: （.** ** ** ***********， ** * * · · * *~*=~~ ***&=&= ** ** ** * * * * = * <！-- ***== ** * · * * =：= *_* _ … + - - - ~~~--~aerºſ ， C → •* a،-：--------|-•·º.º.º.*** • ** *; ** - *: ** ** ***=+ ''; •· · * （º.* * *ſº • •~）~•i ſrºſºſ ºs ****• •-№j§， ， ，**）！tſº -* * * * ·-· -× -- - ：： -----· ：¿№.Œ œ---- -·-:*:3,2:3）. *（?:.***-* * * * ſºeſ！!！！！！！！！ *******） *****************（№º！！--： …….………·---- ----··**，·…-^șeș***！*®* ***،~-~*** ¿ • , ， ， ， , ， .•، ، ،|- ·t.^- ~~（**）¿+·-：… º， ， ， ！~！ ~, ，-،…·…،|-،∞ √° ***，- ∞ √∞ √° √ , , ， ， ， ） ） * …"~---[… :' , （…）* * **T. … * . . . … ）· ¿（………………………………………--~~~~ ºse -- <-- ！！ ！= - ~~~~--~--~~~~*~*~*~******-********** z zese..…….…… : FFF-FFFFFFT ver, TAs ! * * w º ; w º THE COMMERCIAL CRISIS, 1847–1848. THE COMMERCIAL CRISIS 1847–1848; BEING FACTS AND FIGURES ILLUSTRATIVE OF THE EvenTs of THAT IMPORTANT PERIOD, CONSIDERED IN BELATION TO THE THREE EPO CHIS OF THE RAILWAY MANIA, THE FOOD AND MONEY PANIC, AND THE FRENCH REVOLUTION. *-*.*.*.*.*.*.*.*.*.*. TRANSPORTATION LIBRARY TO WHICH IS ADDED ; AN APPENDIX, . CONTAINING AN ALPHABETICAL LIST OF THE ENGLISH AND FOREIGN NIERGANTILE FAILURES, WITH THE BALANCE SHEETS AND STATEMENTS, OF THE MOST IMPORTANT HOUSES. y Ji | WZV8 By Dº"MORIER EVANS. #Lombon: PRINTED AND PUBLISHED BY LETTS, SON, AND STEER, 8, ROYAL EXCHANGE. - 1848. Iransportation Library H G 2,717 , | Sut 7 \º ºt ERRATA. At page 9, line 33, for “ appeared,” read “ have appeared.” At page 54, line 19, for “since,” read “ though.” Printed by Letts, Son & STEER, 8, Royal Exchange, and 24, Queen Street. * - / 3 - 3 3 * ~7. . Af .# is yº-" Jºe tº *{ . P. R. E. F. A. C. E. THE title of this volume may be fairly considered to describe its contents, and whatever defects may appear in the compilation, they must not be attributed to any desire on the part of the author to misrepresent the events which have come under his notice, but to the want of a proper appreciation of them as they may have been exhibited to other persons’ view. Confessing that the only motive actuating him in the arrangement of the following pages was to put into shape, for reference, “a plain unvarnished tale” of circumstances which, either regarded as of present or future interest, cannot fail to engross attention, he pre- sumes he stands absolved from the charge of meditating a daring intrusion into the arena of Currency debate. vi FREFACE. Studiously avoiding attempts at dissertation, and strictly eschewing theories, he has endeavoured to con- fine himself to a description of “Facts and Figures,” which while they may prove serviceable to most parties connected with mercantile pursuits, can be looked upon as offensive by few. The notion prompting the author to divide the volume into the separate Epochs of the Railway Mania, the Food and Money Panic, and the French Revolution, originated in the conviction that, whereas the first and second periods were in a material degree identified with each other, the third so closely following, and producing a commercial revulsion abroad of great severity, might likewise be advantageously introduced, and its promi- nent characteristics recorded. Objection may be taken to the manner in which most of the failures occurring during the progress of the Second Epoch have been treated. Distinctly naming each establishment, their locality and trading, and plac- ing them in the order of the several months in which the disasters were announced, no allusion is made to debts and liabilities or assets, except when properly au- thenticated by a published account, and then only in PREFACE. vii the shape of reference to the Appendix. The reason for this mode of arrangement, however, is obvious. In the height of the panic, such incorrect data appeared re- specting the position of a number of firms that, when their affairs were investigated, it was found little reliance could be placed upon these statements ; for, apart from the exaggeration occasionally indulged in, so multifarious were the changes they underwent, through the continuous recurrence of suspensions, that their character, in the majority of cases, was ultimately wholly metamorphosed. Besides, the intent of the writer was not to give the actual result of every failure, but simply to sketch, in a general and intelligible manner, the career of the crisis. A few words respecting the Appendix. Great care has been taken so to class the balance-sheets and state. ments as to make them readily available for examination, which, assisted by the notation given in the body of the book, will at once point to their place in that collection. The alphabetical arrangement of the failed firms, it is also presumed, will prove of utility, and their accuracy in description has been tested as far as possible, by consulting the various Directories, English and foreign, at immediate command. viii PREFACE. Finally, then, craving the reader's indulgence for errors of omission or commission, the author would merely wish to conclude by stating, that any inaccu- racies which may be deemed worthy of correction, shall receive his best attention, should his present attempt be rewarded with success, and a second edition of the “CoMMERCIAL CRISIs 1847-48” be at a future date demanded. LONDON, November 9th, 1848. E P O C H T H E F I R S T. THE RAILWAY MANIA AND ITS EFFECTS. REMARKABLE periods, like remarkable men, are seldom suffered to fade from memory for want of a biographer. It is the fate of great events, however saddening their impression, to scatter in their track something in the shape of information, which if judiciously selected and stored, may hereafter be usefully admi- nistered and found serviceable, humble though the agency through which it may pass. Popular narratives of popular movements appeal to the fancy and carry with them all that is pleasing to the public taste, but unfortunately it too frequently happens, that the sober realities with which they abound lose much of their practical importance when served in this guise. Amusing and instructive as these histories usually are, they frequently fail in defining those connecting links in the general chain of circumstances a knowledge of which is deemed indis- pensable by the studious enquirer for arriving at correct results, and which links themselves become in reality more a matter of statistical detail or condensed and running commentary, than of lengthened description. The events of the last three years have acquired especial notoriety. Fraught with the highest interest to all associated in IB 2 THE RAILWAY MANIA business their career must have been watched with deep, and in the majority of cases, most painful anxiety. The temporary prosperity generating the Railway mania, the relapse occasioned by the subsidence of that gigantic speculation, the subsequent food and money crisis, and lastly, the French revolution, have each contributed to incite and aggravate the devastation by which we have been surrounded. “The history of the railway mania of 1845,” it has been said,” “ is not the least remarkable among those delusions which from time to time arise to throw aside legitimate trade and paralyse national commerce. From 1842 discounts had been easy and money plentiful, the funds maintained a high rate ; low interest only could be obtained. In 1844, it was remarked that there had been a larger continuance of a plentiful supply of money than had occurred in the memory of the oldest capitalists. A desire to speculate grew out of these circumstances, and England was seized with her ancient phrenzy. For some time it was legitimate and confined within its proper sphere, but the desire spread; the contagion passed to all, and from the clerk to the capitalist the fever reigned uncontrollable and uncontrolled.” The extension of the railway system, which in reality com- menced in 1844, was not plainly perceptible until the early part of the following year. Then there was no mistake respecting it. The great trunk lines occupied the field with branches. The public were for the while apathetic spectators. Only those who possessed original shares could obtain an interest in the new issues, and dividends standing well with a prospect of increase, fresh projects at length made their appearance. In November, 1844, the state of the Money-market, serving as an index, may be taken as representing the position of capital. The bullion in the Bank was £14,300,000; the notes in circulation amounted to £21,000,000. The rate of interest in Threadneedle-street was 2% per cent. Consols were above par; Exchequer Bills (at 1% per diem) 60 premium: some * Francis's History of the Bank of England. AND ITS EFFECTS. 3 impulse this to speculation. The fever made rapid advances. The abundance of money, together with the absence of profit- able channels of employment, soon exerted its wonted influ- ence. Projectors mapped out undertakings, engineers patronised them, the schemes were advertised and applications inundated the committees. The year 1845 opened, and in the course of January, sixteen new companies were registered. These did not materially augment the speculation, but they gave fresh zest to business. The Share-market was becoming more than ordinarily active, and in the succeeding three months, the number of projects regis- tered had increased from sixteen to fifty-two for the month of April. In the meanwhile, railway progress, and the prospect of a large consumption of iron, created an immense demand for that article—so that with the combined action of cheap capital, and the formation of these undertakings, a wild rage existed for an adventure in the various descriptions of the staple.” Thus encouraged confidence soon gained ground, and the primary and legitimate movement resulted in an overwhelming and de- structive mania. The position of the markets for public securities for January and May inclusive, accurately distinguishes the course of the speculation. All that was done by the Bank was to give a new form to their notice relative to the discount of bills and notes. Instead of adhering, as previously, to one fixed rate, a minimum was named, (2% per cent. being the minimum in this instance,) leaving it, under such circumstances, at the option of the direc- tors to raise their terms according to the character of the paper * Highest and lowest prices of Scotch Pig Iron in 1845. per Ton. per Tom. January . . . . . . . . 60s. to 68s. July . . . . . ..... 60s. 0d. to 67s. 6d. February . . . . . . . . 65s. , 90s. August . . . . . . . 60s. 0d. , 70s. March . . . . . . . . . . 105s. , 120s. September . . . . 77s. 6d. , 85s. April . . . . . . . . . . 95s. , 115s. October . . . . . . 82s. 6d. , 97s. May . . . . . . . . . . . 70s. , 80s. November . . . . 70s. 0d. , 85s. June . . . . . . . . . . 60s. , 77s. 6d. | December . . . . 70s. 0d. , 80s. B 2 4 THE RAILWAY MANIA presented to them. The stock of bullion at the same time was steadily increasing. - GOVERNMENT SECURITIES. JANUARY, 1845. MAY, 1845. Price on the Lowest 1st. Pri Highest Price on || Price on | Lowest || Highest |Price on rice. Price. the 31st. the 2nd. | Price. Price. the 31st. Consols, Money ...... Shut 993 100% 100 98; 98} 99% 99; Do. Account ..... 100+ ex d. | 99; 100+ 100% 983 || 98% 99% 994 Exchequer Bills, 1%d. 63/ pm. |56/ pm. || 67/pm. |63/pm. ||58/pm. 54/ pm. 63/pm. 61/pm. RAILWAY SECURITIES. JANUARY, 1845. MAY, 1845. # +5 --> à # --> sº à Amount Amount 5 : §§ É # 5 3 || Amount Paid. 5t §§ # §§ per Share. Paid. # "|35. #. # co # "|35, fr; ă. # co Pi4 Pi— Pl- P+ #. #. £. s. d. Brighton .................. 50 50 52 || 50+ 53 53 50 0 0 | 63# 62}| 68%. 68% Caledonian ............... 50 5 4}| 4:#| || 6 5 0 0 11}| 8; 12 9 Eastern Counties ...... 25 |#25 nom 15+ 15, 19%| 17; 14 16 0 | 20+ 17%. 22 20% Great Western ......... 100 75 |155 152}|178"|175 80 0 0 | 186 184 210 |207 Lon. & North Western Stock. 228 |227 |236 |233 Stock 234; 233 |2534,251 Midland Counties ...... Stock. 116}|115 |134, 128% Stock 156;152 |190 |1884 South Eastern ......... Av. £33 : 2 : 4 40%| 40; 49%| 48#|Av. 33 2 4 || 39%. 394 45 Do. Western............ Av. £4.1 : 6 : 10 75 | 73 82 77;||Av. 41 6 10 || 794; 76%. 82 | 81 York & North Midland #50 #50 |104 |104 || 113 |108 50 0 0 || 102 102 |118 117 Boulogne & Amiens ... 20 2 5 || 4:# 5%| 4 4 0 0 9; 8+| 104 9 Northern of France ... 20 4 § 5+| 6 || 5 4 0 0 5#| 5+| 6+! 5 Paris & Lyons............ 20 2 3#| 3}| 3% 2 0 0 24; 14|| 3: 2 Incontestable evidence is furnished by these figures that “the delusion which had seized the public * was working actively by influencing the value of all classes of railway property. There was no check, no impediment to the improvement, and the con- course of operators daily and hourly augmented. The Board of Trade having assumed the power of issuing decisions as to the particular schemes which would first meet attention at the hands of government, furnished another potent incentive to adventure. Such was the excitement then among the specula- tors, that bargains were made in the favorite shares at the coffee- houses and other places of resort in the City, long after the conclusion of business at the Stock-exchange. The appearance of the Gazette was impatiently looked for, and its contents ea- gerly perused. “This form of the prevailing mania” it was AND ITS EFFECTS. 5 observed, “is beyond the reach, of course, of all caution or control, and as all concerned have access to the important infor- mation sought exactly at the same time, this is a matter of se- condary consequence. It is only those who are upon the spot, and witness its violence, and the general infection arising from it, both within and without the walls of the Stock-exchange, who can form an idea of the perilous task undertaken by the Board of Trade in putting forth these decisions, and which are the fuel for this fire.” Between the months of May and June the increase of spe- culation was fearful. The papers teemed with advertisements unrestricted to the limits of ordinary announcements. Columns scarcely sufficed to give the world a knowledge of each scheme. Lists of provisional committee-men, which in the beginning of the year had seldom exceeded a dozen or twenty names, now extended their length to ten times that number. Earls and Marquises struggled with London capitalists and rustic land- owners to add attractiveness by the sanction of their names; the needy barrister professed affection for a seat at the councils of boards, which seemed likely to bring more profit than the law, and was as importunate as most persons to be ensured that posi- tion.* Numberless M.P.'s, with a few Aldermen, made a traffic on their presumed responsibility; the plurality churchman and the ill-provisioned curate also were not behind in the general scramble, and the lifesome sketch of the country being engaged * A letter characteristic of the desire which prevailed to get appointed a Director is here appended, the authenticity of which the Editor vouches. He could produce scores of the kind but does not think it necessary. Eac who disce omnes. ** Dear 2 “Do you want a director of your railway 2 as I have lately been dealing rather extensively in such commodities, and am a director of the • Direct # * * * * *,’ advertised in the ’ and other papers. I am also a director of a Jamaica line, which will be advertised next week, and as I find railways much more profitable than law, I have cut the latter. If you can put my name down as director I shall be obliged. “Your's faithfully, & & “Regent-street. & & Club.” “ P.S. As I am intimate with several leading and influential directors, I might bring some with me if requisite.” 6 THE RAILWAY MANIA J. in one universal game of hazard was without the least exagge- ration realized. Never before were “such times or such pros- pects.” The fortunes made in some few cases maddened their gainers; their success soon spread, rich and poor were alike susceptible ; and the “great chance ’’ was not neglected. It was a golden moment for the “ alley-man,” the jackall of the Stock-exchange—his perceptive faculties were sharpened, and he pushed his vocation assiduously.” The railway market had at this period become the grand focus both of legitimate and speculative operations. The attrac- tions of scrip lavishly distributed, far outvied the steady divi- dend paying 3 per cents. and these, with other favorite secu- rities, were at once abandoned. Nothing under 8 or 10 per * “A third class of dealers, who may be said to exist on the skirts of the Stock- markets, are the ‘little-go,” or ‘alley-men.” They are a description of people including the lowest of the low among the outside speculators trafficing in the letters and shares of railway, or any other joint-stock company that may happen to fall into their hands. They frequent the purlieus of Capel-court, the Auction Mart, and the adjoining lanes and alleys, and principally consist of broken-down merchants’ clerks, decayed tradesmen who have lost money by speculation, and others, whose preten- sions to honesty and character it would be difficult to describe. Visit Bartholomew- lane at any time in the year, and you will be sure to find several people of shabby exterior holding converse at the entrance of Capel-court, or on the steps of the Auction Mart. These are ‘alley-men.’ You will see one, perhaps, take from his pocket a goodly-sized parcel of dirty-backed letters, all arranged, and tied round with string or red tape, which he sorts with as much care and attention as if they were bank-notes. That parcel is his stock in trade; perhaps those letters may contain the allotment of shares, in various companies, to an amount, if the nominal capital were paid, of many hundreds of thousands of pounds. They, doubtless, in his hands, are scarcely worth as many farthings: yet he makes a living on them, and is as busy as the most opulent broker in finding a buyer for his ‘securities.” “To describe fairly the ‘alley-man,’ we must take him from the first of his career. He is generally, as we have said before, some broken-down clerk or tradesman, who, having lost every prospect of life, chooses this description of business as a dernier ºressort. First started in his calling, he associates with the loiterers at the Stock Bxchange, where, by mixing with them, and, perhaps, making an acquaintance through the introduction of Mr. John Barleycorn at the tap of the Auction Mart, he is initiated, by degrees, into the secrets of the business, and, before long, becomes as great an adept in the sale or purchase of letters as the oldest man on the walk. When he has acquired the necessary information respecting dealing, he can com- mence letter-writing for shares. This is effected at the expense of a penny only for AND ITS EFFECTS. 7 cent. was recognised as a fair return for investment. That rate would most surely be obtained when the various under- takings arrived at completion. Hence it was observed, “capi- tal among the daring city speculators has been of little conside- ration. Men without houses or homes, clerks at small salaries in banks and merchants establishments, have as openly proclaimed themselves buyers and sellers of the favorite shares, as if they represented their employers. The work has not only been con- fined to London, but it has also extended itself to Manchester, Leeds, Liverpool, Glasgow, Dublin, Hull, Edinburgh and Bristol, in all which towns markets have been established, and as much, if not more, business transacted than in London. Indeed the whole circle of society is so entangled in the mania, postage, pen and ink being always obtainable, either in the tavern-parlour or coffee- house he frequents. When a new company comes out, and is advertised in the daily papers, he immediately calls for a form of application, fills it up, and despatches it, with the moderate request to be ‘allotted” one hundred or two hundred shares, the amount of call or share being quite immaterial to him, as he never intends to pay upon or keep them, his only aim being to increase his available Stock of letters, so that he can make a ‘deal,” and pocket the profit should they have a price among the fraternity. In this manner the whole of the ‘alley-men’ write to the companies for shares, and do not hesitate to adopt all kinds of fraud and trickery to gain success. From the numerous applications which directors in these projects receive from this class of people, the names of the greater number are already known, and discarded accordingly, it being well ascertained that they only seek the shares for the tempo- rary profit they yield. In order, therefore, to lull the suspicion of the directors, they, with their confederates, write in fictitious names, imitating influential city firms in Christian and surname, and giving false and fraudulent addresses, with assumed references of the highest respectability. Should the ‘alley-man' be fortunate enough to get an allotment, he goes among his brethren and learns the price, if any, for the shares. If there are but few among them, and the letters are in demand, he may, perhaps, get as good a market as ten shillings per share, which, upon twenty, a number not unlikely to be allotted when two or three hundred are applied for, will give him ten pounds. Thus, if fortune attend his applications, he may make some little money; but yet, as the love of speculation is strongly allied with this descrip- tion of business, he may, on the other hand, lose what he makes in the purchase of letters of less note and value. It is, however, not very often that this description of dealer realizes the large sum of ten shillings per share. The more current price for letters ranges from one shilling to three shillings per share; and cases have been known where sales have been effected at as low as one penny and one halfpenny per share.”—The City, or the Physiology of London Business. 8 THE RAILWAY MANIA that when one link goes, the weight of responsibility will be found vastly embarrassing to those who possess property that may be jeopardized by such a crisis.” Again, there was no end to the employment of the brokers. The increase of business was so great, that the “ accounts” for- merly occupying not more than one or two days, nearly exhausted the week before differences could be paid, tranfers made, and books regularly adjusted. Day and night clerks were engaged in arranging sales and purchases, and conducting the required correspondence. Extra assistants were in most cases secured ; the sabbath even brought no rest. At home or abroad relief was impossible from the wearing pressure of the excitement, and the result was that “the denizens of the Stock-exchange, instead of complaining as they did two or three years previously at the dearth of business, were now impatient for time, and opportunity to perfect their clients’ commissions.” The feasibility of a number of schemes encouraged the exam- ple of starting competing lines, while in addition foreign under- takings of the most questionable description were advocated, and it was boldly declared that the “ railway reformation ” was at hand. “Verily railways,” it was said, “are the wonder of the world! Nothing during the last few years has created so marvellous a change as the great iron revolution of science. Beneath it the features of old Christendom have become changed, and its wealth and physical grandeur augmented. Other revo- lutions have scattered luminous influences over the world, peo- pling it with the precious things of the present and the past; but it remained for the new generation of railways, aided by the presence of universal peace, to bring about one of the mightiest moral and social revolutions that ever hallowed the annals of any age. Railways unquestionably form the greatest discovery in what has been termed the century of science. They are the mightiest of all modern motive powers, and have continued triumphantly to reproduce themselves in spite of every oppo- sition, so that we may shortly expect to hear of the great steam automaton sweeping by means of the undeviating rail, from the steppes of the Cossack to the Indian’s home. England, Europe, AND ITS EFFECTS. 