The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1866-06-16

Date. 10 May 18Th,

decreased e253 900. The rate Of discount was adj
vanced 10 9 per cent. Nothing definite a. 20 Amer
lean securities. owing TO the prevailing panic. Con-
soils closed on Saturday at SGs DSBs Five twcntes
64G66. The Bank raised it's rate OF interest to 10
per cent. The financial panic eliminated last
Thursday, the 10Th, in the SUSPENSION OF Overend.
Quincy & Co, with liabilities of from ten to twelve
millions sterling. Assistance was asked from the
Bank of England, but they declined to grant any
on the ground that il would be vain In Il crisis Ike
this to assist one establishment and not be prepared
TO help other applications as well.
The following morning (Friday) intense excite
ment prevailed in the financial circles ot London
Liverpool. and other centres, and business was
almost SUSPENDED. Meanwhile, additional and most
serious disasters were hourly announced Inc hrst
was on q comparatively small bank, which Eng.
fish houses struck for fSOO.OOO: then came that Oh
pe;o & Belts. for ga. O00. 600: then W. Shrimpton,
railway contractor, for G20O,OOOi and. hnaliy, IL was
understood that the Imperial Mercantile oredlt
Association, with n paid up capital OF tooo.Voo, anu
the Consolidated Despatch Company, with a paiaup
capital Of e260. zoo, must, with extremely heavy
commitments, pass into liquidation. During the
day, the most intense anxiety prevailed TO ascertain
if any steps had been taken by the leading merchants
and bankers to represent to the GcVernment me
extent Of crisis and the false notice IN the stock
Exchange rh.t an extra issue OF Bank notes. TO the
extent Of el0. 600, 900. had been ordered. caused al
one time, a general rebound in prices. Later In The
evening. it TRANSFERRED that the Government had
resolved TO suspend the Bank Charter Act.
In the Liverpool cotton market there was an in
creased panic at the commencement OF FRIDAY, out
less unSteallD6SS ~ Is CAOoS- ~
was n complete panic. Al Glasgow the iron brokers
resolved to suspend business till Monday. In the
produce market of London, prices were almost whot-
ly nominal. Taking into account the depreciation
tbot has simultaneously occurred in English funds.
railroad, and foreign securities, etc, the dthiinu'lch
in the market value OF this property since the negIh-
ming of the year, may be considered to reach @loo,-
600, 900 sterling, to say nothing OF losses III co''oh
goods, iron, and other articles.
The Times editorial says, Z" If anything can JUS
tify the suspension of the Bank Charter act, the
panic which swayed the city TO and fro on Friday
night excuses the step. although We believe the reign
of terror was approaching its end, and would have
speedily ceased, had no infractions of the Bank law
been permitted. Even now it is probable that the
license allowed 10 the Bank will not be used. Hcan'
not, however, be denied that about midday yesterday
the tumult became a rout. Such excitement on all
sides has not been witnessed since the great Crisis OF
1925"
action of the Government, and says, during Friday
the Bank had extended its discounts until the
amount had exceeded four millions sterling. The
effect was to reduce the bank reserve nearly t3.Uoo,-
900. This diminution, aud the prevailing distrust,
justified Government Intervention
The action of Government was announced in the
House of Commons on Friday midnight, by Mr.
Gladstone, who had been engaged all the evening IN
consultation with bankers and others, VINO repre-
scented that the panic was without parallel IN the
financial history of the country. Mr.. Gladstone
said he had addressed a letter to the Bank OF Eng
land that if they should find occasion to afford
relief 70 the wants of legitimate commerce., and make
such advances as would require the issue OF notes
beyond the amount allowed oy uoVerhtheh'' nc
recommended them not to hesitate in doing so. and
undertook. in the event of that contingency, to make
immediate application to Parliament for an act OF
indemnity. -.
The Bank of France. on the 18th, advanced the
rate of discount from 81 TO 4 per cent.
Napoleon made n significant speech at Auxerne,
in which he said he detested the treaty of 1910.
The Paris Bourse had accepted II a. u sfSnai if ""'
A severe panic had set in
The -uiiIitary Repiep Of the 18th says the whole
Prussian army is massed along the frontier, ana
Austria is bringing into the field every man she can
raise. 1t is enough to say that the whole nation is
painting for war. ~
An attempt was made to assassinate Count Bis
mark, as he was walking in Berlin. The assassin
fired several shots from a revolver, but Bismark re-
ceived only a slight confusion. The assassin WIS
arrested. but committed suicide in prison.
The Vienna correspondence of the London Times
saws Mr.. Motley had announced he would leave tue
country if another body of volunteers was olspa'cheo
70 NIexico. A detachment of 900 men was to have
embarked at Trieste, May LIST, but there Is nc an
nouncement of their doing so. A dispatch OF 'he
18th says In consequence u ,he PIoueso :" nv
American Minister, the last rifle volunteers whe
Joined the corps destined for Mexico, have been sent
home on unlimited furlough.
NEU York. May lin the House of Commons
May 3D.. Mr.. Gladstone read the annual financial
statement for the ensuing year, estimating the ex
penses at ESQ, z25, 900 and the revenue at toI,oio,
900 leaving a surplus of 81 $50 900. Mr.: diad
stone, in referring to the American debt, said "
mnSt confess. L tnlnk II IubuEcO U CT No. "o tDA
finance is concerned, will not be attended with an,
embarrassment. | do not believe the deot Will con
stitute any difficulty for the American people. In
moderate time it would be brought within very SINAI
limits, and this may, even within the time OF person.
now living. be effected, although at this momen
America is embarrassed with n tax from n war, ant
the amount of the Revenue of the United States II
not less, | apprehend, than about eighty millions o
BRITISH money. the largest sum ever raised III any
country for the purposes OF a Central government.
The Venice Correspondent Of the Paris Pdrt
saws: Austria is placing herself in a state of com
plete defence. Troops are arriving from all points
and without neglecting Prussia ana Leg
nano, ri the military authorities are striving t6
make a display, more especially IN the Iortres7es o
Verona and Mantua. The artillery OF verona con
sists of more than FIVE hundred cannon In battery
besides the spare guns at ell the main points between
Verona and Mantua, where the Austrians have erect
ed redoubts and entertainments which will be strong
" filed. The Quadriiateral is, therefore. an i'm
mense entrenched camp, where all the advantages
will be on the side of the deiences."
Napoleon has made an exposition Of the position o
France towards Italy and the contending German
Powers to the French Legislature, through vi. hou
her, Minister OF State. 1t is terse and decisive, de
claring a pacific policy, an honest neutrality. ant
entire freedom of action for the empire. Italy
the Emperor says, s is free to choose her own course
but, like Austria, must take on herself alone all th'
risks and perils OF war"
The Tribune's Florence correspondent, writinI
Anril Goth, heads his letter thus: Within n fort
night we shall be involved in war. The abandOnet
fortress Of Cremona is being fortified in haste, and
feet concentrated. All the soldiers on furlough hav
been recalled-even the reserve OF classes of 1884
1886. All the official papers FIRE the Italian heart
Generals La Marmora, Pettinage and Patti ar
assembled in military council. Everybody prepare
for war, and still they try to shift the responsibilit
upon the Austrian ornaments. In fact, Napoleon
the great wlre-puller; he first pushed Bismarck. an
now he pushes La Marmora so that Austria cannc