The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-27
BRITAINS COLLAPSED BANKS.

PARLIAMENT ASKED TO APPOINT AN ARBITRATOR
TO THE CITY OF GLASGOW BASK-THE RocH-
DALE CONCERN RUINED BY SPECULATION
SCHEME TO REOPEN THE WEST OF ENGLAND
INSTITUTION.
LONDON Dec. H. 1873.
The bank failures continue to attract public atten-
ton here. 1t is seldom that English faith has been
so rudcy shaken. Several meetings have been held
TO consider the situation meeting of shareholders
of the City Of Glasgow Bank, trustees and others,
has been held in the Royal Hotel, Edinburgh, ITO
consider the proposal for settlement of the
affairs of the bank by arbitration and it was
agreed that to this effect should be pre-
scented to Parliament The gist of the resolution
was that it is important for the common interests
both OF shareholders and creditors that all matters
lating TO arising out of the affars of the bank
should be referred 10 judicial parsonage of the
highest standing, to be named by Parliament. as
btrator.
THE RocHDALE SMASH.
The worst antcpations in regard 10 the soppape of
the Messrs Fentons bank appear likely to be realized
Although il only suspected that the catastrophe
hal been brought about by Stock Exchange spectla-
tons of OF the Arm, there now be no longer
doubt as 20 the fact No report has been issued by
the accountants in whose hands the books of the
were filed, not only OF the banking
concern. but of Mr. Jonathan Nield. who carried on
Of the rrgest stock and share broking businesses
in the country, aud the private petitions OF several
members OF the urn, we'll that of the Iaxcuden
Turkey Red Dyeing Company which was carried on
BY tho members Of the bank. various facts have
leaked ont Of most extraordinary character
The liabilities 70 depositors are roughly esti
mated at I02o,0JO. and in Mr.. Neld's petition
the OF E5T 900 is stated owing to
the bank. Mr. Nieid is indebted to banks
in various parts OF the country in scot
land aud in the North OF England, though none IN
Lancashire loses anything by this failure. II is sup
posed. however. that the banking concerns are fuy
secured from any loss. Two banks in scotland are
involved respectively to the amount Of 10000 and
fG.25O. three English banks respectively 60 the
amount ~ fl0.oco, $4,000 and $500. Contrary to
expectations considerable loss VIII fall upon Lon
don by Mr.. Nieids failure. One gentleman In
the cay WI, ose ss S,g s shIsn'f sap
company IL Interested 70 this extent of
100000. London firm Is also involved 70 the ex-
tent OF 100000. another III Westminster % the extent
OF Eli Co., ana several gentlemen la the metropolis
are creditors 70 the amount OF several thousand
pounds. Liverpool merchant IL scheduled for
E5.5v0, assurance company for $50 and trades
for 1850. Manchester broker has placed 10
his credit the sum OF f50,O0O. celebrated hrm OF
Manchester picture dealers is credited with xisUu0.
and firm OF builders s scheduled for
E2og. clergyman IN the n ne Of
his name; in kochdae gentleman over
f2.O00. aud several others for smaller
Glasgow firm IL scheduled for E1,IOO, another for
fg10. while a Cheltcnham doctor loses f.G0 The
above the principal items owing by Mr.. Niela,
and tho total amounts TO over fgovooo The credit
Of the bank number 900, and thirteen claims
amount 10 f33J,i 40; one creditor claims tl3UUDD
Many Of the creditors have only small sums deposited
in the bank. the smallest sum being 5s. In look
ing the list tho striking feature II the
large number Of accounts trust for Church.
scholastic and other objects. One friendly society in
the neghborhood Of Haywood had al its funds
E1 500, with the exception Of 5s deposited In the
bank The Baxenden Company $500 Mr.
Joseph Fcnton who III a landed proprietor. in his
private capacity owes considerably over fl00,0W. Mr.
William fenton owes 10000, AIR. James Fonton over
a. 600 and Mr.. William Fcnton, Jr., 600. Great
anxiety is felt by the deposiors to the assets OF
witch nothing is definitely known, those acting
for the partners refuse 10 give the creditors any III
formation as 81 who IL secured aud who is not.
nEcoNsTEucnSd TAN BRISTOL BAsk
definite scheme for the reconstruction of the
West of England Bank decided upon by the d.
rectors yesterday and the prospectus detailing the
objects Of the promoters will be published Satnr
day The new institution is TO be called "The West
OF England Bank iLimited," aud is 20 be iucorpo-
rated under the limited liability acts. The capital
will he I'll, 5V0OOO. in $1,000 Of $40 each,
but only E25,0J0 are to be at first issued
and only Flo called up The business u in
tended ~ be carried ~ tho head Office NJ
Bristol the West Of England banking Company, AZ
the Offices OF that bank ia Bath, Bridgewater, Iaun.