9 and the world will soon be too small for their marchings. Omni- presence is one of the principles of their progress. Not content with making Liverpool their lineage-home, and many-sounding Manchester marked mistress of their choice, they are throwing a girdle round the globe itself, and rearing measureless dominions throughout its circuit. Far off India woos them over the waters, and China even listens to the voice of the charmer. The “ruined hills and broken altars” of Old Greece will soon re-echo the Whistle of the locomotive, or be converted into shrines sacred to commerce, by the power of those magnificent agencies by which rivers are spanned, territories traversed, commerce enfranchised, confederacies consolidated: by which the adamantine is made divisible and man assumes a lordship over time and space.” Such was the fever height that north, east, south, and west, the “socializing influence” of the system was sought to be extended. Whether a town in the United Kingdom, a foreign or a colonial possession it mattered not—the name, the locality were alone wanting to usher before the world, the desirableness of the enterprise. “London was to be tunnelled, that the train might pass under her mighty heart; and colonnades were to be formed in the air, that the engine might pass over the path of the pedestrian.” St. Kitt's, described in the “Gazetteer” as “fifteen miles long and four broad, with mountains in the middle, whence rivulets flow, and between the high mountains dreadful rocks, horrid precipices, and thick woods, and in the S.W. parts, hot sulphurous springs at the foot of them,” was to be benefitted by line, the advantages of the site, though proportionately colored, being prominently eulogized in the published prospectus. Comparisons made respecting the “spirit of speculation” which prevailed, pronounced the mania to bear “ some affinity to the bubble period of 1825–26,” and its progress was described as following under almost similar circumstances. “Between 600 and 700 projects for railways” it was remarked,” “ appeared be- fore the public for support within the last twelvemonths closely identified with English interests, while foreign schemes have * The City, or the Physiology of London Business. 10 THE RAILWAY MANIA poured in from all quarters. The English, Irish, Scotch, and Welsh lines, included in this list, require upwards of £600,000,000 to carry them out; and the progress of the mania is so rapid, that it is unsafe to give any estimate of the nominal amount of capital the new projects involve. Every day fresh schemes are appearing,” and millions upon millions are required to support the plans proposed. “The great difference between the speculation of 1845–46, and 1825–26, appears to be that in the one period the general principle of joint-stock companies was advocated, and in the other, the principle being well ascertained, is applied to the extension of the railway system. * Before the railway mania set in with full force, only three railway papers existed. As speculation progressed, others were called into life. In the course of the year 1845, as many as twenty publications identified with the railway interest had made their appearance. Of these, fourteen were professedly hebdomadal—but in the height of the fever, they were issued semi-weekly—two others came out daily, one morning and one evening, and several were monthly publications. The morning paper dignified with the title of the “Iron Times,” flourished prodigiously for months, securing vast patronage from advertisements, some, so it is stated, being paid for at the rate of 2s. a line, when honored by a position immediately following the leading article. Bankruptcy finally extinguished its struggles in the panic period, and the proprietors eventually appeared before the commissioners in Basing- hall-street. Many of these publications lived little longer than a few weeks. Started expressly to get advertisements, the proprietors principally directed their attention to that source of profit, and when advertising began to decline, suddenly discontinued them. Among the multitude that sought patronage at the hands of promoters and secretaries were Railway Expresses; Railway Worlds; Railway Examiners; Railway Globes; Railway Standards; Railway Mails; Railway Engines; Railway Telegraphs; Shareholders Advocates; Railway Directors; Railway Registers; Railway Reviews, &c. The surviving railway papers are—the Railway Times; the Railway Chronicle; the Railway Record; Herapath’s Railway Journal; and thc Railway Gazette. The daily press were thoroughly deluged with advertisements; “double” sheets did not supply space enough for them; and “double-doubles” were resorted to, and then frequently insertions were delayed. It has been estimated that the receipts of the leading journals averaged at one period £12,000 and £14,000 per week from this source. The railway papers on some occasions contained advertisements that must have netted from £700 to £800 each publication. The printer, the lithographer, and the stationer, with the preparation of prospectuses, the execution of maps, and the supply of other requisites, also made a considerable harvest. The upholsterer was not with- out his portion of business. Furnishing board-rooms and secretaries' offices promoted his views, and as payment was derived from deposits, economy was not closely studied. AND ITS EFFECTS. 11 “In 1825–26, the number of companies brought out for the suffrages of capitalists was about 300, involving a nominal sum of £180,000,000. They included companies for the construction of railways and metal mining, canals and locks, gas companies, insurance companies, banking companies, sugar companies, fishing companies, early milk delivery companies, and others of every conceivable denomination. The excitement of this period is well comparable to the rage of our own day, when exclusive of the large sum of money necessary to carry out British schemes of railway, an amount of nearly £70,000,000 or £100,000,000 is asked in contribution, towards foreign projects. We trace again the same features in the present period as those mani- fested in 1825–26; an advance in the value of iron; an increased demand for manufactures, better prices for sugar and other articles of consumption, and an overwhelmed and an abundant Money-market. These were all the symptoms of the speculative era, 1825–26, they are again the symptoms of the speculative era, 1845–46.” “In its different phases” the railway mania was also said to manifest “much of the excitement and superstition of the pre- vious bubble period. If in the great days of Spanish-American mining companies it was considered a fortune to possess a friend, who held an interest in the Real del Monte Association, there is a parallel case with respect to those who have now any influence with the successful patrons and supporters of railways. If in 1825–26, the individual claiming acquaintance with a Rinder was expected to realize the imagined wealth of an |Bldorado, he that in 1845–46, can command the nod of a Hudson, may be supposed to reckon upon unlimited premiums in all kinds of lines, whether on the broad or narrow gauge, and only find the happy phantasy dissipated after a three months anxious longing. Every one connected with railways must have made money is the cry of the public—and so it was in the rage of 1825–26. The truth was only discovered when the panic came, when right and left the infatuated dupes were cut down as grass under the mower’s scythe.” 12 TITIE RAILWAY MANIA In July the number of projects registered was considerably augmented. These registrations however did not determine the career of the “rash spirit of speculation” abroad.* Hundreds of schemes sanctioned and advertised by provisional commit- tees, and committees of management were never registered at all. Deposits and premiums were alone sought, these if they came were extravagantly disbursed or appropriated for personal benefit, as occasion served, and the deluded subscribers left to relieve themselves as best they could. As determining the point to which prices of securities had advanced, the annexed comparative table may be referred to. GOVERNMENT SECURITIES. JUNE, 1845. JULY, 1845. Price on the Lowest Highest | Price on || Price on | Lowest | Highest | Price on 2nd. Price. Prices. the 30th. || the 1st. Price. Price. the 31st Consols, Money . . . . 993 §§ 100% Shut Shut 98% 99} 98% Do. Account ....| 100% 983 100g 99 ex d. ||984 exd. 98% 99 984 Exchequer Bills, 1}. 61/ pm. |55/pm. 63/pm. 57/pm. || 54/pm. |5l/pm. 58/pm. |52/pm. RAILWAY SECURITIES. JUNE, 1845. JULY, 1845. Amount Amount ā'ā| #3 ##| ##|| Amount Paid. | 3: ##| ##| st; per Share. Paid. #5 § ă. # ga t :* 3 § # # & Pl: Pi4 24 i. #. £. £. s. d. Brighton . . . . . . . .....] 50 50 703| 69 76 || 75} 50 0 0 || 75% # 80}| 80 Caledonian . . . . . . . . . . 50 5 103 10} 12; l 13 5 0 0 I 14 10, 12% 10; Chester & Holyhead .. 50 10 17}| 154| 18; 15: 10 0 0 15}| 154| 22# 22 Churnet Valley ...... 20 2 5%| 4 || 5 || 44 2 0 0 4#| 4}| 6 || – Croydon . . . . . . . . . . . . . . Av. #13 : 15 ; 9 194 18}| 22 22#|Av. 13 15 9 || 21; 21 || 284| 263 Eastern Counties. . . . . . 25 3614 6 || 21+| 19.4| 22 || 21 14 16 0 21}| 193| 22 21 Edinburgh & Glasgow 50 50 743| 66 75#| 75 50 0 0 75 || 74 || 854 84 Great Western. . . . . . . . 100 80 (205 |197 |217 |206 80 0 0 |206 |203 |225 |224 Hull & Selby . . . . . . . . 50 50 |108 ||104 ||109 1063 50 0 0 ||106}|1054|1084|1064 Lon. & North Western Stock. 251}|236 |252 |242, Stock. 242%|241 |246 245 London & York . . . . . . 50 2 10, 3}|_2}|_4}, 3} 2 10 0 3}|_2}| 7#| 64 Manchester & Leeds ... 100 73 |160 |157 |185 |164 73 0 0 |171 | 158 |196 |195 Midland . . . . . . . . . tº @ º º º Stock. 190 180 193 |187 Stock. 188 |185 |195 | 181 North Kent . . . . . . . . . . 50 2 15|| 6 3}| 6}| 44 2 15 0 4;| 2#| 5 || 2 South Eastern ........| Av. č33: 2: 4 § 44; 48%| 473||Av. 33 2 4 || 47#| 454 49 || 45 Do. Western. . . . . . . . Av. £41 : 6: 10 | 834 80%| 85 80 ||Av. 41 6 10 | 80 77 | 824 81 Trent Valley. . . . . . . . . . :620 #2 193 18; 20 || – 0 0 || – || 17#| 18; 18+ York & North Midland 50 50 1174|105}|120 |110} 50 0 0 |110}|108 |1144|| – Boulogne & Amiens .. 20 4 9%| 8;| 104 : 4 0 0 8#| 113| 10; Northern of France ...| 20 4 53| 5 || 5:#| 5 4 0 0 5|| 65|| 6 Orleans & Bordeaux . . . 20 2 11|| 8 || 11% | 4 0 0 || 10#| 10}| 11; 11 Paris & Lyons . . . . . e & e 20 2 # 14|| 3}| 2 2 0 0 23| l;| 4 || 3 Sambre & Meuse . . . . . . 20 4 11}| 8 || 11}| 84 4 Ö 0 | 84 &#| &l & * Those who remember the perpetual excitement in the Money-market during the AND ITS EFFECTS. 13 It was not until a lengthened course of adventure, verging upon desperation, and characterised by every species of fraud human ingenuity could devise, that any bold attempt was made to expose this national folly. The opportune admonitions of The Times, supported by the sober reasoning of The Economist, were scornfully disregarded; all who countenanced their views, had to maintain themselves against a battery of the most poignant ridicule; and the “ oracular wisdom of the alarmists” became for a time a sort of by-word and a reproach. The country had witnessed the notable exhibition of a prime minister having “cut the first sod” of the Trent Valleyrailway, had listened to the congratulations of the Government on the quantity of labour employed, and had solaced itself with the belief that the prosperity of the hour was to remain for ever undisturbed. How then could arguments involving the consi- deration of the chimerical notions of a rapid conversion from “floating” into “fixed” capital—and of “the impossibility of expending more upon public works than the surplus of the na- tion’s wealth,” expect to receive attention ? So long as shares bore a high premium, so long as the guage question brought profit to its supporters, so long as direct lines were pregnant, with prospects of certain 10 per cent. dividends, and so long as “short and sure guides” were published which promised to carry speculators “over the long threatened crisis should it continuance of the last war, and the sudden fluctuations in prices, which then became a perfect barometer of the state of public feeling, look upon the present long con- tinued state of the public funds as a financial miracle ! It was thought a great thing some few months back, that Consols had reached par, but that they would continue at that rate, and even increase in value, was hardly contemplated as a possibility. And yet there seems no prospect of any interruption to this state of affairs. The Exchanges are all in our favour; money becomes more and more abundant, and the amount of bullion in the Bank increases day by day. Those who look beyond the present, naturally enquire what will be the probable results of this long conti- nued financial prosperity ? and there is little difficulty in indicating some of them, even without laying claim to any superior discernment or sagacity. There will be a large supply of bubble companies; enough already are in the field; but, like the fabled monster, the destruction of one seems to give existence to innumerable others.- The Banker's Magazine, June 1845. 14 THE RAILWAY MANIA. arrive,” so long “ the public sympathised with a philosophical government,” and interference was not contemplated. It was shortly subsequent to this date, the ranks of promoters having gained an accession from all classes, that a fierce crusade against the public was commenced, and which partook of so much dishonesty, as to call forth the severe reprehension of the press. The fashion was then first brought into vogue of secu- ring applications for share allotments, in order to protect the committees from liability, but no chance of distribution existed, while the project was marketable at a premium. Still the contagion spread, and the passion of the public was stimulated by the most daring species of stock gambling that ever darkened the page of history. One authorityt did not hesitate to brand many of the advertised undertakings as “fraudulent,” adding “ there is too much reason to fear that during the last three months, but especially during the last five or six weeks, the real object of the concocters of railway schemes has not been to devise desirable and good lines of railway, or to start a scheme with which they really intended to go to Parliament, but, in plain language, to rob and delude the public by getting their scrip into the market at a premium, and to rob and swindle their subscribers in particular by squandering and embezzling the deposit-money. Pettifogging attorneys and rejected engineers are the true authors, “ for a consideration,’ of three-fourths of the railway schemes before the world at this moment.” Perceiving the marked alteration in the course of events, every day conversation among the active co-operators in the movement did not now turn upon the probable result of an application for shares; it was solely directed to enquiries as to the terms of premium upon which the directors meant to bring them out. It was considered little better than a formal proceeding to write to any of the companies unless supported by strong personal in- fluence. Senators proved stags, f anecdotes were freely circu- * Wide Mr. Disraeli’s Speech in the House of Commons, April 1846. t The Bankers’ Magazine, Sept. 1845. # “The Stock-exchange is a sort of menagerie, which, like the Zoological-gar- AND ITS EFFECTS. 15 lated of the large profits made by directors and committee-men, and every expedient was adopted, by high and low, to partici- pate to some extent in the “golden vision” of the day. Wonderful as was the excitement that prevailed, there were many who predicted that the system of fraud, which the mania had engendered, would ultimately prove a severe blow to confi- dence so illimitedly placed in all kinds and species of projects. Absurd as a number of the schemes were, long lists of provi- sional committees seemed sufficient to satisfy the public of the soundness of their origin, and it was not until they were dis- tinctly apprised of the character maintained by many of their promoters, that any permanent impression was made. The Times steadily proceeded with its warnings. Exposures were also continuously published respecting the trickery adopted in the emission of shares. City bankers even did not hesitate to connect themselves with undertakings that promised a large share of premium when brought into the open market. The name of the Railway King was likewise freely used as a step- ping-stone to profit by railway adventurers. The accession of Mr. Hudson to a director's seat in any particular company imme- diately gave a value to the line; the shares were soon in demand, and, save a small distribution among immediate friends, those who desired to possess them were obliged to purchase conside- rably above par. All this time there was no restraint. The Government having dens, is every now and then adding to its collection; but it must be confessed, the variety of animals it exhibits is not so numerous, though the total number be greater. Bulls and bears, and lame ducks, have long flourished there ; but of late, a whole herd of stags have invaded the place, of whom there exists at this moment an extraordinary amount of somewhat indefinite terror. The stag, in a state of nature, is a harmless, timid, graminivorous animal, whose appetite is small, and easily satisfied; whereas there is no end to the voracity of the carnivorous railway stag ; who is always in search of those premiums which constitute the very flesh and blood of railway speculators. The railway stag has only one characteristic in com- mon with his antlered namesake; he is very shy of being seen, and the most experienced hunters find great difficulty in tracing him to his lair. He is, in fact, more cunning than a fox, by which cognomen he would have been more appropri- ately designated.”—British and Foreign Railway Review. - 16 THE RAILWAY MANIA originally encouraged the movement, took no active steps to avert its consequences. An increase in the deposit from 5 to 10 per cent. on shares allotted, did not in the least repress the ardour of the speculators. What was this increase compared with the prospect of gain from high and rapidly-advancing values? A remarkable feature in the state of the mania that grew out of these circumstances, was the inordinate desire for amalgama- tion and leases, exhibited by the larger companies. They bought or took under management smaller undertakings promoted by rivals, at a high per centage, and guaranteed dividends varying from 4 to 6 per cent. An augmentation of capital to the extent of millions was thus permanently effected; but strange to say, that, accompanied by the delusive bait of issues of new shares, which, for a few weeks or months brought considerable premiums, these arrangements were unanimously approved; and, contrary to all law or precedent, prices went up in pro- portion to the amount of incurred liability. Such, therefore, was the preference for railway investment, that Consols, it was said, were daily sold to be replaced by their formidable com- peer Railway Stock. The bullion in the Bank between January and June had risen from £14,800,000 to £16,600,000. In July and August, the number of registered schemes again increased. The latter month decided the fate of the bills brought before Parliament. September was extremely prolific. The projects then registered were 457, making altogether for the year a registration of 1,035. The Times more potently than ever descanted upon the “nation’s madness.” Consols, all along well maintained, at last showed some tendency to weakness. The stock of bullion in the Bank began to decline, having fallen to about £15,000,000. There was an increased demand for money. October was less fertile in schemes than the preceding month, then only 363 were registered. The Bank it was said would raise the rate of interest, and the government was almost suspected of risking the responsibility of such advice, with the view of checking the hitherto uncurbed violence of the mania. The railway press caught up the rumour, but professed AND ITS EFFECTS. 17 to feel no apprehension that any measure of the sort would be carried out. One journal said—“The conduct of the Bank of England, since the new system of banking has been in opera- tion, must be admitted to have been unexceptionable. Many have allowed themselves to imagine that, acting upon some sinister hint of the Government, the directors might have been induced to make money scarcer by the adoption of a higher rate of interest ; but this would appear to have been an idle and merely speculative notion. Sir Robert Peel having de- clared in his place in Parliament, that it was the intention of Government to give every encouragement to the extension of the railway system, and the declaration of the minister having been responded to in the manner witnessed, any interference on the part of the Bank of the nature of that alluded to, could only be justified by a pressure of circumstances that is not at present to be recognised, and of which, if the same prudent course be persevered in, there can be no reasonable apprehension. The directors have only to proceed upon the principle, that they have done, and no difficulty will result. But if, indeed, it should be their pleasure, or rather the pleasure of our Govern- ment, that the various railway schemes which have been set on foot shall be strangled by a curtailment of the circulation just as they are advancing to maturity, a heavy responsibility will be incurred. Nothing of the kind is, however, to be expected. The Bank coffers are full to overflowing of metallic treasure. The establishment has fifteen millions of gold and silver bars and coin, and, all alarm with regard to the harvest having passed away, the enormous mass will remain undisturbed where it now lies, not an idle and useless body as some political eco- nomists would pretend to say it is, but in the most efficient state of vitality, since its paper representatives are spread over the whole face of the country, and in all respects better perform its active functions than it could do itself.” - These sanguine expectations however were not fulfilled. The influx of adventurers into the public market was more than ever apparent. In the early part of October no doubt was enter- C 18 THE RAILWAY MANIA, tained of the increasing value of money, and on the 16th, the Bank directors advanced their rate to 3 per cent. In Lombard- street higher terms were demanded. There the more current quotation on first class paper was 3} to 33 per cent. Although the great host of share speculators at first treated the Bank’s advance with indifference, it was not long before the price of securities underwent considerable change. In prospect of the amount of capital to be deposited with the government under legislative enactment, it was seen that a continuous de- mand for money would in all probability ensue, and hence arose a cause for subtantial anxiety. - The latter end of October, 1845, will be ever memorable for the commencement of the panic in the Share-market. The animation of speculators was suddenly arrested; Consols, which towards the end of September were quoted at 98% had gradually declined to 96%; and Exchequer Bills from 47s. premium had fallen to 38s. premium, the markets generally presenting an un- satisfactory appearance. At this period the leading journal again addressed its best energies to the exposure of the “ hazardous delusion ” which had fallen upon the country, and a prophetic voice advised “a shortening of sail as the storm was at hand.” Speedily this ominous prediction was verified—many of the schemes dropped as if by fell enchantment to a discount, and the prices of all kinds of shares hourly became further depressed. The anxiety to “get out” had not then taken the form of that indiscriminate and spasmodic rush known as panic, but never- theless it had reached a point sufficiently intense and general to create serious alarm for the future. As was naturally the case, London experienced the first effect of the revulsion; but Liver- pool, Manchester, Bristol, Leeds, Edinburgh and Glasgow, soon evinced sympathetic action. At all these great marts, where share speculation had been encouraged to an extent vastly disproportionate to the means of the parties engaging in it, the failure of confidence was immediately responded to by a heavy declension in prices. When the question of the Government deposit presented itself AND ITS EFFECTS. 