect
to see as soon my engagements in this house will
allow me TO leave my place, deputation from the
members of the jOint-stock banks IN London TO the
same effect. The purport OF the statements made by
them is that they conceive the state of panic and
distress which prevails in the city to be without
parallel In the recollection of the Oldest OF busi-
ness in the city of London They suggest and desire
that In some form Otner relief should be afforded
But am not yet cognizant of the actual state of
affairs in the city, as 1t exhibited from time to
time by the accounts OF the Bank of England
IL II DeiDg very well known that the reserve of the
Bank OF England constitutes the principal part
of the disposable money OF the country, and
that 1t constitutes the stock which is Immediately
money. Before take any steps in the matter l
should Fish to know the precise course of events
which have taken place at the bank during the
bank DO not let 1t be supposed that l make the
ausion as If it were possible to raise any question
with reference to the position of the bank ltselt
merely speak of the events that have occurred there
during the day as likely 70 guide in the course
lealty the mIror OF the monetary state of the coun
try, and by ITS means we obtain from day to day
the most definite account Of the condition of the
money market. The representations that have
been made to me are Of general and inded-
mite character, while, at the same time. tneY
are representations which, account OF
the quarters from which they proceed, are
entitled to the greatest weight and Importance and
well deserve the immediate consideration of the
Government Possibly, as snort time as that
during which have been occupied this afternoon
we shall have acquired very valuable information on
w wa ahaIl ha dad tba
course we may adopt. at the present moment can
only say that the condition things In the city has
our most careful ana anxious consideration, and
that we shall feel IT to be duty to bring the mat
ter as far as IN us lies TO WISE and prompt ISSUE
The honorable gentleman behind me asked me
whether we should consent to suspend the bank act
in the event of the directors of the Bank of England
making proposition to that effect. On that ques-
ton should wish 70 make two remarks:-In tue
hrst place, having stated our anxiety to proceed
promptly in his matter, had rather not answer
the question; and secondly that the question pro-
Will make proposition, which do not believe is
likely ever TO reach her Majesty's Government from
that quarter.
Suspension OF the Charter.
Ats later hour in the evening, during the sitting
Of the House. the Chancellor OF the Exchequer said:
II stated in the commencement of the evening that
rept esentRt0ns had been made to me from quarters
OF the greatest influence and credit with respect to
ts st'e t " De-. ING rAet ana tne ds.
those representations had come to me from gentle
men representing IN particular the private banks OF
London, and expected that l should shorty have
received similar representations from those con-
necled with the JONI stock banks
Ihose representations have received accord /
lngly, and they we're pressed even more urgently Il
than anticipated stated also at the time zen Il
had the honor Of addressing the House that the /
En- gland had not been fully given to u.s. Since then
We nave become acquainted with them, land We hnd /
rai.sS dns ~ through desire to extend relief has
IHlSeo us loans and discounts to day 10 q sum of
something more than "a 090 900. The effect Of /