New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-05-22
Great Britain.

Great Britain.
The financial panic eliminated late Thursday after
noon, the 10TH IN the suspension Of Ovcrend, Quincy
20. The business converted IN August last into
limited liability company, with nominal capital of i've
millions sterling, of which million and half was paid
up. The liabilities stated at from to twelve million
pounds sterling The breakdown Is attributed TO heavy
speculative sales Of shares which forced them down from
fen premium 10 discount DcpOsitors then began TO get
alarmed and the drain the 10Th very APP
Nicatcn for assistance made at the Bank OF England
but the Governors declined 10 grant any on the ground
that 1t would be vain in crisis like the present 10 assist
Dne establishment unless they prepared TO help other
applications well. 1t too late TO make call on the
shareholders take any other steps. The doors of the
establishment were consequently closed The failure does
lot compromise the Quincy Bank al Norwich.
On the following morning Friday, the llth,l intense
excitement prevailed in the financial circles Of London
liverpool and other ccncTs and business was almost sus
pended
The Bank Of England Yesterday Taedrhe rate ofdcount
from per and charge for special advances to TO-
The at these terms was enormous and it
only uDexceptonab bills that accommodation could DC
obtained Meanwhile additional and most serious disasters
were hourly announced The first that Of comparatively
Then of Peto Belts for e1OOOoO sterling then
that Of L. Shrmpton Railway Contractor for s2O0O and
dissertation whose paid up capital Is s5OO sterling and
the Consolidated Discount Company with paid Up capital of
t2JO sterling with extremely heavy commitments
ass into liquidation During the day the most intense
tsdng merchants and bankers to to Government
the extent OF the crisis and false notification in the stock
WTcbsuge 30 the effect that an extra issue OF bank
notes 70 the Of 100000 had been authorized
Saused at time general rebound IN prices
Mater in the evening tansred that the government pad
resolved suspend the Bank Charter Act The assets Of Peo
Is Belts under the most depressed circumstances arr
tesmated five millions sterling and II is confidently
stunned that in short time proposition for the adjustment Of
claims be submitted Every will hope that this
may case Sir Morton Peo and his partner rank
prominently among those who have carried the fame OF IN
Danded high personal regard IN all sections among tnef cou
4Iymen." 800
will be announced connection with the approaching
tslfmonhly settlement on the Stock Exchange large
number Of country bankers were IL London 10 confer WIN
their London agents provide against al danger nom
focal RumOrs circulated ID the course OF the
day of the bank Of Barnetts Hoores Han
bury Co.. but they were entirely without ioundaion.
shere a upon three other banks and being
vel met subsidized Both in London and IN tho coun
sy ample preparations were very generally made ior such
contingencies.
In the Liverpool cotton market there was increased
psnc the commencement on Friday but less unsteed
AT Manchester there was a complete pause. At Glas
gov the ironbrokeIs resolved 70 suspend business TIL
.aonday.
wholly nominal Taking into account the depreciation
that has simultaneously occurred IN English funds railway
and foreign securities, Ne the ammunition III tne n"IAc
value of this property since the beginning Of the year
snsy be considered reach fl3O 100000 sterling to say
nothing Of the losses on cotton cotton good ol ana
other articles.
Tic Tines in an editorial says if anything Justify
the suspension of the Bank Charter act the panic which
Erayed the CITY To and fro Friday may the step
although ue believe the reign Of approaching
Its end and would have speedily ceased had no lnacon
Of n =
the lccpsc allowed the Bank will not be used II can
not however be denied that about midday yesterday the
tumult became rout. The doors of the most respectable
banking houses besieged more, perhaps by MOB
actusted bv a strange sympathy which makes and
keep a mob together, than by the creditors OF
banks and throngs heayng and tumbling about
IOmba1l-s made that narrow thOroughtare impossible
Such excitement all sides has not been witnessed since
she r,t crisis of 1895 Each exaggerated the
pieion OF his neighbOr, and until report al tla he
pfoupded was circulated the afternoon that the Gov
eminent bad authorized the Bank Directors 10 isue h'e
millions additional in notes, II seemed a. Inc iar ana
I;sf-sf az the commercial world had suddenly besome
SoundeSs The statement was baseess az the uine but
served ailay the panic, which had no sou gunaaoA
Even thc announcement OF Petos suspension uld mol r.
yive the Eanic first intensity, and the statement OF
other sto9pages produced little effect.
. I'M r. mes adds We need 10 be- persuaded that had he
Government stood firm the panic would have siDsided
ftself ana H. as 10 expect confidence VIII DE
sneedv restored 10 attribute It TO material causes
vather than 10 the interference Of the Executive "'eA
ment.' . Ito; NJ
xe Gov,rnnent and saws During Friday the BANK nae
extended loans and discounts unii the amount eA'
14O0,gat-' -, III x,s h, uosrlr
fhree rnslions This diminution and the Pe'aIhe us
frust isst.fied the Government Intervention g.. -,
The seiion OF the Government was announced ID inc
Hons. Il Commons on Friday al mdIlghl, Dl Oiais'o
r. b.d heen engaged all the evening ID consultation
with ha-rs and others, who represented 70 hiu u1
Panic In tae city without parallel IL the hhahc"
Gs,,ooe said he had addressed letter TO the Bank OF
Englaud Ia the effect that if they should md occasion 10
afford relief 10 the wants OF lcSitiH"tS e
mali b advances as would require the issue OF notes
bevouJ the amount allowed by act, the OoVerhmen'
them not hesitate IN dong SO, ana unuei-
tool In the event Of that emergency 10 MAKE lhne0'"
application 10 Parliament for an act OF indemnify
Parliamentary proceedings were unnpOTtahL -, ,
Tbe Vouse OF Commons debated with some warmth the
question Of inefcency from old age OF Two insn
SiT Ro,erf Peel provoked some slight excitement No
action taken. - -. tine. of
Toni D-s slpuortcr on the Ilh, il was resolved that
mo onuosfon should be offered TO the second reading OF
the Keorn bill for redistribution OF tne SEATS anu ua'
the bill Nv allowed b. 90 into the committee -
The coera continued 20 prevail among the passengers
Of the returned steamer Heveua' ana re" aug gi
deaths not confined TO the Germans, are reported W
seame, remained in quarantine. large number Oh nv
crew tk Eorcibe possession OF the tender ana deserted
tile vcSs but subsequently were prevailed upon 10 IT,
turn. -. .a
on TIE steamers strike for increased wages
Many o. the leading firms had acquiesced in the demands
Of the sscsl- -
MAI siasing and nmast alongside, with Ncw-York
/. Ehi.c letters On her stern, was passed Apr' ~
Avstris. Prussia and Italy.
The a.siion Of Tor the moment Is oveishadose 60
by the financial panic. There i no mouih0a'o" AZ n
stanea;e, aspect OF abdirs -. - A.. M,
~ Tses In a summary view OF affairs Oh the IItl
saysa Ihe whole Prussan army ana geat o0ules ~ i
arc n. ed along the frontiers. Austria II olnsne
The field cvery man she can raise ana u 10 ehousn
che wtSss nation Is painting Tor war J., u..o an,
. These were rumOTs 81 communications py France C M
EBgiaRa with Austria, with view TO avert Gil ou'D'"
but noAing authentic. ,-..-,, 80.
The latest FLORENCE papers regard AZ inevitable an
aJ BY mobilization Of the Ministry about 70 take Pac
- kaaara viii receive the military command