19 in its true light the shock was most terrific. Calculated at a sum which fortunately it never realized, the multitude took alarm— since even the most prudent then saw, making allowance for over estimates, that an enormous amount of capital would be temporarily withdrawn from active circulation. The event so long prognosticated had come to pass. From one end of the kingdom to the other the tocsin of alarm resounded. The panic shout was scarcely universal, but terror nevertheless palled the hearts of the stoutest and boldest. Danger was ap- parent, and every one sought safety from the ruin which it was evident must fall somewhere. Indefinite as was the belief respect- ing the course the crisis would take, it was clearly foreseen that an enormous depreciation would occur in the value of all shares. August marked a high advance in the prices of the various descriptions.” October, in comparison with that period showed * In the month of August, the period when railway prices generally saw what is technically called “the top of the market,” the rage for gambling was enormous. The responsibility incurred by parties signing deeds of subscription attracted uni- versal notice. At this particular date, the furor was so great, that those who were engaged in railway share business, found a large portion of their time occupied in keeping the necessary appointments for perfecting these documents, which were of vital importance to the existence of the companies. Parliamentary returns shortly afterwards published, gave a list of subscribers who had affixed their names to deeds. Signatures were common for amounts averaging from £20,000 to £60,000. Mr. George Hudson, M.P., stood highest on the public list. He represented subscriptions for £818,000. Other parties were set down for £300,000 and £400,000 each. Earls, Privy Councillors, Baronets, Knights, M.P.s, Colonels, Captains, Lieutenants, Clergymen, Bankers, Barristers, Merchants, Lawyers, Directors, Secretaries, Pro- moters, Projectors, Stock-brokers, Tradesmen, and Clerks, were all alike centred in the vortex of speculation, and figured for the amount of their assumed liabilities. The number of clergymen who signed was 257. Of these the greater number were comparatively for small amounts, of from £2,000 to £5,000. Some however went into the speculation more extensively. Thus one was a subscriber for £26,000, one for £27,500, three for £20,000 and upwards, six for £15,000 and upwards, ten for £10,000 and upwards, fifty-three of from £5,000 to £9,000 each. Members of Par- liament were subscribers for much larger sums, and reckoned 157 in number, being nearly one-fourth of the entire House of Commons. This fact clearly indicated the strength of the railway interest in Parliament, and the sums subscribed for by indi- vidual members were in many cases very heavy. c 2 20 THE RAILWAY MANIA on the average a startling fall as demonstrated by the subjoined figures. The bullion in the Bank was further declining; the stock in both departments on the 25th of the last mentioned month having receded to £14,000,000. GOVERNMENT SECURITIES. AUGUST, 1845. OCTOBER, 1845. Price on the Ilowest Highest Price on || Price on | Lowest Highest Price on 1st. Price. Price. the 30th. || the 1st. | Price. Price. the 31st. Consols Money ...... 984 9 99 98 98 96 98 97 Do. Account...... 983 98 99 99 98 96 98 97% Exchequer Bills, 13d. 527 pm. || 46/pm. 53/ pm. |47/pm. || 46/pm. 37/pm. 54/pm. 38/pm. RAILWAY SECURITIES. AUGUST, 1845. OCTOBER, 1845. # |. e # # . e # - 3.5 |# 3 | # 3 H : Amount 833 || 3 & # 3 3.5 {RAILWAY SHAREs. º§. * ;: #3 # Şā Paid. : ##| #| ||. # , ii. £& É?” # iß EP #" 24 P+ P+ Pit f f #. s. Brighton .......... 50 50 80 76 80}| 78 50 0 || 70%| 60 | 72 64 Caledonian .......... 50 5 10# 10 | 12# 12 5 0 º 8#| 16+| 12 Chester and Holyhead. , 50 I5 22 20; 223| 21 } 15 0 20}| 17 | 214|| 17 Croydon . . . . . . . . . . ....] Av. £13 : 15 :9 26#| 22# 27}| 26. Av.13:15:9 24; 20%| 25; 22} Direct Northern ......] 50 2:10 || 2 || 1%. 23, 2% 2 10 2#| _2}| 3}| 2: Eastern Counties...... 25 || 14:16 214| 19 21%| 204ex.d. 14 16 22}| 194| 24; 22% Edinburgh and Glasgow .50 50 844|83}| 91 || 90 ex.d. 50 0 || 74}|_68 || 79|| – Great Western . . . . . . . . 100 80 |224 175 236 176 ex.new 80 0 161 ||141 || 67 || 154 Hull and Selby........ 50 50 |106%|1024.109 104 ex.d. 50 0 104 || 98 |105}|1024 Lond. & North Western Stock. 245 |214"|254 |223 Stock. 219 214 |222 220 London and York ....] 50 2: 10 |_64|4}} 7; # 2 10 || 6 || 4 || 7 || 5; Manchester and Leeds 100 73 |195 |1947 219 |217 76 0 | – ||146||154 || – Midland...... © tº e º 'º º e - Stock. [18]ex.dll?0 | 183 |175 Stock. 170}|152 |1763|155% North Kent .......... 50 !; 15 24, 23 5}| 5 2 10 # ; 4}| 3 South Eastern ........] Av. £33: 2: 4 || 45{#| 44; 48%| 48 Av. 33:2:4 || 43#| 35}| 44 || 37 Do. Western........ Av. £41: 6:10 || 81}| 77 | 84 78+ Av.41:6:10| 80 70 || 81 || 75 Trent Valley. . . . . . ....! £20 32 184| 18 20+| 20 2 0 || – | 1.54|| 183| 16+ York & North Midland 50 50 — |106 || 112 ||108 50 0 |1|18 ||106 |119 106 Boulogne and Amiens. 20 6 10}| 10# 11}| ll 8 0 || 13 | 10 || 13%| 11 Dutch Rhenish ...... i 20 3 9 || 7 || 10 || 93 5 0 | 12#| 8}| 12# 94 Northern of France. . . . . 20 4 6 5:#| 7#| 7 4 0 6#| 6 || 7 || 6; Orleans and Bordeaux. 20 4 ll 10# 14; 14+ 6 0 | – || 9 || 13; 12 Paris and Lyons . . . . . . 20 2 3 # 4 § 2 0 2}| 13| 3 || 2 Paris and Rouen ......! 20 20 - 46; 43}| 42 20 0 || – || 38 || 42: 39 Sambre and Meuse ....! 20 4 63 * 9 | 84 6 0 8# 53| 84| 6; The active progress of share gambling may be said to have received the first efficient check at this date. were no longer regarded with favor; the registration of pro- jects, reckoned by hundreds, sensibly declined and were at the end of the year altogether suspended; promising undertakings which feebly supported a premium, soon gave way and were New schemes AND ITS EFFECTS. 21 placed at a discount; and the whole fabric of speculation found itself shaken to its very centre. The month of November brought an additional increase in the value of money. Its worth at the Stock-exchange was about 4% per cent. Difficulty was experienced in obtaining accommodation by parties who were supposed to have engaged in share operations; credits were limited throughout the king- dom; and the stock of bullion continued to decrease. The Bank of England again raised their minimum rate to 3% per cent. Preparatory to the arrangements made for lodging plans and sections according to notice with the Board of Trade at the end of November, The Times appeared with an immense array of figures, the compilation of Mr. Spackman, which exhibited in a general synopsis, the position and responsibility of the country in connexion with railway works. Overcharged as this state- ment was alleged to be in some minor respects, it afforded ample testimony of the wild and extravagant theories of the day which spurned all reasoning adverse “ to the entire concentration of England's wealth and England's credit in these national under- takings.” No admission could be gained from the advocates of the system as to risk ultimately accruing ; obstinate against con- viction, they expressed not the least concern for the manner in which trade would be pinched by this drain of capital; “Spac- man’s data and calculations” were quietly dismissed as “illu- sory,” and most share tricksters sought to denounce the journal that gave them currency. Mr. Spackman’s table furnished, as will be seen, much food for comment. RAILWAYS COMPLETED, £. On account of which the shareholders have paid up . . . . . . . . . . . . . . . . 48,043,563 The shareholders have borrowed on debentures, loan-notes, and mort- 88.8°S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,637,314 47 Companies completed . . . . . . . . . . . . . . . . . . . . . . . . . . . . £70,680,877 22 THE RAILWAY MANIA RAILwAYS IN COURSE OF CONSTRUCTION, AND FOR which ACTS OF PARLIAMENT HAVE BEEN OBTAINED. £ On account of these the shareholders have paid up . . . . . . . . . . . . . . . . 6,432,155 And to complete the same according to the estimates, will have to pay the further subscribed sum of . . . . . . . . . . . . . . . . . . . . . . . . . . 44,927,170 Parliament having in all cases given the power to borrow one-third more, this will probably be further increased by the sum of .. 16,000,000 118 Lines and Branches in course of execution . . . . . . . . £67,359,325 RAILWAYS PROJECTED. Of 218 of these the amount of deposit stated in the prospectus is 5 per cent., and a per centage for expenses. A large proportion of this class received their deposits before the resolution of the Lords was passed, and others since, amounting to . . . . . . . . . . 11,171,727 To comply with the resolution of the Lords, a further payment of 5 per cent. must be made, amounting to about. . . . . . . . . . ... 9,595,464 402. A deposit of 10 per cent. is required, which many of them have received,—the whole, if paid, will amount to . . . . . . . . . . . . . . 38,369,109 643 Have not registered their prospectuses. 1263 Companies. Total of deposits required £59,136,300 Being 10 per cent. on £563,203,000, and 5 per cent. for parliamentary expenses. CAPITAL. Capital actually paid up and invested in railways completed. . . . . . . . . . 48,043,563 ,, Paid up on railways in course of execution, and sanctioned by Parliament. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . © tº e e s e e s e e 6,432,155 ,, Required to pay the deposits on new projects . . . . . . . . . . . . . . 59,136,300 Total capital invested . . . . . . . . . . . . . . . : º, e a tº e s m e º sº º º £113,612,018 LIABILITIES. Borrowed on the security of railways completed. . . . . . . . . . . . . . . . . . . . 22,637,614 Incurred in respect of railways in course of execution ..... tº E tº a e º e º o 60,927,170 To carry out the new projects, deducting the amount of deposits paid or required to be paid . . . . . . . . tº ſº * * * e º ºs e º ſº e º 'º' s e º us is e e º º e º º 506,882,706 Total liabilities ........... G s e i º º e º ſº e e s e s e º 'º e º e º e £590,447,490 “But if,” said The Times, criticising these figures, in its lead- ing article of the 17th Nov., “six millions a-year (alluding to the AND ITS EFFECTS, 23 previous annual rate of railway expenditure) has been a diffi- culty, and twenty-two millions a-year (in addition to an immense amount of foreign engagements) is almost a four times greater difficulty, what are we to say to the enormous—the stupendous —the infinite sums, if infinity can be summed up, that ap- pear in our synoptical view 2 Here we have 1,428 railways, with an estimated capital of £701,243,208, with a deposit of £49,592,816. Take away £140,000,000, for railways com- pleted, or in progress, exclude the most extravagant items, such as the £40,000,000 for “ Cooke's National,” and divide the re- mainder by ten ;-can we add a tenth of the vast remainder ?— can we add £50,000,000 to the railway speculation we are already irretrievably embarked in 7 We cannot, without the most ruinous, universal, and desperate confusion. “The mischief has gone too far already. With so fearful a testimony to the speculative madness of our countrymen as that which we this day display to our readers, we may apprehend almost anything. It may be said these 1,263 projects are nearly all smoke. But where there is smoke there is also fire. Though not a quarter of the schemes here enumerated have come into the Share-market, still they have all, more or less, had their knaves or their dupes, and, moreover, a considerable waste of money. The luxuriant crop of absolute weeds affords an indi- cation of the favour which merely unprofitable schemes have met with. It is the ridiculous amount of premium on worthless scrip, and the gullibility, or rather the voracity, of the multi- tude, which have prompted a crowd of adventurers to bait their hooks and cast out their nets for the prey. If there was not a very promising shoal of flats, you would not see so many fisher- men abroad. “From the month of July we have kept up one even tenour of warning, one consistent line of advice, against rash specula- tion, against the folly and sin of railway gambling.” If any- * The Times was never, perhaps, more eloquent than on the subject of the rail- way mania, commencing from the period of its first exposure of that speculation 24 THE RAILWAY MANIA body is concerned to be assured of our consistency on this point, the articles are before us, and we only hesitate to inflict on our readers the tedium of extracts from calculations and cautions which months ago we apologised for reiterating. It was not for us to attempt a decision between the multitudinous applicants. That is neither in our place nor our power. We proceeded on the simple fact that the limited capabilities of the country and its many other demands only allowed of a certain expenditure in railroads. Early in September we reckoned that limit at thirty millions as the very outside. We always urged the ruinous absurdity of hundreds of schemes at a premium, when only a few could be ultimately realized. We did all we could to expose the craft of provisional committees, and to re- commend the utmost inquiry into the conditions under which the unitiated shareholders bought their shares and paid their deposits. We spoke of the practical impossibility of the parlia- mentary deposits being paid on so vast a mass of schemes, and the consequent certainty of the greater part being indefinitely postponed. As far as we are concerned we should have the greatest pleasure in reprinting all our leaders and city articles from July to this day. We might then leave our cause in the hands of the public. On the 1st of July the ominous question * Whence is to come all the money for the construction of the projected railroads º' is thrice repeated—at the beginning, the middle, and the end, of an article on the subject. This was on the 1st of July, and on the last day of that month we gave utterance to a deep presentiment, the whole truth of which time has yet to show, but which has been so far verified that we consider ourselves called on to repeat the words, perhaps more seriously felt than expressed.” The month of November progressed. The time drew nigh for compliance with the orders of the Board of Trade. Strenu- ous exertions were made by the various companies to achieve down to the latest predictions respecting the effect of railway calls upon the com- merce of the country.—ED. AND ITS EFFECTs. 25 the desired end; and expense was not spared to procure the required aid for completing the necessary plans. From this date forward serious obstacles interposed to a resus- citation of the mania. Sanguine as had been the anticipations entertained on this point by the majority who had engaged in share dealing, little time elapsed before it was clearly apparent that the state of business was past immediate hope of recovery. It was not only the present difficulty experienced in arriving at a perfect condition for the authorities of the railway department, but also the prospective one, even should compliance in that respect be effected, of lodging the deposit-fund with the Ac- countant-General in Chancery, as an earnest of the bond fide character of the undertaking. Attention being much directed to this latter circumstance, and money gradually becoming scarcer at higher rates, the value of Consols and Exchequer Bills declined. Already operated upon by what had beencon- sidered a kind of preferential investment, viz. guaranteed railway stocks and railway bonds and debentures, these securities felt strongly the effect of the apprehended call for capital, to make good the large amount payable in the early part of 1846, on behalf of new companies seeking parliamentary sanction. Notwithstanding it was soon ascertained that a considerable number of the undertakings were lost, at least for the next session, owing to non-compliance with the regulations of the Board of Trade, “ that incubus—the question of railway de- posits,” continued to be described as “weighing heavily upon the public mind.” The amount of these deposits originally cal- culated at between £20,000,000 and £30,000,000 on the number of schemes promoted, underwent a sensible reduction, when, out of the 1,263 companies which made an attempt to arrive at that position, not more than half were successful. Of course it was not for one moment imagined, taking these enormous figures, that the whole of the schemes would be prepared to give in their plans and sections as stipulated; but nevertheless, regard being had to the safety of trade, it was considered a triumph, parti- cularly by those who had ranged themselves under the banner of 26 THE RAILWAY MANIA the “ alarmists,” to know that the proceedings of a large propor- tion had signally failed in their first essential stage. Between November and December the stock of bullion in the Bank underwent some change. declined to about £13,000,000, but again slightly increased to- wards the end of December, when it stood at £13,325,000. The fluctuations in public securities, it will be perceived, had mainly occurred, as already stated, in the cases of Consols and Exchequer Bills. From about £14,000,000 it A number of the most ephemeral schemes had been swept from existence; the horde of petty GOVERNMENT SECURITIES. NOVEMBER, 1845. DECEMBER, 1845. Price on the Lowest || Highest | Price on || Price on | Lowest || Highest |Price on 1st. Price. Price. the 29th. the 1st. Price. Price. the 31st. Consols, Money ...... 97 94} 97 944 94; 193} with d 95 Shut Do. Account ..... 97% 94% 97 95 95% 91% ex d. 95% 94% Exchequer Bills, 1}d. 38/pm. |19/pm. |39/pm. |22/pm. ||20/pm. ll/pm. 28/pm. |27/pm. RAILWAY SECURITIES. NOVEMBER, 1845. DECEMBER, 1845. à •$º --> à Amount Amount | 3: ##| # # 5 # per Share. Paid. gº 3 £ ##| || 3 & *: ;I, T | #: ſh- P+ 46. 38. Brighton .................. 50 50 62; 57 65 60 Caledonian ............... 50 5 1; 63| 12#| 7 Chester and Holyhead 50 15 18}| 123||19|| 13 Croydon ... Av. eſs: 15:9 || 31|| ig"| 23 is Direct Northern......... £50 £3 10 || 2 || Tig Tຠis Eastern Counties ...... 25 14 16 22 | 18; 23 18 Edinburgh & Glasgow 50 50 0 || 74 62" | 74 || 63: Great Western ......... 100 80 0 |157 |140 160 ||144 Hull and Selby ......... 50 50 0 102; 98 ||103}| 99 Lon. & North Western S º 219 |204 |222 (207 London and York ...... £50 #2 10 || 5}|_2}, .6 |_2 Manchester and ileeds ióð 76 "o 143/126°146 |130 Midland Counties ...... Stock. 152 |132 || 156 |136 North British ............ 36.25 | £15 24 19 24, 20; North Kent ............... 50 2: 10 || 3:#| 24 3; 2 South Eastern ......... Av. £33 : 2: 4 § 32" | 38 sº Do. Western............ Av. 41 : 6 : 10 || 74}| 70 77 | 73 Trent Valley ........... if 20 £2 16#| 13 16%| 14% York & North Midland] 50 50 1% 102 || 110 ||102 Boulogne & Amiens ... 20 8 10}| 7 || 11 7 Dutch Rhenish ......... 20 5 8# 6; 9%| 6 Northern of France ...! 20 4 6}| 6 || 15 || 103 Orleans and Bordeaux| 20 6 lift| #| ii#| | Paris & Lyons............ 20 2 3 || lºg 3+ 2 IXo. and Rouen ......... 20 20 38}| 34"| 39 35} Sambre and Meuse,..... 20 6 6#| 3}| 6:#| 44 # |, | * : lá & g., | # 3 | ##|s: Amount Paid. 33 ##| # #3 g" |35, #2, #º i. i. #6. s. d. 50 0 0 60 | 60 70 | 69 5 0 0 || 7 || 63| 16#| 154 J5 0 0 13;| 13 17: 17 Av. 13 15 9 184| 18+ 24 || 23} 2 10 0 || 1: 13| 24| 2+ 14 16 0 18g. 18; 23# 22% 50 0 0 63;| 62T 77 || 77 80 0 0 ||144"|140 |166 |163 50 0 0 99 || 98 ||105 ||104 Stock |207 |205 |224 |2214 2 10 0 |_2}| 2}| 4}| 4; 76 0 0 130 |I23"|138 135, Stock. 136 |135 | 158 |155 #617 10 0 20; 19 27 || 25 2 10 0 § 2}| 3}| 3 Av. 33 2 4 33% 33 || 40 || 39% Av. 41 6 10 | 73" | 72 | 774| 77 2 0 0 || 14%| 13%| 21+| 20; 50 0 0 |102"|101 ||108 || – 8 0 0 || 7#| 7 || 13 || 12 5 0 0 63 || 6 8 5 0 0 || 10: 1 1; 14:#" 6 0 0 9 9|| 12# 11 2 0 0 2}| Ig| 3:# 9 20 0 0 || 35}| 35 || 41 | 40 6 0 0 3#| 6 || 6. AND ITS EFFECTS. 27 gamblers usually infesting the alleys of the Stock-exchange had dwindled into insignificance, and much of the distracting madness which so alarmingly characterised the autumn of the year had altogether passed away. Original undertakings once more held up their heads. Henceforward it was to be their day. A sudden reaction in most of these shares was considered indicative of the favor they maintained; and it was prognosticated that the market, when relieved from the superabundant mass of rubbish which inundated it, would shortly be restored to a pro- per condition. No sooner had the first effects of the panic subsided than a movement, as startling as it was novel, commenced. At the time the October reaction brought down, with unprecedented violence, the value of all railway securities, a number of com- panies had been but recently brought into existence. These having issued their prospectuses, were receiving in return appli- cations for shares. Acting upon the widely disseminated prin- ciple of watching the turn of the market, whether favourable or otherwise, the committees anxiously delayed allotments. With the cupidity distinguishing persons placed in their position, they desired not honestly to set their undertakings afloat by subscribed capital from the public, but to increase their own share of profit from the premium which their several projects might command. The result of their patience was suicidal. The revulsion came and their market was irretrievably lost. The struggle for allottees at length arrived. In the full assurance of enduring stability in prices, numbers had unhesi- tatingly made application for a portion of the supposed distri- butable shares. Knowing the large reserves made by com- mittee-men, &c., for themselves and their friends, applications were generally tendered for a considerable quantity, in order that, if the shares were distributed at all, some allotments might be secured. In the period intervening between the close of 1845, and the commencement of 1846, the majority of embryo companies seeing it was useless to look for any revival, and “ discounts” 28 THE RAILWAY MANIA being more frequently quoted in the share lists than “premiums,” abandoned all further reservation, and letters of allotment poured in upon the unsuspecting applicants in the most liberal manner. Suddenly availing themselves of the power vested in their hands by the terms of applications which bound the allottee to accept whatever number might be appropriated to him, and also to pay deposits upon and sign the deed for the same, the various committees endeavoured to shift all personal risk from their own shoulders to those of their unfortunate victims. Persons therefore who perchance had written and pledged their responsibility for 200 shares in a particular company, with the expectation of getting twenty or ten shares, or as had been previously the case, not more than five shares, were without further prelude, honoured with the whole number first applied for. The principle adopted in the early progress of the mania of “cutting down” applica- tions to one tithe of what were sought, and which had been rigidly recognised throughout its preceding stages, was now alto- gether discontinued. Deposits were demanded, and legal pro- ceedings threatened, if they were not paid. Allottees in most instances refused to comply on any terms. It was much ques- tioned whether the committees could enforce these claims, and their various attempts to cajole the public, were valiantly resisted. Companies who had failed from nonpayment of deposits only asked for small subscriptions in liquidation of expenses. Others less matured, pledged themselves so to economize expenditure, as to deduct but a small amount from deposits when paid, and pro- posed even to restrict outlay in some cases to 3s. and 4s. per share. But even these alluring promises were unavailing, and schemes continued to disappear. Concurrently with these events the “deposit question” occu- pied the attention of capitalists. February” was the period fixed * Mr. Samuel Gurney, before the Committee on Commercial Distress, alluding to the payment of railway deposits, said—“In February, 1846, the operation of the Bank Act of 1844 was sensibly felt. The pressure of 1846 arose from the excitement that had occurred upon the subject of railways for the previous two years, and more particularly from a regulation of Parliament, that a certain amount of deposit on each AND ITS EFFECTS. 