The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-07-20
LIKE A SOUTH SEA BUBBLE.
More confIdIng srItIshers Lose Mon
ey In South America.

LONDON. July 1S.-The English Bank of
the River Plate Qimlted). whose Offices are at
No. 10 st. Swlthln's Lane. this city, and OF
which Mr.. A. Z. Smlthers Is managing dIrec-
tor, has suspended payment Ia consequence
OF the failure Of the bank to secure assist
ance that was expected to be received to ena-
BILE the bank to tide over its troubles. The
difficulties OF the bank are due to the locking
up OF South American securities.
The capital Of the English Bank Of the
River Plate is S7.5O0OOO. half OF which ia
paid In. The other half OF the capital Is on
ly applicable In the event OF the banks lIqul-
dation, and cannot be applied to the pur-
poses OF business. The institution mas a re-
serve Of S2.1oo,0oO. During the past three
years the bank has paid yearly dividend OF
10 per cent. The difficulty In which the bank
now inds Itself arose from the lmpossibillty
OF collecting debts due 1t Ia the Argentine
kepublic In consequence Of the moratorium
decree recently issued by the Argentine gov
-rnment Among the directors OF the bank
are Hon. Carr Glyna and Lord George Ham
iltOn.
The directors Of the bank have issued an
SnlclaI statement, announcing that the
imposslbillty of collecting It's debts In the
Argentine Republic. The directors say that
tney mud II impossible 20 carry on the busi-
ness without assistance. which. In the pres
ent nnanclal conditions prevailing In the Ar
gentiie Republic, they are unable 10 obtain.
congrt g gationaIIsts and unltarIans.
LONDON, July 1S.--A feature Of the weeks
session Of the International CONGREGATIONAL
Council was the speech Of Rev. Mr.. Walker OF
Melbourne. cOndemnlng Unltarianlsm,
wnich, ne said, Is making tremendous head
way among the C0ngregatIonaiists. DIT.
Walker said be would rather drift towards
the Church OF England or the Church OF
Rome than towards UnitarianIsm. There
should be no fraternalizlng with Unitarian
ism.
Rev. DIR. Noble OF Chicago. asked I,r
White, the next speaker, whether they nhe
Congregationaltsts) should exchange pulpits
with Unitarians. This question, DIR. Noble
added, was one OF vital Importance TO tho
DIR. White answered 'sNo" and the chair
man said the voice Of the council was suffic.
lently emphatic and IL was not necessary to
ask anything to the contrary.
Golden Club Alarmed. ,
LONDON. July 1S.-The Golden Club AZ a
meeting last night adopted a report which
declares that, III 1t had not been suggested
oy some home pr0tect0nist, iL Is not likely
tnat any colOnist would have been 80 un-
Ieasonaole as TO propose that we should,
while admitting colonial goods free OF dutv'
tax similar commodities imported from
foreign countries.
while the president OF the board Of trade
In the government OF Lord Salisbury, de-
livers an unanswerable refutation Of the
government statement that IL Is a case for
nscal federation, as presented by the United
Trade League. our free trade system does
not appear to be greatly endangered.
but we must Do on our guard, as these
well as by the league"
General Election In 'e2.
LONDON. July 19.-Balfour, speaking to-
day TO the Primerose Leaguers, stated that
the next general election would proceed on
the voters register roll about to be eOmplet-
cd. This implies that general election win
be held In 1892.