The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-27
BRITAIN'S 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. II, 1873.
The bank failures continue attract public atten-
ton here 1t il seldom that English faith has been
SO rudely 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 measure to this effect should be pre-
scented to Parliament. The gist Of the resolution
was that it is important for the common interests
both shareholders and creditors that all matters re-
lating to arising out OF the afiairs of the bank
should be referred to a judicial parsonage of the
highest standing to be named by Parliament, as
bitrator.
THE RocHpALE SMASH.
The worst anticpations in regard to the soppaPe Of
the Mcssrs. Fentons bank appear likely to be realized
Although IL only suspected that the catastrophe
had been brought about by Stock Exchange specula-
tons of OF the firm. there can now be no longer
doubt as 20 the fact No report has been issued by
the accountants In whose hands the books of the
hrm We're placed but since inc petitions
concern but OF Mr. Jonathan Nield. who carried on
Of the rrgest stock and share brokng businesses
IN the country. and the private petitions of several
members OF the firm, well as that of the Baxcnden
Turkey Red Dyeing Company which was carried
by tho members of the bank. various facts have
leaked ont OF most extraordinary character.
The liabilities 70 depositors roughly esti
mated at .cn200o0, and ia Mr.. Neld's paftfon
the bank Mr. Ncld ~ indebted to banks
in various parts OF the country. in scot
land and in the North OF England. though .
Lancashire loses anything by this failure. II is sup
posed. however. that the banking concerns are FULLY
secured from any loss. Two banks in scotland
involved respectively TO the amount Of E1o,00O and
f6,250, three Ln3Ash banks respectively % the
amount ~ flo.oD, tloov and $500. Contrary 70
expectations a considerable loss III Tall upon Lon
don by Mr.. Nieids failure. Ono gentleman in
the city viii lose sd50D0. another s52,0co
third upward Of E3UUOJ. while
ance company is Interested 70 the extent Of
$4,000. London firm il also involved 10 the
toni fu0.O0O. anotner in Westminster the extent
OF ell 800 anu several gentlemen la the metropolis
arr creditors 10 the amount OF several thousand
pounds A Liverpool merchant is scheduled for
$500, assurance company for ESQ ard trades
man for f6oO. A Manchester broker has placed to
bis credit the of f50,Vo0 celebrated Arm Of
Manchester picture dealers In credited with fis,0O0
and Arm OF builders is scheduled for
$500. A clergyman in the neighborhood OF
his name; in kochdale gentleman over
f2.000. aud several others for smaller sums.
Glasgow hrm - scheduled Tor tl,lOo another Tor
Eg50. while Cheltcnham doctor loses fIG0 The
above the principal items owing by Mr.. Nield,
aud the total amounts 70 over fg50.OW. The credit
ora or the bank number 800, and thirteen claims
amount 10 fJ3J,i $40; one creditor claims tl3OoDo.
Many Of the creditors have only small sums deposited
in the bank the smallest sIn being 5s. In look
ing over the list the striking feature ia the
large number or accounts trust for Church.
scholastic and other objects one friendly society in
the neghborhood Of Haywood had ell its funds
f 500, with the exception Of S., deposited In the
bank The Baxenden Company owes 800. Mr..
Joseph Fenton, who liz landed proprietor, in his
private capacity considerably EiO0.y00. MIR.
William fenton owes 100000 Mr. James Fenton over
$1,000 and Mr.. William Fenton. Jr 600. Great
anxiety is felt by the depostors to the assets, OF
which nothing - definitely known as those acting
for the partners refuse 10 give the creditors any in
formation AZ 10 who ia secured aud who is not.
n.
definite scheiue 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 Satur
day The new Institution is 10 be called "The West
OF England Bank uimitedl." and Is 10 be incorpo-
rated under the limited liability acts. The capital
will he II ,JoD.Up0. in $1,000 shares Of $50 each,
but only E35.UJ0 to be nc first Issued
and only El0 called mp. The busincss IL in
tended ~ be carried NJ tho head Office 10
Bristol OF the West Of England Banking Company At
the Offices Of thai bank in Bath. Bridgewater. Taun