29 for the payment, and since the reactionary spirit had worked out numbers of projects, between £12,000,000 and £14,000,000 was the sum which it was estimated would pass to the account of the Accountant-General in Chancery for that purpose. The latter amount approximated nearly to what was paid in England, Ireland, and Scotland. Of this sum upwards of £11,000,000 was deposited directly through the Bank. The current value of cash then was 5 per cent. This grand difficulty surmounted, more ease was experienced in the Money-market, and rates again declined. But while in this respect less fear was exhibited by those more immediately connected with the financial concerns of the country, on the other hand new cause of alarm arose in conse- quence of the active litigation carried on between directors, pro- visional committee-men, and shareholders. Cases were argued and verdicts given for and against the several parties interested. Woolmer v. Toby, a cause tried at Exeter, settled the liability of allottees.” Then came the one known as Walstab v. Spottiswoode, company’s scheme should be paid into the Bank, on account of the Court of Chan- ~. . cery, within a certain number of days of the meeting of Parliament; before the pay- ments took place it was impossible to ascertain the exact amount of what the payment might be, but it was presumed that it would range from ten to twenty-five millions Sterling. The payment was to be made in Bank-notes; so very large a sum to be taken out of the circulating medium then existing, was a very severe operation; the Bank being under the restriction of this Act, instead of giving increased accommoda- tion to the monied interest, which, were it not for this Act, they would have done, acted upon a very marked system of limitation; the usual accommodation that we had had, had been by the discount of bills having less than ninety days to run, or loans on the security of bills for the same period, of ninety days or less; the Bank were alarmed in consequence of the effect of this Act, and limited the period first to sixty days, then to thirty and to twenty, and at last to only ten days; the effect of which was, that the money-dealers were wholly disinclined to take money for such short periods, and to accommodate the mercantile community with it, and very great stagnation and pressure took place for a fortnight or three weeks.” * “Can Government” said the Railway Times in March, 1846, “be ignorant of what is at this moment doing throughout the country by a set of scoundrels whose only object is plunder, who conduct their proceedings with the most barefaced and brazen audacity, and who, in defiance of the plain and recognised law, seek to extort large sums of money from thousands and tens of thousands of people, by threatening 30 THE RAILWAY MANIA in which it was decided subscribers could demand a restitution of deposits, if the undertaking they supported was not proceeded with ; and the confusion then became desperate. In addition, engineers, tradesmen, &c., who had been employed by the companies were striving for an arrangement of their accounts, them with legal proceedings | Some of the bubble companies we have heard have sold the whole number of their letters of applications to speculative attornies who have at once proceeded to issue threatening notices, and who, in some instances, have reaped a rich harvest; others have conceived that this course was too good a thing for the attorney, and they have entered into an agreement with one or more lawyers to allow a per centage on the sums they can extort from parties worth “powder and shot.” Nay, we have heard of one instance in which a capitalist was applied to by a needy attorney who had been promised the refusal of the whole batch of allotment letters of a bubble company, for an advance of money at an enormous interest, in order to cover the expense of issuing somewhere about one thousand speculative writs. In order to give a slight insight as to what is going on, we here present a few instances of the different ways in which the promoters of abortive com- panies seek to obtain money from the public. It must be borne in mind that the pertinaceous reliance on the Toby case is at once disposed of by recent decisions of eminent judges, who have declared that ‘ the promoters of projects are liable for the whole of the preliminary expenses of those projects which prove from any cause abor- tive, and that they must return the deposits without deduction to the subscribers.” In the teeth of this plain statement of the law, we find a Mr. himself as attorney-at-law, demanding the immediate payment, on behalf of an alleged , who describes railway company, termed the Grand Junction, Great Western, and South-Western Railway Company, not of a proportion of alleged expenses, but of the whole number of shares allotted . The Liverpool and Derby Direct defunct project employ a Mr. , attorney, to demand 3s. per share, with the expense of lawyer’s letter, 3s.6d., on pain of an action-at-law. On behalf of the Manchester, Southampton, and Poole , of , require 5s. per share to be paid, otherwise they threaten proceedings against parties for the full amount of their deposit. The Bristol and English Channels Railway directors demand 4s. per share as the price of the allottee’s letter of application, and intimate in case of non-compliance they will proceed for the whole of the deposit. The Hon. and Reverend requires 2s. 6d. per share to be paid towards defraying the expenses incurred by the Staffordshire and North Midland Junction Railway Company. The Hon. and Rev. gentleman significantly refers to the case of Woolmer v. Toby, in the event of refusal. The Cheltenham, Oxford, and London Junction project has peculiar features of its own. In order to induce allottees to pay the deposit, the committee, by circular dated from their offices, inform the allottees that “in the event of their not being enabled, from any unexpected deficiency of deposits,’ to go before Parliament in the next session, the whole sum which the allottee shall have paid shall be returned, line, Messrs. , in the name of his co-directors, AND ITS EFFECTS. 31 and getting impatient and annoyed by decamping directors, and the reported irresponsibility of provisional committee-men,* sought redress by legal interference, and so increased the cur- rent of commotion. “ The time is come,” it was jocosely remarked, “ for the practice of that equivocal recommendation conveyed in the words “every man his own lawyer.” What was once a satirical idea must soon become a serious reality, or else we are all undone. Unless the public will learn the terms of art and plumb the deep profundities of legal form, master the myste- ries of rules nisi and absolute, and understand the difference between verdict and judgment—unless they will give themselves up to the study of Tomlin’s Dictionary, or spend a few pleasant months within a lawyer's office—why, it seems to us, that this poor public is lost, quite lost.” And the truth of this could not be denied, since what with conflicting decisions and the undefined state of the law, perplexing difficulties were started at every fresh step. without any deduction whatever ! And yet, in the face of this compact, we find that on the 4th of April they issued a circular, signed “ —,’ demanding 3s. per share expenses. The Dorking, Brighton, and Arundel Atmospheric scheme has also some remarkable features. Two attornies, Mr. and Mr. , have issued threatening circulars to numerous persons, calling on them to pay the sum of 7s.6d. per share as the condition on which the letter of application would be parted with, and hinting in case of refusal, the commencement of reprisals at law.” The names of the several parties were inserted in the Railway Times, but the Editor of FACTs AND FIGUREs does not deem it essential to enter into those particulars. * “October, 1845, ushered in the panic in all its terror, the golden dreams of the committee-men vanished, and many of those very gentlemen fled to foreign lands, to avoid the responsibilities they had incurred. Who were the sufferers 2 The trades- men, engineers, &c. The secretary had obtained credit of those parties on the strength of the solvency and acknowledged respectability of those whose names appeared on the list of the provisional committee. The day of reckoning came at length; those very gentlemen who had perhaps realized large sums by their con- nexion with the project, repudiated all liability; the parties who gave them credit, and who had paid away large sums of money on their behalf, in the full belief of their solvency and honour, were set at defiance, and the only means left to the un- fortunate creditor was to bring actions, and to plunge into a doubtful litigation in order to recover the amount of his fair demands.”—Judge-made law—versus the Law of the Land—an able pamphlet published on the question of the liabilities of railway committee-men. 32 THE RAILWAY MANIA, The appended table of the markets for public securities from January to March, 1846, shews the fluctuations that occurred in that period. A number of the abortive lines were then attempt- ing a liquidation but without any great success. Shares in the old lines of railway were for the time pretty steady, though the prospect of permanent improvement was remote. GOVERNMENT SECURITIES. JANUARY, 1846. MARCH, 1846. Price on the Lowest Highest Price on || Price on | Lowest || Highest | Price on lst. Price. Prices. the 31st. the 2d Price. Price. the 31st. Consols, Money .... Shut 933. 95% 944 96; 95 963 96; Do. Account .... 94; ex d. | . , 94 95} § || 3: # gº" | # Exchequer Bills, 1%. 28/ pm. 10/pm. 32/ pm. 27/pm. || 35/pm. 21/pm. 37/pm .29/pm. RAILWAY SECURITIES. JANUARY, 1846. MARCH, 1846. # * . . . . ; # | . . . ..., | # Amºnº | Agºint | ##|##|##|##| Amount Paid. | ##|##|##| #3 per Share. Paid. g" 35. #. gº gº §§ # gº P+ P+ P- Pl: #. #. £. s. d. Brighton ............] 30 50 69 | 66; 70 | 68: 50 0 0 || 65|| 60%| 65|| 62} Caledonian . . . . . . . ...] 50 10 15% # 16}| 14;|| 10 0 0 || 133| 7 || 13}| 8 Chester & Holyhead ... , 50 15 17 || 154| 22 21, 20 0 0 || 21}| 16%| 21} 17 Croydon . . . . . . . . . . ....| Av. 613 ; 15: 9 || 23}| 92] 24, 223||Av. 13 15 9 22}| 19, 22}| 20 Direct Northern ...... 50 | # 2:10 || 2 || 13| 2+ 2} 2 10 0 2}| 1%| 2}| ly Eastern Counties...... 25 |#14: 16 22}| 21; 23}| 22 14 16 0 sº 19; 22 21 Edinburgh & Glasgow 50 50 '77 || 74 80 76 50 0 0 || 72 || 71}| 73}| – Great Western........ 100 80 |163 |159 |170 |168 85 0 0 149 |140 151 |143 Hull & Selby ........] 50 50 104 103 |106 ||106 50 0 0 1043| 99 |105 ||106 Lon. & North Western Stock. 221 219 |230 229 Stock. 222 214 |224 |217 London & York ......] 50 | 2 10 || 43|_3}| 4%| 4; 2 16 0 3}|_1}| 3}_1} Manchester & Leeds ... 100 76 135 |133 138 136 82 0 0 || – |116 |1317||116 Midland..... & © tº dº e º tº e e Stock. 155 |148 158 |152 Stock. 148}|139, 149 |1413 North British ........ 25 £17: 10 || 25}| 234 27, 243 20 0 0 || 27# 22}| 27}| 24 Do. Kent . . . . . . . . . . 50 I, § 2; 16 || 3: 23 ; 2% 2 16 0 2#| || 1 || 23| 1 South Eastern ........| Av. č33: 2: 4 || 39|| 38 40, 38%|Av. 33 2 4 || 38 |34 || 38}| 34 Do. Western........ Av. £4.1 : 6: 10 || 77# 76 79 || 78||Av. 41 6 16 || 773| 73 78 75 Trent Valley.......... 320 5 204| 20 21}| 21 5 0 0 || 26; 26 28 274 York & North Midland 50 50 — 100 |114 1024 50 0 0 || 99;| 94 ||100 || 96 Boulogne & Amiens .. 20 I0 12; 114| 13, 103 10 0 0 # 104 12# 123 Dutch Rhenish . . . . . . . 20 5 3"| 7 || 33 ºf 5 0 0 | 6#| 5}| 65|| 5; Northern of France . . . 20 5 14}| 14 | 15%| 1 5 0 0 | 16 || 14%| 16|| 15 Orleans & Bordeaux . . . 20 6 11}| 10}} 12 #: 6 0 0 | 124 llì 13}| 12; Paris & Rouen ........ 20 20 404 38|| 41, 383 20 0 0 || 42 | 40}} 42}| 40 Sambre & Meuse ...... 20 6 6 § 6} 5; 6 0 0 || – || 3: 4; 3 Besides the litigation encouraged, the meetings of expiring companies afforded scenes rarely witnessed in well ordered so- ciety. Directors and committees were found in their collective AND ITS EFFECTS. - 33 character to have forfeited all claims to honesty, illegal traffic in shares proved in several instances the least reprehensible part of their conduct; and frauds and forgeries became, in some cases, subjects of criminal investigation. And thus did they not only pander to their own selfish appetites, but they also suffered the costs of lawyers and other professional attendants, to make so great an inroad upon shareholders’ deposits, as to leave but little for subsequent distribution. Under the attractive title of the “Progress of Exposure,” one of the railway papers,” rendered weekly an account of the reckless proceedings of the bubble companies, and unflinchingly held up to public odium, the adventurers who had profited by their existence. Share gambling having been wholly arrested, the hollowness of the system was shortly made manifest. Some directors and committee-men finding the prosperity of the mania at an end, sought to avoid responsibility by advertising them- selves as unconnected with any undertakings; others judging this plan inexpedient, and considering “responsibility and pay- ment” were not terms synonymous with “fees or premiums,” quitted for the Continent, with the proceeds of their operations; while some, compelled by the pressure of circumstances, and inability either to pay or take flight, willingly submitted to in- dividual incarceration, with the anticipation of the friendly inter- ference of bankruptcy or insolvency, to free them from liability. A report, issued about this time from the Board of Trade, demonstrated in the most palpable manner the fertility of in- vention among the promoters of joint-stock companies. Rail- ways, patronized as they were, had not been suffered to occupy an exclusive monopoly.” “This mirror of national hallucination” * Railway Gazette, 1846. t “Among the most “amusing nondescripts” the report gave the following:— The People's Colliery Co. Melides Anglo-Franceza Mining Co. Biographical Dictionary Society. St. Marylebone and Paddington Joint- stock Building and Trading Co. Agriculturist Cattle Insurance Co. Tehuantepec Colonization and Canal Co. Greenwich Bath Co. York-street Flax-spinning Mill Co. Bury Athenæum Co. Patent Concentrated Tea Co. Tollesbury Oyster Co. National Land-draining Co. Patent Fuel Co. Rotherham & Masbrough Public Bath Co. National Joint-stock, Loan & Discount Co. D 34 THE RAILWAY MANIA (as the document was described”), “when every bubble was in- vested with a value as the true offspring of English joint-stock genius, shows the progress of the evil of a plethoric speculation, Quartertown Cotton Joint-stock Co. Economic Draining Tile and Brick Co. General Oceanic Telegraphic Co. Church of England Cemetery Co. Highbridge Market-house Co. Lancashire £100 Money Co. New Protecting Society. Norfolk & Suffolk Ramoneur Association Mercantile Bill of Exchange, Discount and Loan Co. Fidelity Guarantee Society. Patent India Paper Manufacturing Co. Marine Glue Co. Wenham Lake Ice Co. Patent Cork-Cutting Co. FIull Worsted Mill Co. Wylam's Steam Fuel Co. Practicable Gen. & Invalid Assurance Co. Burnley Cotton Twist Co. Defender Co., now called Property Pro- tection and Insurance Co. against Fraud and Robbery. Craig Dhu Slate Co. Patent Timber Co. Great British Advertising Co. Railway Club House, Chambers, and General Goods Depot Co., now called Bank Approaches Improvement Co. British Class Journal Co. National Glass Co. of Ireland. General Commercial Telegraph Co. Railway Carriage Building Co. Prosser’s Patent Wooden Railway Guide- wheel Co. British and Colonial Provident Life As- surance Annuity Endowment, and Freehold Investment Co. Liverpool Joint-stock Railway Bank Co. Burnley Building Co. . Manchester Auxilliary Investment Co. Bridlington Quay and Public Rooms Co. Fitzroy Investment Association. Hull Sugar Refining Co. Royal Irish Glass Co. New Share and Stock Exchange Co. Westminster & Charing-cross BuildingCo. Chorley Cotton Twist Co. * General Canal Steam Haulage Co. Metropolitan and Brighton Sea-Water Conveyance Co. Provincial Sewage Manure Co. Great City Shambles Co. Nova Scotia and New Brunswick Transit and Colonization Co. Universal Railway Contracting Co. Joint Stock Newspaper Co. Railway and General Gas Co. Railway Land Investment Co. Victoria Aqueduct Co. Inland Ports and Sea Ports Union Ship Railway and Goods Traffic Co. Isthmus of Darien, Atlantic, and Pacific Junction Railway, Harbour and Dock, and Steam Packet Co., now called Isth- mus of Darien, Atlantic, and Pacific Junction Railway Harbours, Docks, Canal and Steam Packet Co. Northampton General Cemetery Co. Necropoli, or Grand Eastern and West- ern Cemeteries Co., now called Metro- politan Necropolis, or Grand Eastern and Western Cemeteries Co. Sheffield Coal Consumers’ Co. Bradford Sanatory Building Co. Atmospheric Rapid Mail Conveyance Co. United Iron and Railway Extension Co. Dublin Coal Ship Co. Railway Contracts Co. Royal Irish Railroad Carriage Co. East of England Locomotive Engine Building Co. Patriot Association. Somersetshire Lighting Co. Devonshire Lighting Co. Law Chambers Society of Ireland. - Norwich Church of England Buria Ground Co. British Patent Naphtha Co. TJnion Joint-stock Building Co. Hibernian Coal and Peat Consumers’ Co. Liverpool Stock Exchange Building Co. Great Metropolitan Artesian Water Co. Ingland Life and Invalid Hazard AS- surance Co. Grand European Mining and Manufac- turing Iron Co. Miniature World, or Grand National As- sociation. Grand National Association for the Pro- fitable Employment of Capital, Skill, and Labour, in Trade, Commerce, and Agriculture. South London Newspaper Co. Patent Fibre Manufacturing Co. National Investment and Benevolent Land Association, for the Encourage- ment of Agricultural Labourers and Small Farmers. West Kent Hop Co. Hereford Cottage Association. Litherland Land Co. National Philanthropic Investment Co. * Morning Chronicle, April, 1846. AND ITS EFFECTS. 35 without at all unveiling the disastrous and uncalculated conse- quences of the period—consequences, which can only be thoroughly arrived at by visiting Whitecross-street and other debtors jails, half peopled with projectors and speculators, who have sported in the late railway game.” This assertion did not long remain unexemplified. Proceedings in bankruptcy and insolvency every now and then disclosed striking facts con- nected with the ravages of the mania, and the majority of balance sheets and schedules filed in the respective courts contained heavy accounts of “losses by railway shares.” And now we approach the important period when the Legis- lature found it necessary to interfere for the relief of the public, and to adopt measures for at once determining the dissolution of * A bankrupt named Charles Collins, described as of Adelaide-place, London- bridge, and Kidderminster, Commission-agent, when he appeared before the Court, showed by his balance-sheet that he had been largely connected with many of the projects started during the mania, and in giving an account of his liabilities as pro- visional committee-man or director, included the subjoined choice selection:— “1. Pilbrow’s Atmospheric Railway and Canal Propulsion Company—liabilities none. 2. Jamaica Western—they are winding up, and I expect they will meet all their engagements. 3. Jamaica Southern, Eastern, and Northern—the same. 4. Oxford and Thame—winding up. 5. North Devon (Bridgewater to Portlock)— winding up. 6. Avon and Severn Valley—never attended a meeting, and don’t know the state of affairs. 7. Dutch Hanoverian—no liability. 8. London and Gravesend Direct—winding up. 9. London and Dublin Direct—winding up. 10, Irish West Coast—liabilities transferred to the Irish Directory. 11. Railway Guarantee Company—Irish liability of about £14 balance. 12. Railway Banking Company—joint liability of about £120. “13. Widow’s Insurance Company— balance of about £100 owing, to be divided between five persons. 14, Great Welch Junction Railway—windng up. 15. Holborn-hill Improvement Company—all paid. 16. Concentrated Essence of Tea and Coffee Company—liability ceased. 17. Panama Company—all paid. 18. A proprietor of the British and American Steam Navi- gation Company—all paid but £53 and costs.” Numerous other cases could be adduced, vide Tanner’s and Ward's balance-sheet in the Appendix, p. lxiv. Mr. Commissioner Holroyd, in June, 1848, refused alto- gether the certificate of J. G. Moon in the East India trade, on the ground of reckless trading. His losses in railways during nine months of the “celebrated speculative year 1845” amounted to £7,500. The decision on the certificate of Lyon Samuel, by Mr. Commissioner Fonblanque, in August, 1848, also brought out the fact that losses on railway shares in that instance, were put down by the bankrupt at £13,400. a . - - - - D 2 36 THE RAILWAY MANIA the numerous companies left as the great wreck of this speculation. From the commencement of the session continued appeals were made to the ministers as to the course they intended to pursue. It was in April, 1846, that Lord Sandon from his place in the House of Commons determinedly called the attention of the then Premier, Sir Robert Peel, to the question.—“The present con- dition of the Money-market” said the noble Lord, alluding to railways, “is very different from what it was when these com- panies first came forward, and there is now a great desire on the part of those who have embarked in these projects to retire ; but, notwithstanding this desire, it is a question whether, by the rules of the house, they are enabled to fulfil their wishes. Not only is the question of importance to the few shareholders concerned, but every one is either directly or indirectly concerned, even though he may have been unconnected in any way with railways. The present state of things affects every branch of trade and commerce. In the first place, there is injury from the mere blocking up of the deposits; in the next place, there is the appre- hension of success, for success is no longer wished for but appre- hended; and in the next place the whole of the railway projects which have already received the sanction of Parliament are affected, and the directors are unwilling to make calls for their completion whilst the market remains in its present condition.” And in support of his assertions he quoted the circulars of Messrs. Trueman & Cook, of London, and Messrs. Collman and Stolterfoht, of Liverpool.” * The extract from Messrs. Trueman & Cook’s circular ran thus:– “The various branches of commerce are severely depressed; there is not only a continual fall in prices, but great dfficulty in realizing goods at any sacrifice. The India and China trade is particularly suffering. Tea, indigo, silk, cotton, &c., form- ing the principal imports from thence, have all been reduced to a scale of prices unusually low. In the manufacturing districts stocks of goods are accumulating, and a general absence of all enterprise in trade is evident. The principal cause of this stagnation unquestionably is the enormous amount of railway undertakings, which are gradually absorbing a large portion of the capital of the country hitherto devoted to trading purposes. This evil is already very severe, but if it be increased by the success of many of the numerous projects now before Parliament, the inevi- table embarrassment which must ensue can hardly be magnified. Public attention AND ITS EFFECTS. 