, 1866-06-01
Enanoes I'm Enrnne.

HALIFAX, May 2I.-The steamer Ca6G has ar
rived, with dates from Europe 10 the 18th. Con-
soils closed on Friday the lIth at S5 and s54 for
money. The rate of discount had advanced TO
per cent. Nothing was doing in American Sc
curities, owing to the prevailing panic. Con-
sols closed on Saturday the 18th at S6s and seq;
| o-twenties at "a and 66. The banks raised the
rate OF discount to 10 per cent.
The financial panic eliminated late on Thurs
day, May 10th, in the suspension of Overed
Guerney Co., whose liabilities are el0,O00,-
| 600 to Gl2,O0O, 900. An advance asked
from the Bank OF England, but the Bank declined
70 grant any on the ground that it would be vain
In crisis like this to assist one establishment
we'll.
on the morning of Friday, intense excitement
PreVaiied In financial circles at London, Liyer-
pOoi, and other ceutres Business was almost
eutlrely suspended. Meanwhile financial and
most serious disasters were hourly announced.
rlrst was bank, of whicN the stock was held
oy EnglIsh Jews, for 800, 900 pounds sterlingi
then that OF Pettis h Ball for .OOO, 900 pounds;
theh w. Shmpton Railway contractor, for 2OO,-
OOo pounds, and finally it was understood that
the Imperial Mercantile Association, with II paid
up capital OF SOC, 900 pounds sterling, and the
Consolidated Despatch Company, with paid
up capital OF 220, 900 pounds sterling must, with
extremely heavy commitments pass into liqul-
datlon. During the day the most intense aux
lety was manifested to ascertain If any steps had
been taken by leading merchants and banAers to
represent to Government the exteLt OF the crisis
A false notice on stock exchange, that an extra
issue by the Bank to the extent of lO, 900, 900
pounds had been ordered, caused general re-
bound in prices. Later IN the evening it trans
pired that Government had resolved to suspend
the Bank Chatter Act. 1t was already shown
that several failures among dealers will be an
nOunced ID connection with the approaching
! hn1f I. n IL.
a large number of country bankers were III Lon
don to confer with their London agents, aud
provide against all danger from local runs, bOth
in London ard in the country.
At Manchester there was a complete panic.
At Glasgow the Iron Brokers resolved to pend
business. At Liverpool there was increased
panic at the commencement on Friday, (lllh
inst, but less unsteadIness at the close. Taxing
,iutO account tue depreciation that simultaue-
ously occurred in English funds and foreign Sc
curitcs, the diminUtiun OF the market value Of
this property since the beginning OF the year,
may be estimated to reach Gl30,O0O, to say
nothing cf the losses in cotton goods aud otuer
articles, The Times says that # anything can
Justify .he SUSPENSION Of the Bank Charter act,
the panic which swayed the city to aud iro Ou
Friday night the lth inst. will exercise that
power, although we believe that the reign of ter
Tor was approaching its end, and would have
speedily ceased had no infractiOn Of the Bank
been committed. 'TAen, it is probable the IL
cCnsc allowed to the Bank will not be used. 1t
cannot, however, be denied that about mid day
yesterday the tumU!t became perfect rout.
Such excitement on all sides had not been wit
messed since the great excitement Of ls45. The
Daily NeJcs applauds the wise and prompt action
| Of the Government, and says that Friday the
Bank had extended its discounts until the am t
increased g., ,OOJ 0CO III. effect was TO reduce
The Rank reserves nearly c3 100000. The pre-
vaiiing dis;rust justified Government interyen-
tiOn. The action of the Government was an
nounccd IN the House Of Commons on Friday,
the llth, at mid might, ~ Gladstone, who hAI
been oil the evening very busily cngt gcd in coI-
/ sUi;atiOn with Bankers aud others, who rcbre-
Seute that the panic WAS without Il pacl!icl II
the financial history Of the country. Gladstone
said he had addressed q letter to the Ba k OF
Eng aud stating taat if they lll reason to afford
reli f to the firms of legitimate commerce, and
make such advances as would require the is>ue
Of nc.cs to TIE aIo ant .t!IyEc.!, the Government
RECOMMENDED .aum not ~ hesitate in doing 50,
and wouI gnd sr;aLe in HAT emergency 10 make
immediate application TO Parliament for an act
Of uieEAIty. Grey11 Xcrali