The New York herald., 1866-08-04
THE ENGLISH MONEY CRISIS.
Eject Of the stoppaGe Of the Preston Bank
and the Heavy Losses.
[From the London Times, July 2i1

[rrom the London Times, July 2iI
THURSDAY by the stoppage OF tie Preston Bank s con
tinue After the despatch Of our parcel on Thursday
afternoon the widest and most Irregular reports we're
the recent operations Of the bank the pre-
position Of its finances and the prospects of both
shareholders and depositors. Even up 70 the
four O'Clock N the sfsernoop-no ofheial state.
mcnt information from the authorities of
any kind had been gwen From what is stated In the
pears that tho deposltors In danger OF sustaining
any loss although Il 10 quite probable that sorne OF ths
claims which viii have 10 be made upon them. The r..
port rculaod the bank having been seriously
crippled In operations in consequences OF the lab
ues OF s Blackburn branch has been repeatedly cor
roborated and seems 70 be taken as fact One firm
a. Biaclburn has ysn ~ bas % s crt-nf n f300
600 and another has done hs hino 10 ne srfert c
floo,ooo
mo aggregate Of the banks liabilities Is SIN nred At
about fi 600 The actual Etae OF the finances
be at for the most recent ofhcal document
tanning thereto and issued 10 the shareboders eleven
months old ne paid up capital according 70 that state
securities OF the bank refer largely 70 m property and
realizat ons thereon Just be effected With ad
vantage II the pressure pot upon creditors had not
oisous DfsS eesrpoason in o.h.r aaaea eusr.r. .
and consequent doubfulnes relative 70 the stability
OF the bank. which caused everybody who knew any.
thing about the matter 20 withdraw their deposits
II ~ probable that-the present financial disaster would
not have occurred. The Preston Bank seems TO have
been ths general depository " the funds of many com.
psnics and pubic bodies n the town and neighbohood
The have thsir money In ~ the guard
Of ,hs poor have fl2,ooo In H. the oversecrs about
e. 600 and merchants, trsdesmen be, have made u
tho receptacle of their Up 70 the present
hap the bank has enjoyed the utmost confidence Of the
public. and u has done very prosperous business
A general meeting OF the shareholders will b. held
shortly The stoppase OF several cotton mills 10 hourly
expected; one or tvo have already been closed
The birmingham BsnkiBG Company.
Approxi mate statement of Affairs. July ~ 1880 sub
mt,ed 10 meeting of tho shareholders held af the Er
change, Birmingham, on Thursday, the 10th Of July,
1900
uImIrra
Amount due 10 customrs on current
accounts 1r55 5Ol ~ q
Amount due 70 depositors. .......... sSs.v0T
Creditors holding drsugh1. counter adj
vices snd amount due 70 other bankers VIA 3
Unclaimed dividends. de..................s 3,AT o
Estimated liability on bills under dis
count clerks salaries, Ac......."... 5000 o
Balance. being apparent surplus divsible
among the shareholderA .....s........ ios es5 .
Total. ,oot, "a 10 1
ASsKra.
cash in the bank ............:........ f3s.oos !
Amount IN the Bank of England and
doe from other b4nkers ............. 2ss25 9
Bills ~ enchangc 10 hand estimated 10
pruduce ss..4st..t.st4tss ssss.s4s...s 10000 o q
Bills n the hands ~ fonfon seents. iess
ambunt due % them cash accounts 81 OO3 8 10
Amount due from customers on current
accounts estimated % prysuce ...... i,s75,Ooo 0 0
Properties ned ~ TIE hank Including
bank premises, ssumaied 70 produce. TO Oo0 0
Total o0s a. 10
II vas moved ant seconded snd unap raoYyf eaYreA
that the statement ,. received and snterea 90 s
mnutea