37 The discussion once pertinently raised, the subject was entered into without delay, and Sir Robert Peel, in propounding the measures which Government proposed to effect a dissolution of abortive schemes, entered into details.-‘‘I find” said the Right Hon. Baronet, “ that in 1844 the number of railway pro- jects which received the sanction of the Legislature was 37; that the capital authorized to be raised by those acts amounted to £13,981,000; that the amount of loan capital, as distinguished from share capital, authorized to be raised, amounted to £4,006,000, being a total amount of share and loan capital authorized to be raised by the bills passed in 1844 of £17,987,000. Then I find in 1845 the number of railway bills passed was 118; and the share capital authorized to be raised by those acts amounted to not less than £45,849,000, whilst the amount authorized to be raised by loan, in addition to the share capital, is £14,635,000, making a total amount of capital authorized to be raised by the acts of has recently become more awakened to this important subject, and Government has been urgently called upon to interpose by an unflinching determination to defer for a time most of the schemes now before Parliament. It has been urged, however, that the subscribers themselves have the power of withdrawing the undertakings if they find them beyond their means, and this is certainly true; but although many would gladly exercise the power, it would be difficult to procure a general consent to do so, while a parliamentary interference to relieve what is now admitted to be a serious impending difficulty, would be hailed with universal satisfaction. The little progress made with the important measures now before Parliament excites much anxiety, and aggravates the depression under which trade lingers.” Messrs. Collman & Stolterfobt advised their correspondents as follows:— “We have still to repeat our former reports of a languid business, and of an uneasy feeling in the mercantile world, as a consequence of the late excessive rail- road speculation, and from the dread of the serious effects which must arise if the numerous projects for the further construction of railroads which are now seeking the sanction of the Legislature be persevered in. It is easily to be understood, that if the railroads now in the course of construction will require about £20,000,000 per annum for the next three years, and will thus absorb most of the available capital of the country which can be spared from other pursuits, an additional demand of about £40,000,000 per annum, which the new projects would require, must be fraught with the most ruinous consequences, for it is utterly impossible that so rapid a conver- sion of floating into fixed capital, and a diversion of such immense sums from the industrial pursuits of the country, should not deprive them of their very life-blood.” 38 - THE RAILWAY MANIA 1845, and applicable to railway enterprise, of £60,484,000. I have called for a return of the number of railway bills which, on the 11th of April last, were under the consideration of this or the other house of Parliament, and I find that the number of English bills amounted to 369; of Scotch bills, 107; and of Irish, 43—making a total of 519 bills, which, so far as the public records can be relied on, are bills in respect to which the decision of Parliament must be given. I find by the English bills that capital to the amount of £184,700,000 would be raised, sup- posing all those bills received the sanction of Parliament, and that in addition, under the same bills, loans to the amount of £58,000,000 might be raised. By the Scotch bills, capital stock to the amount of £28,500,000 might be raised, and loans to the amount of £9,500,000; whilst by the Irish bills, £18,104,000 capital stock could be constituted, and loans to the amount of upwards of £5,000,000 would be sanctioned, making a total of capital stock authorized to be raised by the bills for England, Scotland, and Ireland, respectively, of £231,302,000, and of capital to be raised by loans of £72,781,000, being a total of capital authorized to be raised by bills pending in this session, independently of the unpaid capital of the acts sanctioned by Parliament in 1844 and 1845, of £304,000,000. I know it would be quite illusory to rely upon that as the amount of capital which would be actually required. Many of these are competing rail- ways, and many are bills the passing of which would be quite unnecessary for the public interests; and therefore, although I state £304,000,000 to be the total amount of capital which, if all these bills were sanctioned, would be authorized to be raised, yet a very great deduction must be made for many of them which Parliament would reject, and many of them which would not go on; but still, make what deduction you will, the total amount of capital, were there no interference at all on the part of Parliament, if we are entirely passive, that will be sanctioned in the present session, will be much greater than that which I think it would be essential for the public interests should be raised for railway speculations.” ** AND ITS EFFECTS. 39 Three considerations, Sir Robert said, he thought should have weight with the House and induce the Members to concur in the suggested plan.* These were—First, the enormous amount of capital, which, with whatever deduction might be made from the number of bills, must be pledged to railway engagements in the course of that session,-secondly, the increased cost of articles required for the construction of railways, thirdly, the difference in the current value of shares from that which they bore when the undertakings were originally projected. Of the desire of the large body of subscribers to incohate schemes to release them- selves from responsibility, he said, he was perfectly cognizant, and regarding with consideration the fact, that their liabilities in the aggregate were enormous, and that the powers of directors and provisional committee-men were great, unaccompanied by effec- tual controul—a circumstance which, had lead to the commission of great abuses, he believed that some interference on the part of Parliament was required. That Sir Robert possessed good information relative to the practices of the governing bodies is amply proved when he quoted a communication which he had received disclosing their unprincipled manoeuvres.—“One of the great deceptions of the new companies,” that is, schemes formed by provisional commit- tees, inviting persons in all districts of the country to commit themselves as partners of companies hereafter to be established, “ has been the holding back of large portions of the shares for the purpose of rigging the market, and pocketing premiums at the expense of the public. I will instance a few out of the count- less number of the railway rigs that have been played. In the only 42,000 out of 50,000 shares, I understand, were issued, the other 8,000 being kept back, though the shares were at a high premium, and applications out of number for them. In * The terms of the Bill were, that three-fifths of the scrip-holders of any under- taking that had not obtained its act, could determine whether the scheme should be carried forward or not: and resolutions were also passed in connexion with the standing orders of the house, enforcing proof of such an affirmative or negative vote before the third reading of any railway bill was allowed. 40. THE RAILWAY MANIA 10,000 out of the 100,000 were reserved by the directors above the number paid on. had only 55,000 out of 100,000 shares issued, though the shares were also at 1% to 2 premium. There are some facts connected with this line I could not trust On paper. The - reserved an enormous number of shares, notwithstanding hundreds of thousands more than the whole number of shares in the company were applied for. In the about one-half the shares were kept back, the market rigged to £6 or £7 premium, and then certain of the directors sold to their friends, as favours, shares at, I believe, 3 or 4 premium ; a part of which premium they were compelled to give back on the breaking up of the company.” But the last is the most extraor- dinary of all:—“In the several thousand pounds of the deposits were taken out of the bankers’ hands to rig the market. These are a few of the cases. That is to say, the shareholders and scrip-holders in these schemes having paid £10 per cent. there was a sum of £20,000 paid into the bankers, and I am told that that money was taken out and invested in the purchase of shares wherever shares could be got, that, in consequence, the shares rose to very high prices, and then the reserve shares were sold in the market at higher prices—that higher price having been obtained in consequence of the application of the de- posits, and the directors having pocketed the premiums. I was told this day that this was a fact—that a gentleman, and, to my surprise, a lawyer, applied to a certain committee for some shares; that he was told by the company all the shares were gone—there was not a share left; but upon further inquiry he ascertained that not a single share had been issued, and yet the answer univer- sally returned was, that all the shares were bought up, and that was for the purpose of taking advantage of the impression on the part of the public that the shares were in such requisition, and then the shares were issued.” The addresses of Earl Dalhousie in the House of Lords were equally convincing, if any person required additional testimony to his own experience. Unfortunately few of the public desired more than such knowledge to satisfy them that it was imperatively AND ITS EFFECTS. 41 necessary for government to interfere. If any had themselves wholly escaped the meshes of the general ensnarer, the lamen- tations of relatives and friends soon brought home conviction. “It is hardly necessary for me.” said Earl Dalhousie, “to recall to your lordships’ recollection the state of railway business within the last twelve months and to the number of bills which were introduced at the close of 1844. In the last session of Parliament 248 railway bills were introduced, and at that time this was looked upon as a number utterly unprecedented, and every member of Parliament held up his hands and thanked his stars that such a number of bills was not likely to occur again. Spe- culation, however, waxed more hot and fiery every day; it pervaded every class, high and low, rich and poor, young and old, and I am sorry to be obliged to say that it exerted its influence upon one sex as much as upon another. The result was, as shown in the report which I have laid before your lord- ships, that, before the 31st of December last, there had been pro- visionally registered upwards of 1,400 schemes. I will not say what was the amount of capital; that is another question. On the 30th of November there had been deposited with the Board of Trade upwards of 800 plans. By the 31st of December that number was in some slight degree diminished; but nearly 700 had been deposited in the office at that date. The attention of the Government had been at an early period directed to this subject; but it was impossible, before the meeting of Parliament to have taken any course of proceeding. It was not in the power of the Government to have come down to Parliament with any definite plan till the facts necessary to guide us were in our pos- session.” - On the subject of the relief prayed, a case in point was thus stated. A company had subscribed a capital of £100,000, which was deposited ; the directors saw reason not to press this pro- ject, and they desired to wind up their affairs. An opinion was taken to ascertain if that were possible. Of the £100,000 there had been spent about £10,000, and consequently there would have remained to be divided £90,000, which would have given 42 THE RAILWAY MANIA them £2 5s. on the £2 10s. shares. The proposition was very generally agreed to ; but it was objected to by some ; and it was found impossible to divide, or to come to the desired arrange- ment. “With respect to the general state of feeling throughout the country on this subject, we know,” said Lord Dalhousie, “the progress of a railway bill through Parliament has always been watched with anxiety; has been the means of stimulating the hopes of those directly engaged in such a bill, and the expec- tations of others desirous of being connected with it; conse- quently that invariably for that period the value of the stock has increased. But precisely the contrary is the fact now.” “Formerly,” said Lord Dalhousie truthfully, “when a bill was going through committee, with so intense an interest was its fate awaited, that expresses of every description were daily sent off from the House of Commons to convey information to the Stock-exchange ; and many of your Lordships may have ob- served, and no doubt all have heard, that it was no uncommon thing for carrier-pigeons to be let loose outside the doors of Par- liament to wing their flight to different parts of the country, in order to give a chance to some one or other to operate success- fully, and with the advantage of early information, in railway schemes. But, now, I have been distinctly informed by parties whose information is to be relied upon, and whose interests are affected by the results, that this session, so altered are the cir- cumstances, just in proportion as railway schemes appear to be favourably progressing through Parliament, and as they have a prospect of success, exactly in that proportion does the value of the stock fall in the market. In Scotland, in my own country, I know that not only is this description of railway affairs correct, but it is also the fact that there is a most earnest desire on the part of all those engaged in these undertakings to free them- selves from them—to disconnect themselves altogether, for the present, from railway enterprise. I myself read in a Scotch paper of three—I know of two—railways which had already passed through several of the stages in the House of Commons, AND ITS EFFECTS. 43 which had gone through committee, met with no impediment, and floated unrestrainedly down the stream, but which, the very moment they had got through committee, had had their subscri- bers called together in Scotland, with a view of enquiring how and when they could wind up their affairs, and into the mode by which they could put a stop to the undertaking.” But Earl Dalhousie saw further. It was not only the diffi- culty to be experienced by young companies that filled him with apprehension. It was something more. He saw trade would be endangered by the increasing demand for money. And he was also aware that “even the old-established companies, fully in- vested with power, and in active operation, found themselves, when desirous of increasing their influence, and adding to their wealth, by the construction of new branches, encompassed with difficulties.” The views enunciated by Lord Dalhousie were received with the same attention as those expressed by Sir Robert Peel, and notwithstanding the Government did not wholly escape from blame,” for the want of proper vigilance in restraining the gene- ral current of the speculation, still the act they proposed to bring into force was hailed with satisfaction, as one tending to put in course of arrangement outstanding differences between parties respectively interested in the numerous suspended companies. The Scotch had the credit of giving the first indication of the approaching distress in the railway world; and they were fully entitled to it. None were more eager, in the early days of the mania, to profit by the inflation of prices ; but as soon as the reaction came, they manifested much apprehension for conse- quences, and made every possible attempt to unshackle them- selves from their enfettered condition. The Act, since univer- sally known as “Lord Dalhousie's Dissolution Act,” was then passed, and its provisions were immediately brought into effect. The subjoined table of prices from April to June inclusive * Wide the speeches of Lord Monteagle and Mr. Disraeli in Parliament, April 1846. 44 THE RAILWAY MANIA does not present any astonishing alteration. The markets, ge- nerally considered, exhibited steadiness, if not firmness. Consols had advanced “on the prospect of an early dissolution of many of the abortive railway schemes, and the consequent distribu- tion of a considerable amount of capital.” Exchequer Bills were quoted in decline, principally caused by sales on behalf of companies arranging for a partial return of deposits. better classes of railway shares, although scarcely stron The g, even at the prices quoted, were in a less fluctuating position than at any time since the previous October. GOVERNMENT SECURITIES. APRIL, 1846. JUNE, 1846. Price on the Lowest || Highest | Price on || Price on | Lowest Highest | Price on 1st. Price. Price. I the 30th. Il the 1st. Price. Price. the 30th. Consols, Money ...... § 95 96% 96 964 96# 97 Shut Do. Account ..... 96; 95 96% 96 96; 96; 97% (95% ex.d Exchequer Bills, 1}d. 27/pm. | 18/pm. |29/pm. |25/pm. || 15/pm. 5/ pm. |22/pm. 127 pm. RAILWAY SECURITIES. APRIL, 1846. JUNE, 1846. Q q2 Qt). º 5 # , ; ; # , # |t| < | 3 || | #2 Amount Amount 5 # § } | }. § 5 # Amoun g # | } º ÉÉ ää per Share. Paid. g- 3 § #. g” Paid. § F- 3á. fr; P+ gº ă. ă. ă. ă. #. £. 36. s. Brighton .................. 50 50 62} | 61}| 66;| 65% #9 º #| 6 || # 6; Caledonian ............... 50 10 8 5}| 8 || 7 15 0 || 11; # 12 94 Chester and Holyhead 50 20 174 17 22}| 21 22 10 | – | 19%| 21+| 20 Croydon . . . .............] Av. £13: 15: 9 20; 20 23}| 23 ||Av. 13:15:9| 22 || 21}| 22# 22, Direct Northern......... #50 362 lo I} 1; 2%| 2 2 I 1} , 14|| 2 || 1: Eastern Counties ...... 25 14 16 21 20; 24; 24; 14 16 23}| 22#| 24; 24 Edinburgh & Glasgow 50 50 0 º- 71 || 74 || 74 50 0 || 75 74}| 76 || – Great Western ......... 100 85 0 || 144 143 |155 |152 85 0 || – 1% 147 ||143 Hull and Selby ......... 50 50 0 || 100 100 101}|101; 50 0 103 |1024|104 103 Lon. & North Western Stock. 219 |217 (228 (227 Stock|228 |223 229 |224 London and York ...... £50 fº 10 13 0}|_2}| 2 2 10 24, 1+ 2}|, 1} Manchester and Leeds 100 82 0 || 116 116 |132 |130 82 0 || – |116 |124 118; Midland Counties ...... Stock. 144, 143 |157 (155 Stock. 1494|147 150 149 North British ............ £25 #20 24 23}| 28}| 27 £22 10 || 29; 29 |30}| 29; North Kent ............... 50 2 : 10 1} 1}| 1 l 2 10 l l l # South Eastern ......... Av. £33: 2: 4|34}ex.d. 34 39|| 38#|Av. 33:2:4 39;|38; 40% 49; Do. Western............ Av. 41 : 6: 1 76% 75 82}| 814||Av.41:6:10) 79; 77 80 774 York & North Midland 50 50 96 96 || 98 || – 50 0 || 98}| 98 99 || 98 Boulogne & Amiens ... 20 12 I2 11}| 123 l; 12 0 || 11%. 103| 13}| 13 Dutch Rhenish ......... 20 5 # 5}| 7 || 6; 6 0 || 7# 7}| 8 || 7, Northern of France ... 20 5 15% 14}| 153| 15% 5 0 || 14+ 12\} 14: 14 Orleans and Bordeaux 20 6 12# 10}| 12 11 6 0 || 10 || 9 || 10%| 9} Paris and Rouen......... 20 20 41 40 || 41 || – 20 0 || – || 38; 39%| — Sambre and Meuse...... 20 6 3} 2#| 5}l 5% 8 0 || 5 || 4 || 5 || 4; As far as the intent of the measure was concerned, it could AND ITS EFFECTS. 45 not be said to be altogether unproductive of benefit. It was some time, however, before its action was admitted to be satis- factory. Under its process attempts were made by directors and others, whose management would not bear investigation, to over-ride the decisions of scrip-holders by a forced system of voting arising from the use of unappropriated shares. Another class of speculators, scrip-holders, who had purchased at very depreciated prices, also exercised their right of presence purely with the intent of breaking up companies whose remnant of deposits, it was calculated, would yield a larger distribution than the market value of the shares. It will thus be perceived, that throughout the several phases of the mania, the distinctive features of fraud and chicanery were prominently presented, and that in the grand drama, each change of scene was accom- panied by incidents as remarkable as any which had already preceded them. : Distressing as was the havoc, made manifest from the course of liquidation pursued under legislative authority, and highly culpable as were the proceedings of the greater number of the companies, whose affairs stripped from all concealment, were exposed to public notice, yet there was some slight gratification experienced when, in the midst of all this alarm and confusion, it was discovered that the Act as it came steadily into operation, furnished the means of escape, though unfortunately at a great sacrifice. But the sacrifice was not caused by the operation of that measure, which, despite the opinion expressed by its adver- saries, unquestionably was, in the long run, productive of much relief. The extravagance of engineers and solicitors, and the large costs incurred for surveys, parliamentary proceedings, and compliance with other requisite formalities, and losses on the Stock-exchange, occasioned by “running prices to a premium,” were, when taken together, fairly chargeable with the absorption of the funds which were subscribed. The great executive staff of projected undertakings, hydra- headed as they were, swallowed without compunction, the chief of the deposits when paid. Payments to promoters of £10,000 46 THE RAILWAY MANIA and £20,000 each; engineering charges varying from £30,000 to £100,000; parliamentary and law expenses for amounts in proportion to the nature and magnitude of the scheme, most of which disbursements were arranged in anticipation of receipts, besides other incidental items, all swelling the grand total, con- stituted the catalogue of claims dischargeable from that source. Under such circumstances, was it to be supposed that in case of dissolution, the return to the subscriber would bear any compa- rison to the original sum entrusted to the custody of a managing committee 7 Unveiling, as Lord Dalhousie’s Act did the most nefarious transactions in companies where deposits in full, or nearly so, had been freely placed at the disposal of such irresponsible bodies, the worst results were to be expected; but as the mis- chief was done, and what was more, the money had disappeared, the dilemma could not well be avoided, since the alternative of attacking the most influential directors, left but a sorry prospect of success, they having either beggared themselves, or cast aside the mask of respectability,” and thus placed it out of the power of dissentients to make them amenable for their acts. The month of July it will be ascertained from the examina- tion of the following figures established in comparison with the * In the early part of 1846, when the great dispersion of committee-men and directors took place, an anecdote was circulated to the effect that a civic functionary, who in consequence of his continued residence abroad, has since thought fit to resign his gown, was served with upwards of 400 writs by creditors of the companies with which he was associated. Another story was told of a noble Lord, who finding him- self subjected to annoyances of a similar description sought the advice of his lawyer and asked him for what amount he could relieve him from the embarrassment. “Give me £15,000?” said the professional gentleman, “and I will undertake to settle all your affairs in connexion with railways.” His Lordship with much coolness declined the proffered assistance adding that “as his yacht was at Cowes he should try the efficacy of a trip up the Mediterranean before parting with any of the proceeds of his sales of scrip.” As a final sample of the recklessness displayed by parties who had engaged in the speculation we quote the following case from the Railway Record, of April, 1846:—“A wholesALE DIRECTOR.—In the Sheriffs' Court last week, Mr. , an assistant surgeon, sought to recover £9s 4s. 6d., the balance of salary due to him by Mr. , of Parliament-street. The defence was, that AND ITS EFFECTS. 47 three previous months, a favorable market for railway shares. The funds were not so good. After that date, notwithstanding the Bank, in August, reduced its rate of discount to 3 per cent., the stock of bullion in its coffers having then increased to £16,000,000, the value of shares again gave way, and went on declining, owing to the commencement of “calls,” until they stood at the point quoted in September. - • GOVERNMENT SECURITIES. JULY, 1846. SEPTEMBER, 1846. Price on the Lowest Highest | Price on || Price on | Lowest || Highest | Price on 1st. Price. Prices. the 31st. || the 1st. | Price. Price. the 30th. Consols, Money .... Shut 95} 96 95; 96 95 96} 95g Do. Account .... 95% ex d. 95} 96; 96+ 95% 96 95; 96 à Exchequer Bills, 1}. 11/ pm. 9/pm. 17/pm. 11/pm. 19/pm. |8/pm. 21/pm.[16/pm. RAILWAY SECURITIES. JULY, 1846. SEPTEMBER, 1846. ſ É •º +º # à ** --> à Amount Amount 5 § §§ ## 5 # || Amount Paid. 3: # }} 5.5 per Share. Paid. #" 3 § ;I. § # cº # p=º 3 Pi4 # # $3 P+ ſh- Pi4 Q- #6 £. s. d. Brighton ...... ......] 50 50 65;| 64;| 66} 66 50 0 0 | 63%. 58}| 62%. 594 Caledonian ......... | 50 iş g| 8 | #|#| #1% | #|##|# Chester & Holyhead ... , 50... if 22: 10 |20; § 7# 26; 27 10 0 || 26; § 27 24 Croydon . . . . . . . . . . . ... Av. £13 : 15 : 9 || 22#| 22}| 23#| 23#|Av. 13 15 9 23}| 214, 23% 2}; Direct Northern ...... 0 ! :º 2: 10 || 14 0}| 1 i; 0 1} 1; 1; 1; Eastern Counties...... 25 £14:16 24; 23#| 24; 24 14 16 0 || 23 21%. 23 21; Edinburgh & Glasgow 50 50 — | 72%. 74 74 50 0 0 || 72 70 | 72}| 72 Great Western........ 100 85 |147|147}|1534,152 85 0 0 148 |136 ||1484|137 Hull & Selby ........ 50 50 — 105 ||109 106 50 0 0 103 |103 |1053105; Lon. & North Western Stock. 223 222 233 232 Stock. 207 |198 |206 |200 London & York ...... 50 2 10 || || 0}|_1}|_1} 2 10 0 2}|_1}_2}| 1% Manchester & Leeds ... 100 82 1194,115 120 Il6 82 0 0 116 ||106 |116 || – Midland . . . . . . . . . . . tº tº e Stock. 1494,145 |152 |147 Stock. 139 |135 |141 136 North British . . . . . . . . 25 £22:10 29# 29# 38%. 37; 25 0 0 || 38#| 32%. 38; 34 Do. Kent ...... © ºf tº e 50 £ 2: 10 l l;| 2 || 1: 2 10 0 1#| 1; 13| – South Eastern ........ Av. £33: 2: 4 40;| 40%| 46, 45;|Av. 33 2 4 43#| 383 43%| 394 Do. Western........ Av. £41 : 6 : 10 || 77|| 76#| 79%| 76#|Av. 41 6 10 || 71%. 69|| 73 || 70 York & North Midland £50 £50 984 98%|102 || – 50 0 0 98 || 94 | 98 || – Boulogne & Amiens .. 20 14 12; 11;| 12g 12% 14 0 0 || 13; * 15|| 14 Dutch Rhenish ...... 20 6 73|_5}| 7#| 6 6 0 0 4}| 6 || 4 Northern of France . . . 20 5 14|| 12# 14%| 13 5 0 0 || 13%| 13; 14: 14 Orleans & Bordeaux . . . 20 6 94| 6:#| 10 || 7; 6 0 0 || 8; 8; 83| 84 Paris & Rouen........ 20 20 — 38 | 40 || 384 20 0 0 || 37#| 36|| 374 — Sambre & Meuse...... 20 8 4# 33| 4% 3# 8 0 0 4. 3 44; 34 Mr. had procured for complainant an allotment of shares in the Madrid and Valentia Railway, of which Mr. paying the deposit. Mr. , said he knew the plaintiff, and recollected his having an allotment of shares in the Madrid and Valentia Railway. The plain- was a director, and supplied the means of , assistant to Mr. 48 THE RAILWAY MANIA. Towards the close of the year a sudden change was noticeable in the aspect of affairs generally. The future condition of the Money-market was viewed with some uneasiness, and various causes were regarded as indicating the probability of a pressure. The grain and potatoe crops at home and abroad were extremely deficient; high prices were ruling in Mark-lane; railway calls visibly increased each month; and the evils attending the spe- culation, now the grand movement of “ dissolution and distribu- tion” was nearly terminated, more forcibly than ever developed themselves. Few political elements of discord existed—they were mostly commercial. The virtual abolition of the Corn- laws had already been some time settled; the campaign of the Sutlej had concluded most favourably for British interests; and the apprehended collision with America had been set aside by the adjustment of the Oregon question. In the midst of the doubt and suspense resulting from the state of the railway markets, and the certainty of a bad harvest, mercantile credit encountered a severe blow from the failure of Messrs. Harman & Co., Russian merchants and agents to the Imperial Court at St. Petersburg. The event created universal surprise, as it was considered the resources of the establishment, even excluding the private wealth of its individual members, tiff told him that Mr. hoped they would soon be at a premium. Mr. Parry.—Was Mr. , Provisional Director of more than one railway Witness—I believe he was a director of a great number of railways. Mr. Parry.—There was a great deal of business done in the railway line at the defendant’s surgery, I believe P Witness—There was. Mr. Parry–Did not plaintiff sit up until three o'clock in the morning conducting Mr. Mr. Parry—How many railways was Mr. had given him the money to pay for them, and he railway business P Witness—Sometimes. a director of P Witness—I don't know. Mr. Parry—You can guess. Was he a director of ten ? Witness—More. Mr. Parry—Twenty P Witness—More than twenty. Mr. Parry—Have you not written letters for Mr. ? Witness—I have. Mr. Parry—Then you have been “stagging it º’ Witness—A little. Verdict for the plaintiff.” The names were published in the report.—ED. AND ITS EFFECTS. 49 were of a character to have placed it beyond all suspicion. The truth, however, soon came out. The firm had been utterly in- solvent for nearly a quarter of a century; its debts and liabilities were enormous, and the assets barely capable of paying a res- pectable dividend.” * Messrs. Harman & Co., stopped payment in the month of October. Mr. Jere- miah Harman, the head of the firm, having died in February, 1844, the two surviving partners were Mr. Edward Harman and Mr. Henry Harman. The debts and liabili- ties of the house amounted to £540,000, and the assets to £100,000, or about 3s. 3d. in the pound. The claim of the Russian Government allowed against the estate was upwards of £410,000. An examination of the books effected under the direction of inspectors, proved that the house was solvent in 1817, the period of the decease of the partners’ father, Mr. John Harman. Between that date and 1825, its difficul- ties gradually increased; in the latter year its affairs stood in this position. “Statement of affairs in December, 1825.” The account of Jeremiah Harman was over- drawn in the private ledger, to the extent of £35,207 4 5 Against which he had a credit balance in the trade ledger of . . . . . . . tº e º & © tº e º e < e < e º a s 23,333 6 8 Leaving a debit balance of . . . . . . . . . . . . . . . . . £11,873 17 9 The account of Edward Harman was overdrawn in the private ledger to the extent of . . . . £92,951 1 6 Against which he had a credit balance in the trade ledger of . . . . . . . . . . . . . . . * * * * * * * * * 22,333 6 8 Leaving a debit balance of . . . . . . . . . . . . . . . . . £70,617 14 10 The deficiency in the cash and bills balance at this date was ... 107,029 11 2 The bad debts which ought to have been written off at this time, amounted to . . . . . . . . . tº º e s is a g º e º e º 'º e º e º e e º º * @ º ºs e º e º a º ºs £96,353 8 6 £285,874 12 3 Against which— The account of Henry Harman in the private ledger had a credit balance of . . . . . . . . . . . . £68,212 8 0 8 Ditto ditto, in the trade ledger . . . . . . . . 20,333 6 £88,545 14 8 Profit and loss account at this period had a credit balance of . . . . . . . . . . . . . . . . . . . . . . 47,908 2 8 136,453 17 4 Deficiency of the joint estate at December, 1825 . . . . . . £149,420 14 11 IE 50 THE RAILWAY MANIA So painful were the revelations, when an investigation of the estate was entered into, that the greatest efforts were made to keep a knowledge of their real circumstances from the public mind. These efforts succeeded for awhile, but eventually they were surmounted, and the proceedings of the partners, when they transpired, were considered to have constituted “an act of great commercial delinquency.” The only remaining distinguishing feature of the year, was the demand for cotton that sprung up in the month of December, on the report of short American supplies. The activity, however, was not of lengthened duration. Strong symptoms of an in- creased demand for money in the mean time were apparent, and the state of the foreign exchanges, together with the possibility of large shipments of gold to the United States in payment of grain, were pointedly alluded to by all banking and monetary authorities, as circumstances which ought to engender caution. Comparing the prices of October and December, it will be observed that the value of government as well as railway secu- Deficiency—brought over . . . . . . . . . . . . . . . . . . £149,420 14 11 Assuming the separate estates at this period to be as follows:— Jeremiah Harman . . . . . . . . . £65,000 0 0 Edwin Harman . . . . . . . . . . . 55,000 0 0 Henry Harman . . . . . . . . . . 8,000 0 0 sº- 128,000 0 0 Still at this rate the estate was insolvent to the extent of ... . . . £21,420 14 11 In a sheet appended to the accounts termed the “Analysis of Losses,” the ill- success of the speculations of the firm during their trading, from the year 1818 to the year 1845, is thus established. Rum, Brandy, &c. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,882 1 £ s d. Sugar . . . . . . . . . . . . . . . . .................... 5,415 14 1 Tobacco . . . . . . . . . . . . . . . . . . . . . .......... 1,460 9 3 Coffee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,126 8 9 Sundries, Lead, &c. . . . . . . . . . . . . . . . . . . . . . . . . 10,334 17 1 Consignments .............................. 6,292 2 11 9" . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,353 11 8 Tallow . . . . . . . . . . . . . . . . . . . . ................ 2,383 8 6 Quicksilver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 14 8 Wool, Cotton, &c. . . . . . . . . . . . . . . . . . . . . . . . . 10,976 19 8 Cochineal and Indigo. . . . . . . . . . . . . . . . . . . . . . . . 35,512 14 1 9 5 £86,972 2 AND ITS EFFECTS. 51 rities were undergoing decline, the causes already mentioned operating in that direction. was scarce and in request at advancing rates. The position of most of the Conti- nental Share-markets was now rapidly assimilating to that of our own; in Paris, Hamburg, Frankfort, and Amsterdam, sales were effected at a great depreciation, failures of bankers and brokers, who had too deeply adventured in them, followed; and cash The final close of 1846 was therefore far from cheering, and although many refused to recognize the indications presented, nothing satisfactory could be elicited to alter the conviction at which sound thinking and observant individuals had arrived. GOVERNMENT SECURITIES. . OCTOBER, 1846. DECEMBER, 1846. Price on the Lowest Highest Price on || Price on | Lowest || Highest Price on 1st. Price. Price. the 31st.|| the 1st. Price. Price. the 31st. Consols Money ...... 95% 94; 95% 94% § 93} 95 93 Do. Account. . . . . . 94; 95% 94 95} 93; 95 93 Exchequer Bills, 1%d. | 16/ pm. | 8/pm. 19/pm. 10/pm. || 8/pm. || 6/pm | 14/pm. 9/pm. RAILWAY SECURITIES. OCTOBER, 1846. DECEMBER, 1846. # | | | | |# # ... |} a . . . . g £4 4s $3.3 tº . § 3; g Amount Amount ºf; | g g | # 3 || 6′3 || Amount Paid. | 5 § § 3 || 3 || 3: id. as º | *.3 Spä | g & go Fº ## ºf | g : per Share. paid # 3 ſº | rid. .# # 3á. # # * Pl: P+ th- P+ - 36 £ 48. S. d. Brighton ............] 50 50 594 58 || 60%, 59.4|| 50 0 0 || 59 58# 593 59 Caledonian .......... 50 25 21 20; 24 23#|| 30 0 0 || 23g 23#| 30%| – Chester and Holyhead. 50 27 : 10 24, 22# 24 || -- 27 10 0 || 25%. 25 || 25%| 25 Direct Northern ...... 50 2 : 10 1}| 1 || 1:#| l; 2 10 0 2 || 2 || 3:#| 2 Eastern Counties...... 25 14:16 21#| 20%. 22# 22; 14 16 0 || 23 22#| 23# 23 Edinburgh and Glasgow 50 50 72 68 || 76 76 50 0 0 || – || 74 78 || 77% Great Western........] 100 85 |137 135 ||140 || – 85 0 0 |129 (126 |134 ||132 Hull and Selby........ 50 50 |105||105}|108}|108}|| 50 0 0 108}|106 ||1084 # Lond. & North Western Stock. 200 192 |200 iși Stock. 194"|193 |196"|195 London and York ....] 50 2 : 1 l; 14 24 2 2 10 0 2}|_2}| 3}|_3 Manchester and Leeds 100 82 101T 106 105} 82 0 0 104"|104 |112}|111 Midland.............. Stock. 136||130 | 138 |133 Stock. 124 |123 |131 |1304 North British ........ 25 25 34 31# 373.36% 25 0 0 || 36#| 354 38 § South Eastern . . . . . . . . Av. 4.33: 2: 4 || 394 36%. 394,383 ||Av.33: 2: 4; 37; 36: 41 || 40 Do. Western. . . . . . . . Av. 4:41: 6:10 70 67 || 72 |67; Av. 41 : 6: 10 63 || 61 | 64 63# York & North Midland #50 £50 — 94 | 97 || – 50 0 0 | 924 913| 95 94 Boulogne and Amiens. 20 16 14}| 14; 14; 14% 16 0 0 || 13; 13; 15; 15% Dutch Rhenish . . . . . . 20 6 4} # 5}| 5} 6 0 0 5 || 4:#| 5+ — Northern of France.... 20 5 14 11; 14 ll; 5 0 0 | #| 1 13% Orleans and Bordeaux . . 20 6 8}| 7# 8; 7% 6 0 0 || 7 #| 8#| 84 Paris and Rouen . . . . . . 20 25 "| 36° 33’ — ‘’ſ 25 ö | 34; 34; 33' 36 Sambre and Meuse.... 20 8 3}| 3 || 5 || 4; 10 0 0 || – || 4 || 4} 4; 52 THE RAILWAY MANIA, ETC. And now at the termination of this eventful period, embracing within little more than two years the general circumstances iden- tified with the progress of the railway mania, it is perhaps fitting to glance rapidly at what may be properly conceived its promi- ment characteristics and consequences. No one will, it is thought, attempt to controvert the assertion that an almost unexampled abundance of money, combined with the profits derived from this class of investment, encouraged in the first instance the extension of the railway system, and that subsequently the mania itself was fostered by the daring spirit of speculation, which at all times distinguishes a nation like the English in the cherished pursuit of commercial adventure. Again, it must have been almost universally perceived long before the mania subsided, that its altered aspect could not fail to bring with it results, which if less dangerous than those fol- lowing “ the panic period of 1825,” must nevertheless be pro- ductive of much inconvenience and distress; and yet in the face of the experience afforded by the history of similar “financial delusions,” so great was the madness of all classes, that from the peer to the peasant, few ultimately escaped unscathed. How bankruptcy and ruin was spread far and near through the explosion of the bubble; and how the public suffered through the depreciation of every kind of railway security, may be in some degree estimated from the substance of the narrative al- ready furnished; but enormous as were the losses and sacrifices made to withstand what was then regarded as “the crowning blow of destruction,” they bear trivial relation to the disasters which hereafter require to be detailed. E P O C H T H E S E C O N D. THE FOOD AND MONEY PANIC. SEVERE as had been the crisis growing out of the prodigal patronage bestowed upon railway enterprise, its effects, in its first stage, were limited, contrasted with the baneful influence it subsequently exercised, in conjunction with other powerfully operating causes, upon the trade and credit of the country at large. The rough outline of the mania given in the preceding pages brings down “the strange eventful history” to the date when the community were relieved from the burden of the majority of incohate schemes; and when Lord Dalhousie's Bill may be said to have nearly exhausted its power. So far, therefore, as abortive projects were concerned, not much additional mischief was to be apprehended. But if in this respect all present danger was supposed to have passed, the subsequent remarkable increase in the amount of railway calls, the payments which it was anticipated would have to be made for imports of foreign corn, and the con- tinuous decline in the exchanges, were circumstances which tended to create apprehensions as to the course of events in 1847.* * “There has been a general concurrence of opinion amongst the witnesses exa- mined before your Committee, that the primary cause of the distress was the deficient harvest, especially of the potato crop, in the year 1846, and the necessity of 54 THE FOOD AND And these apprehensions were somewhat encouraged by the want of active interference on the part of the Bank authorities, whose facilities for advances and discounts were stated to be in undue proportion to the progressive and legitimate demand for capital. As early as November, 1846, The Times, in its city article, calling attention to the prospective position of affairs, remarked, “It is well understood that under the last Bank Charter Act the condition of the foreign exchanges must afford an infallible index of the circulation, and it is therefore desirable to point out to those who neglect the warning, and who now appear to en- tertain a belief that the possibility of a contraction of the cur- rency need in no way induce them to limit their engagements— that they will have no right, if they eventually find themselves inconveniently pressed upon, to complain of the action of a mea- sure the timely indication of which they have deemed it expe- dient to disregard.” Notwithstanding sound advice from this and other quarters, no counteractive steps were adopted, and the year commenced with appearances of distrust, since little disposition was exhibited to regard the premonitory symptoms with the attention which they strictly deserved. The calls payable on railways in January represented £6,150,000, of which £4,500,000 arose from the demands of English companies. The remainder was on behalf of foreign lines, a great number of whose shares were held in this country. At this period the Bank of France was found to be in diffi- culties from the absence of an adequate supply of silver to meet providing the means of payment in the year 1847, for the unprecedented importations of various descriptions of food which took place in that year. Among other causes, the deficient supply of Cotton, the diversion of capital from its ordinary employment in commercial transactions to the construction of railroads, the undue extension of credit, especially in our transactions with the East, and exaggerated expectations of enlarged trade, have been stated, by some of the witnesses, as having contributed to the same result. Your committee see no reason to doubt that these causes have in different degrees, in different parts of the country, produced the effect thus ascribed to them.”—First Report (Commons' Committee) on Commercial Distress. MONEY PANIC. 55 their current demands; to obviate the inconvenience Messrs. Baring, Brothers, stepped in, and arrangements were effected for assisting the establishment to the extent of about £1,000,000, the Bank of England agreeing to facilitate as far as possible the purchases of bullion required. As money was now advancing in value, and as the demand on the Continent experienced no abatement, these adverse circumstances with the attendant con- sequences of a depressed exchange and a continuous drain of capital, shortly aroused notice, and the Bank directors on the 14th of January, raised the rate of interest to 3% per cent., and again on the 21st to 4 per cent. These advances in the rate of accommodation by the Bank, although they exerted some influence upon the Money-market, did not operate altogether disadvantageously, until it was ascer- tained that besides the prospect of large shipments of gold abroad, particularly to America, and the absorption of capital by railway calls, the necessities of Ireland, through the failure of the potatoe crop, would have to be satisfied from the national treasury. The loss estimated to have been sustained by that calamity being set down at £13,000,000, and the subscriptions started, although unprecedently large, not reaching near that amount, the difference was so considerable as to render the negociation of a loan a matter of extreme probability. Notwithstanding the discouraging circumstances, viz., the gradual decline in the produce markets, which exemplified the progress of business during January and February, aggravated by distress in Ireland, and food riots in Scotland, confidence, although in some degree failing, was far from being paralyzed. Yet the cause for alarm was great, since, combined with railway calls, calculated at £1,400,000 for the latter month, the price of grain was rising uninterruptedly, not alone in the markets of the United Kingdom, but also throughout the Continent of Europe. Continuous gloom on the subject of famine, with the increase of corn speculation, created at the end of February further dis- trust; money was getting dearer; the Government had intimated 56 THE FOOT) AND a desire to contract a loan, but the Bank directors had not then made any fresh alteration in the rate of interest.” On the first of March the Irish loan of £8,000,000 was taken by Messrs. Rothschild and Messrs. Baring, Brothers, conjointly, at the rate of £89 10s. for every £100 Three per Cent. Stock, a price considered at the time low, but which subsequent events proved was quite an equivalent value, and the scrip came out at 1} to 2 premium. It did not however long maintain this quo- tation, and gradually sunk to a discount, capital fetching higher rates of interest by employment in the general Money-market.f Between the first week in January, and the first week in March, the Bank’s stock of bullion had without the least check des- cended from £14,950,000 to £11,590,000, the outflow of gold being Continental and American; and the railway calls for March, English and Foreign, amounted in gross to £3,508,000. At the end of March, the stock of bullion dropped to £11,000,000. The table of prices here inserted, accurately illustrates the decline in all kinds of public securities, the rally in Consols, which occurred when the fact transpired that the Russian government had arranged for the purchase of 50,000,000 3 per cent. Rentes (£2,000,000 sterling) belonging to the Bank of France,—not having been sustained. This financial operation for the moment placed our French neighbours in a better position, and was not without some temporary effect here, as it provided funds for the payment of advances made by English capitalists. The * “Was the raising of the rate of interest postponed by the Bank during that time, with a view of facilitating any operation by the Government; I allude to the apparent necessity of Government raising money 2—I think there was a discussion at the period at which the loan was being negociated in the Money-market; and some members of the Court thought that, in the face of the negociation of a loan by the Government, it would be desirable, not immediately to raise the rate of interest. —Evidence of Mr. Morris, Governor of the Bank, before the Commons’ Committee on Commercial Distress. f Between April and May Consol scrip fluctuated considerably, and had been quoted as low as 3% discount. In June the price recovered and supported a premium. Once more there was a reaction, and in October, when the last instalment was paid it was marked 6 discount, MONEY PANIC. 57 fall in railway shares, not excepting the best securities, com- menced in earnest, the three months’ contrast marking in most cases a severe depreciation. GOVERNMENT SECURITIES. JANUARY, 1847. MARCH, 1847. Price on the Lowest Highest | Price on | Price on | Lowest Highest|Price on 1st. Price. Price. the 30th. the 1st. Price. Price ithe 31st- Consols, Money .... Shut 90} 933 91% 90; 87 91 88: Do. Account .... 933 90% 94 91% ex.d. 91 88 91 88 Exchequer Bills, 1%d. 8/pm. 2/pm. 15/pm. 7/pm. *5/pm. 1/dis. 8/pm. par. RAILWAY SECURITIES. JANUARY, 1847. MARCH, 1847. Amount Amount | 8 3 šš # 5 # || Amount Paia. 8+. # É §§ per Share. paid. # 3á. #ſº gº # F-4 3ſº §§ # cº 24 Pi4 Pi4 P+ :6 £ £. s. d Brighton .............] Stock 50 59 || 54 || 59} 55; 50 0 0 || 55; 52 || 56 52 Caledonian . . . . . . . . . . . 50 30 || 333 34g| 36|| 36|| 36 ( 0 || 27, 25; 38%| 26 Eastern Counties ..... 25 |#14: 16 || 23#| 20á| 23# 22} 20 0 0 || 21; 19 21á| 194 Edinburgh & Glasgow 50 50 77|| 72 79 || 75 50 0 0 || 78; 70 80 71 Great Western ........] 100 85 |1313||121 |139 |126 85 0 0 120;|l I0 | 121 116 Hull & Selby..........] 50 50 |106§ 1063|108 || – 50 0 0 1044102 || 105 ||102; Lon. & North Western Stock. 1953|1907|202 |193 Stock. 1864|175 |188 176 Manchester & Leeds ... 100 82 111 ||105 |114 ||1094 82 0 0 || – 104 110 || – Midland . . . . . . . . . . . . . . Stock. 1304|1|18 |132 |1264 Stock. 122}|114 |123 |115+ South Eastern . . . . . . . . Av. £33: 2: 4 || 40}| 36 41 § Av. £33:2: 4 || 39 ; 39|| 36% Do. Western. . . . . . . Av. £41: 6 : 10 || 633. 604 66 64;|| Av. £41; 6:10 || 64, 60}| 65|| 64 York & North Midland 50 50 94 || 90 | 95 || 91 3650 0 0 || 86}| 83}| 87}| 84 Boulogne & Amiens....| 20 18 15}| 13; 15: 14% 18 0 0 || 14%| 13| 16# 16 Northern of France ...! 20 8 || 13:#| 10}| 13%. 12 § { } | #3"|igi iè; i3 Orleans & Bordeaux . . 20 6 8}| 6 || 83| 7 6 0 0 || – § 7# 6% Paris & Rouen........! 20 25 | 35' 35"| 36|| – 20 0 0 || 34%| 333 35 — The state of business at the close of March most forcibly denoted the approach of pressure. The weekly accounts of the Bank of England had for some weeks been regarded with extreme anxiety. It was seen that the export of bullion abroad was operating adversely, and the conduct of the Bank directors was animadverted upon, for not adopting measures sufficiently vigorous to counteract the evil consequences, which, it was pre- dicted, must result from the drainf. From January up to this * Exchequer-bills now carried 2d. interest per diem. + Mr. S. J. Loyd, in his evidence before the Commons’ Committee on Commercial Distress, says—“It seems to me to be a matter of the clearest inference, that but for the positive provisions of the Act, the course pursued by the Bank from January to April would have been continued until the bullion was all but exhausted.—The 58 THE FOOD AND time repeated admonitions had been given to the public, not to trust the Bank’s rate of interest as indicative of the real value of money, but to look to the state of its accounts, and so prepare for difficulties, the advent of which was at hand. The principal demand was for gold to send to America, in payment for corn and cotton. Besides this source of abstraction, the instalments on the loan were becoming due, and the railway calls for April amounted to £4,314,000, of which not more than £100,000 were for foreign lines. The Funds, already fluc- tuating, further declined; Exchequer Bills, although raised to 2d. per day interest, from par went to a discount; and the shares of the most favourite undertakings suffered severely from forced sales. The Times and The Economist were again loud in their warnings, and emphatic in their denunciation of the feeble course of action followed by the Bank. The Economist, on the 3d of April, said—“ It is impossible to look at the Bank accounts, from week to week, to observe a uniform and rapid current in one direction, to see the bullion, and with it the reserve of notes, rapidly sinking, while an eager demand exists for discounts and advances, as is best shown by the weekly increase of securities, and to observe the value of the public funds, and of stocks of all kinds rapidly falling, with- out feeling an increasing apprehension that a period of consi- derable pressure is not far distant: of this, however, we should be much less apprehensive, did we only see the Bank of Eng- fact is this, that from the beginning of the year 1847 up to April they went on this system, viz., of continually increasing the amount of their securities and pay- ing for them by a continual drain on the Bank reserve, which led to a continual export of the same amount of gold, and they pursued that course till they had reduced the reserve to that point at which it became the subject of general remark and alarm. The Bank then suddenly paused; declared that it could do no more for the public, but must now take care of itself; and it was that understanding pervad- ing the public mind that produced the temporary panic of April.” In answer to the question “Did they not take steps for the purpose of checking the reduction of bullion, by raising the rate of interest, twice in January and once in the beginning of April 7” Mr. Loyd says—“They did take a step in the right direction, but the feebleness of that step was quite puerile, as compared with the magnitude of the evil which they had to deal with.” MONEY PANIC. 59 land pursuing that only course which, while it could not avert a difficulty, would at least materially modify it when it arrived. We must confess the policy of the Bank is entirely beyond our comprehension, to permit so rapid a decline in its means, with- out using any measures to check it, or avert the threatening difficulties. It was on the 21st of January that the rise took place in the rate of discounts to 4 per cent. Since that time, up to the present week no steps, except the sale of about £767,247 of securities, seems to have been taken by the direc- tors for their own safety. Let us compare the changes which, during that period, have taken place in those items of the Bank account, which most particularly indicate its condition, viz. ; the private deposits, the securities, the bullion, and the reserve. The comparison of the accounts published on the 22d January and those of the present week is as follows:— January 22. This week. Increase. Decrease. Private deposits. . . . . . . . . . . . £10,339,726 £9,403,132 £936,594 Government securities in Banking department .. : 12,757,326 11,990,079 767,247 Other securities on Bills of Exchange, &c. . . . . . . . . } 14,450,711 17,824,355 £3,373,644 Bullion. . . . . . . . . . . . . . . . 13,948,681 11,015,583 2,933,098 Reserve . . . . . . . . . . . . . . 6,545,965 4,876,015 1,669,950 “It would be difficult to point to any period of the same length, when such decided changes took place in the situation of the Bank, without some greater effort being used to check them; for beyond the sales of £767,247 of Government securities, literally no effort had been used whatever. Yet during that period, while the private deposits have fallen £936,594—while the bul- lion has diminished £2,933,098—while the reserved has sunk £1,669,950—the amount of bills under discount has increased by no less than £3,373,644—nor is this all; the shipments of bul- lion during the present week, by the Sarah Sands, and Cambria alone, will not be less than £800,000, which will in the next week’s accounts, reduce the bullion to little above £10,200,000, and the reserve to £4,000,000; and the payments of dividends next week will act further upon the bullion, but more particularly upon the reserve of notes in the hands of the Bank, and in a 60 THE FOOD AND two-fold way—first, by increasing the notes in circulation, and secondly, by decreasing the amount of bullion, if any is with- drawn from the issue department for that purpose. * * * * * The great facility afforded in discounting bills at so low a rate as 4 per cent. in the present state of the market, has added to the facility of exporting gold; for especially that which has been sent to the United States, has been shipped chiefly as a specula- tion for a profit in a return exchange, but for which bills were first discounted, and the rate at which that operation could be done, must ever form one of the elements of the calculation of profit. We cannot but feel that it would have been wise had the Bank raised the rate of discount to 5 per cent. for some weeks since. And we trust, for the sake of the permanent interests of the community, and to prevent a severe crisis, that immediate steps will be taken to check the present downward course of the Bank, by raising the rate of discounts, and by a further sale of securities.” The opinion entertained of the temporizing nature of the measures pursued by the court, who instead of at once meeting the emergency by an advance in the rate of discount, created increased excitement and distrust, by refusing to negociate more than a limited amount of paper—particularly in cases where it was suspected that such paper was connected with corn specu- lations or shipments of specie to America, at length induced a change in the feeling of the majority of the directors, and con- strained by increasing apprehension, as the period for the pay- ment of the dividends was near, notice was on the 15th of April given, that the Bank’s rate would, after that date, be 5 per cent. Nor was this the full extent of the advance. That quotation it was found, when paper was presented, merely applied to such as had about a week or so to run. For bills, the period of maturity for which was further advanced, higher terms were exacted; and accommodation was also curtailed by a peremptory demand for the repayment of the general quarterly advances, the Bank at the same time declining to renew facilities of the kind. Under the operation of this restrictive policy, which although MONEY PANIC. 61 it occasioned much distress, was perfectly justified by the current of circumstances, the Bank’s accounts exhibited considerable change; and the item of Government securities, was “by the united action of the repayment of loans, and the reduction of dis- counts, reduced in one week nearly £3,000,000.” Energetic, however, as had been the endeavours of the Bank administration to retrieve their position, the reserve in the banking department in the meanwhile touched the low margin of £2,558,000, and this fact being noticed through the weekly publication of the Bank accounts, it exerted an unfavourable influence in commercial cir- cles, and aggravated in a considerable degree public alarm. “The effect of this severe contraction of accommodation,” says an acknowledged writer,” “was to paralyse nearly all transactions on credit throughout the country. No merchant, or manufacturer, however well stocked his portfolio might be with the most solid bills, could be sure of their being available to meet his immediate engagements, unless at most exhorbitant rates of discounts. To apply the term “panic” to the state of things as it existed during the last three weeks of April, and the first four days of May, would convey a very inadequate idea of the suffering of that period, seeing how indiscriminately that expression, as also the term crisis has been applied to comparatively slight cases of pressure.f.” * Tooke's History of Prices, 1839 to 1847. t A diversity of opinion appears to prevail on the question whether the state of affairs in April, when the Bank’s restrictive measures were in full force, could really be called “a panic.” The evidence before the Committee on Commercial Distress does not altogether support the assertion. Mr. Morris, the Governor of the Bank, dis- tinctly described the state of affairs in April as “a pressure" and not as “a panic.” Mr. S. J. Lloyd considered that “the panic feeling was exaggerated.” Mr. Samuel Gurney did not clearly describe the pressure of April as a period of panic. Mr. Charles Turner, of Liverpool, said “there was a pressure in April, but by no means a panic.” Other witnesses expressed somewhat similar views. Mr. Joshua Bates, in his evi- dence, says:—“The panic of April, I conceive, was brought on by the Bank being called upon to advance heavily on deficiency bills; the Bank authorities could have done this without producing a panic, but for the necessity of publication, which would have shown the reserve of notes to be almost nothing; that is my view of it. I cannot say that I am correct; but it is believed that their loans would have come in, in the course of two or three days; and after all, the advances to the Govern- 62 THE FOOD AND At the close of April, the policy adopted by the Bank Court brought about a beneficial alteration. Such, however, had been the alarm, from the posture of credit ad interim, that the working of the Bank Act was made a case of special appeal to the ministry, and a deputation waited on them representing the state of dis- tress requesting an increased issue of notes on securities other than specie, while the Bank itself was besieged with applica- tions from mercantile houses for assistance, with which, for the instant, it was utterly impossible the directors could comply. It had also been found impracticable to obtain discounts for long dated paper, unless the most exhorbitant charges were sanctioned, notwithstanding the securities offered were unquestionable and emenated from the best firms. Between the 25th and 28th of April confidence in a slight degree revived. The Bank was then discounting more freely; and the important news was announced that the Emperor of Russia had issued a Ukase “ ordering an investment of about four millions and a half sterling in home and foreign securities.” Under the impression that a large amount of the money would find em- ployment in Consols, as ultimately was the case, this circum- stance, coupled with the greater disposition of the Bank to grant facilities for accommodation, tended to abate the pressure;* and as the month of May progressed there was a sensible amelioration, the Bank’s weekly accounts presenting a more encouraging prospect with a steadily augmenting reserve. The directors, however, maintained or rather inclined towards an advance in discounts. Very little paper, whatever its character, was done at 5 per cent. First class bills falling due in May and June were negociated at 5% per cent. ; and similar bills falling due in the ment do not go out of the Bank, at least not immediately; all would have gone right but for the necessity of publication; the Bank was thus compelled to borrow on the Stock-exchange, and stop suddenly its advances on securities; this gave the first general intimation to the commercial community of the altered power of the Bank, and the panic ensued.” * Mr. A. Hodgson, of Liverpool, in his evidence before the Commons’ Committee on Commercial Distress, bore high testimony to the conduct of the Bank directors relative to the relaxation they made when they received the deputation from that town in April. MONEY PANIC. 63 early part of July were charged at the rate of 6 per cent. Sub- sequently rates were altogether regulated in this manner, just as it suited the interest of the Court to deal with their customers. In the course of May the exportation of bullion to America sensibly declined, and the Continental exchanges took a more favorable turn. Railway calls, however, continued heavy, and although not so large as in January, March, or April, the sum demanded this month was £3,400,000, the proportion due to foreign companies not exceeding £400,000. In May it was announced by the Chancellor of the Exchequer, that the issues from that department would bear interest at the increased rate of 3d. per diem, and on this understanding the Bank consented to make advances on them. Shortly before this the Bank of Ireland raised their rate of discount to 7 per cent. Notwithstanding more general easiness prevailed in the Money- market, great difficulty was still experienced in the negociation of long dated paper. The current rate in the Discount-market was slightly in advance of the Bank price, and stood at 6 per cent. for bills having but a few weeks to run. The East India Company also, this month increased the interest on their bonds from 3% to 44 per cent. per annum. May was the month in which the Corn-market reached its highest price, sales having been effected in Mark-lane at 115s. per quarter.” The close of the month brought a fall, promoted by the fineness of the weather, and the expectation of a good harvest. Contrasting the prices of public securities in April and May, the fluctuations appear to have been adverse in the earlier month. Then Consols and Shares experienced a general decline. May, however, brought a decided change. The pressure, crisis, or panic, whichever term may seem most suited to the state of things at that period, having abated, the reaction in Government securities was considerable, and railway shares also supported a better and readier market. * At two or three country markets a more advanced quotation was given. At Romford 120s. and 121s. per quarter was paid. Mr. Tooke says a transaction took place at Uxbridge, in which 124s. was returned as the price. 64 THE FOOD AND GOVERNMENT SECURITIES. APRIL, 1847. MAY, 1847. Price on the Lowest Highest | Price on || Price on | Lowest Highest | Price on lst. Price. Price. the the 2nd. | Price. Price. the 31st. Consols, Money ...... 88 853 88 87 87 86 883 88; Do. Account ..... 88 86 88 87} 87 863 89. 89 Exchequer Bills, 2d. . par. 10/ dis. 4/pm. 5/ dis. || 5/ dis. 11/ dis. 6/pm. |3/ pm. RAILWAY SECURITIES. APRIL, 1847. MAY, 1847. à # à ... } }} £1 . £ as # g; g.: g.: # 3 # g # Amount Amount o: ##| ##| # Amount 83 ## #. o 5 per Share. Pai #" 32. #. gº aid gº 35. ir #” P+ Q4 Pl: Pi— 48. it. s. Brighton .................. Stock £50. 52} | 50 52}| 51} 50 0 || 51 || 50%| 50}| 53; Caledonian ............... 50 30 26 21 26}| 24 30 0 || 24}| 23#| 29#| 29% Eastern Counties ...... 20 20 19 17#| 193] 18% 20 0 | 19 18; 20%; 19 Edinburgh & Glasgow 50 50 71 69 72 694 50 0 || 69%. 67 || 70 | 68% Great Western ......... 100 85 116 112 || 17 |113 85 0 ||113;|107 ||118 116 Hull and Selby ......... 50 50 1024 102 ||103}|102 50 0 |102}|102 |103}|103} Lon. & North Western Stock. 176 169 |177 |171 Stock |173 168||180 |178 Manchester and Leeds; 100 – 82 º-º-º: 99 |104}|101 82 0 ||100+ 98 |106 |104 Midland Counties ...... Stock. 115+ 112 |116 114%|| | Stock. 115;|112}{121, 11.9% South Eastern ......... Av. £33 : 2: 4 || 36% 34}| 37 || 36||Av. 33:2:4 36||35 || 37}| 37 Do. Western............ Av. 4) : 6 : 10 | 64 61}| 65 62}||Av.41:6:10 62; 59%| 68 66 York & North Midland 50 #50 84 §of 84 || 82} 50 0 § 814| 85 | 84 Boulogne & Amiens ... 20 20 16 16; 17 | 16# 20 0 | 16; 15 # 16; 16 Northern of France ... 20 8 12 12}| 13; 12# 8 0 | 12}| 10%| 12# 12 Orleans and Bordeaux. 20 6 6; 5%| 6 6. 6 0 || 65|| 6}|_6# Paris and Rouen......... 20 20 * 35 | 37 || 36|}| 20 0 || 36|| 35 | 37 || 37 In June the railway calls amounted to nearly the same sum as in the previous month, being £3,200,000 of which £750,000 was requested in aid of foreign lines. The shipment of gold to America had, however, at this period almost entirely ceased.* * Statement of the quantity of Gold exported to the United States, between the 30th April and 31st October, 1847, from the Port of Liverpool. STEAMER. * * * e º e º 'º e º e º & e e s º e º e º e º e º ºs e s e º º e g º ºs e e º e º e º º tº tº e º e º & ſº ſº ſº tº e º e ºs tº e º e a s e º 'º e s = ºr a e s : * * * * * * * * g e e s w = * * * * * * * * * * * * * * g º ºs e º ºs e s tº e º ºr e º º e & a s e e º 'º * * * * * * * * * * * * * * * * * * g e º s e s tº e s s e º s & * * * * * * * * * * * * * * * e º ºs e & s = e º a tº e º ſº a tº 8 * * * * * * : * * * * * * * * * * * * * * * * * * * * * * * * 19 32 5 October 19 * < e º e º e s tº e s m sº e g º e º s is e s s = e s = * * * • * * * * e s e s - e s e s e º s p is a s e º a s e e s sº tº e º 3 y 148,998 16 186,646 12 S 17 6,827 0 0 ... $592,933 8 1 By sailing packets and other vessels the shipments had almost ceased prior to the 30th April; the whole amount they took in the same period being under £20,000.- Mr. J. Bates’ evidence before Commons’ Committee on Commercial Distress. MONEY PANIC. 65 The prices of grain were now rapidly receding, the reaction being facilitated by the prospect of abundant supplies from Ame- rica, together with a continuance of good harvest weather at home; the Bank accounts were also steadily improving, the reserve at the end of the month having reached £5,600,000, and the stock of bullion being upwards of £10,000,000. The Money-market remaining for the moment in a compara- tively easy condition, and payments on the Irish loan, under the terms of discount eventually sanctioned by Government, having come in freely, there was less apprehension observable among merchants, the Chancellor of the Exchequer himself speaking favourably of the future. With July commenced another drain of specie to America. There were also the railway calls (£4,300,000 English, and £1,000,000 foreign) in gross, £5,300,000; and another instal- ment on the Irish loan. These demands with the repayment of advances to the Bank, granted as usual during the six weeks prior to the discharge of the dividends, again created a scarcity of money, and a sensible increase of difficulty was felt. Between the 26th of June and the 31st of July, such had been the change in the appearance of affairs, that the stock of bullion in the Bank had declined to £9,200,000, and the reserve to £3,700,000. Grain suffered a further considerable fall this month ; and the Irish and Liverpool markets were between the 28th and 31st in a state of panic. The speculation in Indian corn had exploded, and prices were rapidly descending. Before proceeding to the consideration of the events in August, when the first series of corn failures occurred in London, it may be as well to state that in the previous seven months few stop- pages, either metropolitan or provincial, were announced. The only suspensions worth mentioning were the North of England Joint Stock Banking Company (March); Cattley and Stephenson, Russia merchants, London, (June); Sewell & Co., sugar trade, London, (June); Messrs. Claytons, bankers, Preston, (July); R. Mutrie & Co., London and Glasgow, merchants, (July.) Looking at the figures furnished in the annexed table, the F 66 THE FOOD AND hopeful prospect held out by the Chancellor of the Exchequer of the future condition of the Money-market, but which unfor- tunately was never realized, seems to have encouraged, towards the end of June and the beginning of July, a stimulus to business in shares.” As the grounds on which it was presumed that brighter days were in store did not prove tenable the market was not long maintained, and hence at the close of July prices Once more exhibited a confirmed depreciation. GOVERNMENT SECURITIES. JUNE, 1847. JULY, 1847. Price on the Lowest Highest | Price on || Price on | Lowest || Highest |Price on lst. Price. Prices. the 30th. || the 1st. | Price. Price. the 31st. Consols, Money .... 88% 87, 88% Shut. Shut. |88 ex.d. 89} 88; Do. Account .... 88; 87% 89; 89} º: 88 894 89 Exchequer Bills, 2d..] 3/ pm. 1/pm. 12/pm. 10/pm. ||#10/pm. 6/pm. 15/pm. |9/pm. RAILWAY SECURITIES. JUNE, 1847. JULY, 1847. ă ... |# .# # #., | # 3 | # 3 || 5 2 .., | f | # 3 | # 5 a Amount Amount já | ##| # .# Amount Paid. 35 | #3 ## .# per Share. Paid. # 35. #2, #5 # "|35, £2. #3 P+ ſh- P+ Plº #. £. 36. s. d. Brighton ............ Stock. 50 53}| 52}| 56á| 56 50 0 0 || 56 || 53: 56}| 544 Caledonian ....... tº º º 50 35 29}| 29 || 30; 293 35 0 0 || 29#| 28; 34"| 133 Eastern Counties...... 20 20 19; lºš 214, 21 20 0 0 || 21}| 193| 21}| 193 Edinburgh & Glasgow 50 50 68}|_68 || 69.4|_68% 50 0 0 | 68%| 67; 69 || – Great Western........ 100 85 115 112}|123 |122 85 0 0 |122 |1|12 |123 |114 Hull & Selby ........ 50 50 103}|103"|106 |106 50 0 0 ||106 ||104}|106 || – Lon. & North Western Stock. 178 |1733|186 1834|| Stock. 1834|174 |185 |175 Manchester & Leeds ... 100 . . , 82 |104 || 101"|106 ||103; 82 0 0 103}|100 1044|100 Midland . . . . . . . . . . . . . . Stock. 1193||117 |132 |131 Stock. 131 1:3# 132 125% South Eastern . . . . . . . . Av. £33: 2: 4 ||37 || 36||38|| 37#|Av. 33 2 4 || 37# 35; 38 353 io western........| Av. fai’, 6: 10 | 66,64. || 65|| ºil Av. Ai 6 10 || 6 || 36|| 0 || 37 York & North Midland £50 3650 84|| 84 |8 884. 50 0 0 || 88}| 84 90 | 85 Boulogne & Amiens ... 20 29 |}}}|{{#|1% ić'ſ 30 å Ö ióil i3;| ièg iſ; Northern of France . . . 20 8 # 10# 12# 10; 8 0 0 1% 10; # 12% Orleans & Bordeaux . . . 20 6 6}| 6 || 6 || 64 6 0 0 6}| 5 || 6}| – Paris & Rouen . . . . . . . . 20 20 37 ||37 ||38|| – 20 0 0 || – || 37#|38|| 37; # In July Exchequer Bills. ranked at 3d. per diem. * “It will be remembered, that when, in May last, the attention of the Chancellor of the Exchequer was called to the then impending crisis, he said, “I believe the panic has arisen more from groundless fear and distrust than any other cause; for trade, generally, was never in a sounder or more healthy state, whilst the capital of the country, instead of, as in 1825 and 1837, being sunk in foreign countries, and in MONEY PANIC. 67 The great decline occurring in the prices of Corn, and which had now been continuous since May, produced a feeling of considerable distrust for the position of those engaged in the trade, especially for many who were known to have operated more with the view to speculative than legitimate profit. In May, the highest point of the average price of wheat was 105s.2d.; and in August it had descended to as low as 64s.” At this latter date, the provincial markets were altogether paralysed. The Governor and Deputy-Governor of the Bank, on Monday the 2nd of August, without waiting for the sanction of the Court, again raised the rate of interest to 5 per cent. on one month’s bills, 5% per cent. On two months’ bills, and 6 per cent. on bills above that date. Between this interval and Thursday the 5th, when the alteration was confirmed, the panic commenced, and corn failures were announced.” The first important suspension was that of Sampson, Langdale, and Co., of Stockton-on-Tees. The downfall of this firm at once compromised parties in London, and Charles Douglas and Son, were reported to be incapable of meeting their engagements. Their failure was made public on the 6th. Other provincial stoppages were mentioned. Between the 6th and 9th of the month no London firms suspended. The respite however was but a short one, for then successively followed, Lesley Alex- ander & Co.;f Coventry & Sheppard; King, Melvil, & Co.; and profitless speculations, is being wisely and usefully employed at home in the con- struction of railways; the which cannot but be regarded, as a most gratifying and encouraging fact, and one which strengthens my conviction that the groundless panic now prevailing will be of short duration;–in fact,” said he, “I believe the worst is now past.”—Banker’s Magazine. * Vºde Tables of Prices—Wheat. f The panic began by the failures in the corn trade. Large arrivals of grain from the continent of Europe and from America, coupled with the prospect of an early and abundant harvest, caused a sudden fall in price to about 60s., with a corres- ponding decline in Indian corn. The failure of most of the corn speculators followed this great reduction in price, and their failure caused the stoppage of an eminent discount broker, having a large country connexion.— Mr. Morris's Evidence before the Committee on Commercial Distress. f Wide Statement of Affairs, Appendix, page liii. F 2 68 THE FOOD AND Giles, Son, & Co.," all engaged in the Corn trade, and all figuring for large amounts. The failure of Lesley Alexander, & Co., was the subject of earnest discussion.f Their fate was regarded as most distinctly evincing the consequences of ill-advised and pre- cipitate speculation, during a period when character ought to have restrained the partners from entering into such objection- able transactions. The next large London corn-house that failed, was Messrs, W. R. Robinson & Co., and occupying, as the principal member of the firm did, the important post of Governor of the Bank of England, the surprise expressed was scarcely more than com- mensurate with the event.: The accounts of the firm presenting a surplus, and being found fully equal to 20s. in the pound, a discovery so agreeable,S exerted some influence upon the cre- ditors. As far however as public feeling was concerned, no miti- gation of the evil was effected, and consternation became more than ever widely spread. Following this unfortunate catastrophe, came the difficulties of Messrs. Castellain, Sons, & Co., merchants, and their pros- pects were hardly ascertained, before Messrs. W. & J. Wood- ley, corn-factors, were announced to have suspended." After these were reported, Fraser, Neilson, & Co., in the West India trade, and a small house in the Mauritius trade. Several other provincial failures were declared, which it is only necessary to enumerate in the month’s list here appended. * Wide Statement of Affairs, Appendix, page lvi. t Wide Statement of affairs, Appendix, page liii. The immediate granting of the bankrupts’ certificate by Mr. Commissioner Goulburn, has been severely commented on as a piece of judicial leniency seldom witnessed in that Commissioner’s Court. † Mr. W. R. Robinson retired from the Bank Court immediately his failure became public. He was then succeeded, on an election, by Mr. Morris, the present Governor, and Mr. Prescott was appointed to fill the Deputy Chair previously occu- pied by Mr. Morris. It was noticed as a curious fact, that no less than six parties during the last eighteen years, who have gone through the rotation of this office have failed. § Vide Statement of affairs, Appendix, page lvi. | Wide Statement of affairs, Appendix, page xl. * Wide Statement of affairs, Appendix, page lvii. MONEY PANIC. 69 August. C. Douglas and Son, London, Corn Trade. 33 Lesley Alexander, & Co., London, Corn Trade. 2 3 Coventry and Sheppard, London, Corn Trade. 35 Ring, Melvil, & Co., London, Corn Trade. 7 y W. R. Robinson, & Co., London, Corn Trade. 35 Castellain, Sons, & Co., London, Merchants. 33 W. and J. Woodley, London, Corn Trade. ?? E. Robinson (deceased), London, Mauritius Trade. 5 y Fraser, Neilson, & Co., London, West India Trade. 2 y Giles, Son, & Co., London, Corn Trade. 33 Nevins and Allen, London, Corn Trade. 35 H. and G. Gregg, Liverpool, Corn Trade. 22 Lyon and Finney, Liverpool, General Merchants 35 S. and J. O’Neal, Liverpool, Corn Trade 32 Perrin and Sons, Liverpool, Corn Trade. ?? W. Rowett & Co., Liverpool, Merchants. 3 y Sampson, Langdale, & Co., Stockton-on-Tees, Corn Trade. 25 A. Dickson & Co., Belfast, Corn Trade. The principal foreign failures were :— }} Fraser & Co., Antwerp, Merchants. 3 3 Cropp and Marchand, Hamburg, Merchants. The state of excitement occasioned by these disasters may be easily imagined. Railway calls were lighter, amounting barely to £2,280,000–£2,220,000 being for English, the remainder for foreign lines. Money nevertheless was in full demand. Out of doors, two and three months’ paper could not be negociated under 7 and 8 per cent., according to the character of the names upon it. Already it will be noticed, eight London corn-houses had failed, whose aggregate liabilities were reckoned as exceeding £1,500,000 sterling. The month of August, 1847 passed, and September com- menced, but in the course of its career not the least diminution of pressure was experienced. On the contrary it increased, and the apprehensions entertained that the Bank would be compelled to pursue restrictive measures were so soon realized, that distrust and alarm spread through all circles; and houses, whose fair fame had never before encountered suspicion, did not long escape “ the withering tongue of rumour.” The failures that had hitherto occurred, with the exception of Messrs. Castellain & Co., were principally identified with the corn trade. These had extended their ramifications through all the great cities and towns of the United Kingdom; foreign sus- 70 THE FOOD AND pensions had also been reported, swelling the gross amount of liabilities, yet Lesley Alexander, & Co. were still ranked as the largest and most prominently important of the failed firms. The first great mercantile house that succumbed was Messrs. Gower, Nephews, & Co.” That event was regarded with intense anxiety. Although the perfect stability of the firm had, to persons thoroughly acquainted with the internal movement of the metropolitan Money-market, been a matter of doubt for some short time, still its affairs were not presumed to have been in such a deplorable condition as to have rendered its existence uncertain. The gains too, which the partners were known to have acquired by successful promotion of railway projects, had tended in a measure to reassure their credit even in quarters where it had been in reality questioned. But now the stern truth was disclosed; they were hopelessly insolvent. Facts ex- tremely discouraging having transpired relative to their actual position, the public mind was more than ever excited, particularly since one of the prophecies of rumour and the Stock-exchange was said to have been fulfilled. The circumstance of Mr. A. L. Gower having held a seat in the Bank direction, besides other high com- mercial appointments, was also found to create more than usual comment when the actual state of his affairs became known. The Company of Copper Miners in England, in which he held the office of Governor, was immediately mentioned as being in difficulties. This for the moment was contradicted as “an un- founded assertion.” Its stoppage of payment was not however long delayed, and subsequent disclosures have shown, that from a lengthened course of mismanagement an involvement in loss to an enormous extent will accrue to those who have unfortunately made it a medium of investment. - But if the failure of Messrs. Gower & Co. caused surprise, what was the consternation promoted by the suspension of Messrs. Sanderson & Co., f bill brokers? It is true that the announcement of the ability of the firm to pay in full, mitigated * Wide Statement of Affairs, Appendix, page xix. t Wide Statement of Affairs, Appendix, page xlii. MONEY PANIC, 71 the alarm first exhibited, but then the extent of country con- nexion liable to be crippled by the temporary stoppage, through the curtailment of accommodation, was not without its influ- ence, and in that way the catastrophe was productive of much mischief. In the early part of the month the Corn trade again suffered; Booker, Sons, & Co.; Usborne and Son;* Hastie and Hutchi- son;f three London firms, were severally notified as incompe- tent to meet their engagements. But the Corn trade was not alone destined to be interfered with. Rumour, in the mean time, had insiduously pointed her finger at several houses which, she avouched, would be unable to resist the strong current of the crisis now so inevitably apparent. The Stock-exchange speculators singularly enough gave cre- dence to these shadowy predictions, and prices fluctuated in accordance with the seeming probability of their verification, Three days only elapsed from the failure of Sanderson & Co., when Messrs. Reid, Irving, & Co.; were openly reported as a failed firm. The importance of this establishment, the high position of the partners, $ and their extensive operations, created more uneasiness than ever for the state of credit. Money was now rapidly advancing in value; general diffi- culty was experienced in obtaining what were previously looked upon as ordinary facilities of accommodation; and the Bank directors, who on the 2d of the month made loans at 5 per cent. until the payment of the dividends in October, were considered to have again injudiciously tampered with the market value of cash, in a period that presented such a combination of perilous circumstances. While all this excitement was going forward in the metro- * Wide Statement of Affairs, Appendix, page lyiii. Erratum—In statement for “end of August’” read “end of September.” f Wide Statement of Affairs, Appendix, page lyiii. # Wide Statement of Affairs, Appendix, page xiv. § Sir John Rae Reid was Governor of the Bank of England in 1839 and one of the senior Directors at the time of suspension. 72 THE FOOD AND polis, the chief provincial towns were also the scene of great com- motion. In Scotland several heavy failures took place, Gemmell, Brothers, & Co., East India trade, and Denny & Co., Corn-trade, Glasgow, being among the number; Liverpool and Manchester sent up distressing accounts of the failures in those towns, and from most points the intelligence was of a truly desponding character. On the 23d of the month the Bank of England made a further alteration in its rate of discount. The minimum was now ad- vanced to 5% per cent. on two months’ paper and 6 per cent. On that of three months’ date, the most rigid scrutiny being exer- cised in the selection of bills negociated. Reports continued to be circulated of failures which in the majority of cases ultimately turned out to be correct. The next great metropolitan firm that suspended was that of Messrs. Cockerell, Larpent, & Co., engaged extensively in the East India trade.” This announcement was no less potential in its influence than that of the stoppage of Messrs. Reid, Irving, & Co. The two houses had been looked upon as extremely substan- tial, but now they were prostrate, it was feared, notwithstand- ing the most vaunted boastings of ultimately realizing twenty shillings in the pound, that creditors would have to submit to considerable losses. Sir George Larpent, one of the leading members of Cockerell, Larpent, & Co., if he had not occupied the post of Governor of the Bank, had, after representing an English borough, aspired to sit in Parliament as one of the mem- bers for the city of London, and hence his position was regarded as accompanied by very distressing circumstances.f Quickly * Wide Statement of affairs, Appendix, page i. t “The inscrutable and omnipotent decree which had gone forth struck one of the Queen's kingdoms with famine, and the great efforts obliged to be made by the merchants of this country in consequence of that tremendous visitation led, in addi- tion, no doubt, to other causes, to a commercial crisis, perhaps, of unprecedented severity. There were uprootings of commercial dynasties in England not less striking than the fall of those political houses of which we have lately heard so much. Day after day, gentlemen whom we had lived with in this house, and whom we respected and regarded, merchants of the highest European reputation, were during MONEY PANIC. - 73 following these suspensions, came Messrs. Bensusan & Co., Mogador trade; Messrs. Perkins, Schlusser, and Mullens, East India and Baltic trade;* Messrs. Lyall, Brothers, & Co., and Messrs. Samuel Phillips & Co., both in the East India trade;f each London firms of note in the various branches, and Messrs. Fry, Griffiths, & Co., Colonial brokers. § At the close of September, the list of failures, including some few foreign firms, presented a formidable appearance, and as accurately as they can be ascertained may be thus classified. September. Booker, Sons, & Co., London, Corn Trade. 33 T. Usborne and Son, London, Corn Trade. 35 Hastie and Hutchison, London, Corn Trade. A. A. Gower, Nephews, & Co., London, Mauritius Trade. 5 y Alison, Cumberlege, & Co., London, South American Trade. 93 Sanderson & Co., London, Bill Brokers, 3 y Reid, Irving, & Co., London, Mauritius Trade. 3 * Cockerell, Larpent, & Co., London, East India Trade. 2 3 Cockburn & Co., London, Bankers & Army Agents 3 5 Cockburn & Co., London, Wine Merchants. 32 M. L. Bensusan & Co., London, Mogador Merchants. Perkins, Schlusser, & Mullens, London, E. India & Baltic Trade. 3 y Fry, Griffiths, & Co., London, Colonial Brokers. 22 Lyall, Brothers, & Co., London, Bast India Trade. 3 y Samuel Phillips, & Co., London, East India Trade. 5 y W. Tulloch Frazer, London, East India Trade. 3 3 Burnell & Co., London, Coal Trade. 35 A. M'Donald & Co., London, South American Trade. 3 y Shewell & Sons, London, Stock-exchange. 3 y W. Atherton, Liverpool, Merchant. 37 Rirkpatrick & Co., Liverpool, Provision Trade. 3 y Watson, Brothers, & Co., Liverpool Merchants. 35 Wilson, Nash, & Co., Liverpool, Merchants. 35 J. A. Armstrong, Manchester, Merchants. that crisis rudely torn, I may say, from these benches, if not with disgrace and dis- honour, yet with circumstances of pitiable vicissitude seldom equalled. When Par- liament met there was this commercial distress of unprecedented severity—private credit was paralyzed, trade was more than dull, it was almost dead—and there scarcely was a private individual in this kingdom, from the richest and noblest in the land down to the most humble among the middle classes, who was not Smarting under the circumstances of that commercial distress, which was of a nature so severe and striking that it was one of the main causes alleged for calling the Parliament together in November.—Mr. Disraeli's celebrated Speech delivered in the House of Commons, August 30th, 1848. * Wide Statement of Affairs, Appendix, page xxvii. + Vide Statement of Affairs, Appendix, page xxii. † Wide Statement of Affairs, Appendix, page xxviii. § Wide Statement of Affairs, Appendix, page xlviii. 74 THE FOOD AND September. Burts, Watson, & Co., Manchester, Merchants. 53 E. M. Cooper & Co. Manchester, Manufacturers. 5 y F. H. Glover, Manchester, Merchant. 33 Y. Guest, Manchester, Spinner. 3 y Stocks and Tait, Manchester, Bleachers. 33 Westlake & Co., Southampton, Corn Trade. 3 * D. and A. Denny, Glasgow, Corn Trade. 2 3 Gemmel Brothers, Glasgow, East India Trade. 2 3 Watson, M*Knight, & Co., Glasgow, Merchants. 2 3 M. Perston, Glasgow, Merchant. y 7 Gray and Roxburgh, Greenock, Merchants. 3 y Neilson & Co., Kirkland, Spinners. 3 * Dennison & Co., Limerick, Provision Trade. The principal foreign failures were— 7 y Forbin, Janson, & Co., Marseilles, Sugar Refiners. 2 y J. A. Barthlingth, St. Petersburg, Merchant. } } Custe & Co., Genoa, Merchants. 3 y Excels & Co., Venice, Corn Trade. } } Oczle & Co., Venice, Mill Proprietors. 22 A. Roux & Co., Paris, Merchants. • y Prime, Ward, & Co., New York, Merchants. But if the month of September had been prolific in failures, the course of events in October threatened more disturbing consequences, which, although clearly prophesied at the time, were not believed to be possible, until their destructive effects were realized throughout the country. During September, twenty firms of rank had been brought to the ground, and the aggregate of their liabilities was reckoned as approaching between £9,000,000 and £10,000,000 sterling. The suspensions, however, that subsequently took place were so varied in their character, that to attempt anything like a calcu- lation of their gross amount, would in truth be futile. At the end of September, it was manifest that the crisis was increasing in its intensity; that the measures adopted by the Bank, instead of alleviating the pressure, further augmented it; and that such was the spreading distrust consequent upon the failures which had already occurred, that no hope of relief was apparent ; besides, railway calls continued to press heavily upon the public; for September they had amounted to £4,160,000, and now in October, they were £3,760,000, the proportion for foreign lines out of this gross sum of £7,920,000 being merely £1,220,000. The annexed tables of prices shew the course of fluctuation MONEY PANIC, 75 in Government and railway securities in August and September. Comparing the highest and lowest prices of Consols, it appears that the extreme difference was about 4% per cent. Exchequer Bills had also violently alternated, the increased rate of interest —3d. per diem—not even maintaining them in a good position. As would have been anticipated, railway shares were exceedingly depressed, especially in the latter month. GOVERNMENT SECURITIES. AUGUST, 1847. SEPTEMBER, 1847. Price on the Lowest || Highest Price on || Price on | Lowest || Highest | Price on 2nd. rice. Price. the 31st. || the 1st. Price. Price. the 31st. Consols, Money ...... 88% 86} 88 87%. 87} 85} 87 85 Do. Account .....! 89 86} | . 89 88 87% 85% 88 853 Exchequer Bills, 3d... 9/ pm. || 5/ dis. 10/pm. 5/ pm. || 3/ pm. ſpar. 10/pm. 2/ pm. RAILWAY SECURITIES. AUGUST, 1847. SEPTEMBER, 1847. q} Ǻ Gº Qº # e § 4, f; (l) #. # †: q) #. g # e Amount Amount 23 ## # #3 || Agºint | #| ## #. # per Share. Paid. gº 3á. #" |# Paid. § 3á, fr; g” Q4 Pi— Pl: Pl: - #6. £. £. S Brighton .................. Stock £50. 54} | 473| 54#| 4 50 0 || 49 || 41: 494 # Caledonian ............... 50 40 33; 31#| 34"| 32. 40 0 || 32}| 29 || 39 Eastern Counties ...... 20 20 19; 18"| 20 183 20 0 | 18}| 16#| 18}| 16# Edinburgh & Glasgow 50 50 * 63 || 67 || 63 50 0 || 61 || 51 || 61 || – Great Western ......... 100 85 114 |J07 |116 || 10% 85 0 ||1094. 98 |110 ||100 Hull and Selby ......... 50 50 —. 101 || 104 || - 50 0 ||102}| 99 ||102}| 99 Lon. & North Western Stock. 175 |162 |176 |165 Stock | 166 155 |167 || 158 Manchester and Leeds 100 | 85 100 || 92 |100 | 95% - * I mºss tº mº Midland Counties ...... Stock. 1254 |114 127, 118 || | Stock. [1184|108}|1J93|ll2: South Eastern ......... Av. £33: 2: 4 || 35; 33}| 35}| 33, Av. 33:2:4 35 | 30%| 35}|30} Do. Western............ Av. 41 : 6: 10 || 67 || 59: 67; 6.1#|Av.41:6:8. 61}| 56#| 62 5 York & North Midland 50 £50 85 76"| 86 || 76# 50 0 || 76; 72 || 78 || 73 Boulogne & Amiens ... 20 20 14} | is; 14}| 13á| 20 0 || 13%. 12}| 14 || 13} Northern of France ... 20 10 12% # 12# 114 10 0 | 10%| 9; 11; 10 Orleans and Bordeaux; 20 6 * 4#| 5 || – 6 0 || – || 3 Paris and Rouen......... 20 20 373 || 36||37;| 363 20 0 || 36#| 333|37 || 3 On the 1st of October the Bank Court gave notice that the minimum rate of discount would be 5% per cent on all bills becoming due before the 14th of that month; and also intimated that no advances whatever would for the present be made upon public securities. This total revision in the terms of money accommodation granted by the great national establishment, forthwith gave birth to universal panic; the cry that railways '76 THE FOOD AND with their calls were breaking down mercantile credit, was again raised, and with more success than previously, since it was soon seen that the companies, who could not collect sufficient funds to carry on their works, came into the market for loans without delay, almost regardless of the rate of interest so long as they secured the required aid. In the midst of all the excitement, the weekly accounts of the Bank were consulted with the most anxious feeling. Between September the 4th, and October the 2nd, the reserve sank from £4,189,000 to £3,409,000. The stock of bullion, though slightly in decrease, had not suffered material alteration, having only fluctuated between £8,850,000, and £8,564,000. Hitherto the failures had been confined to mercantile esta- blishments. Now a more important class of institutions felt the extreme severity of the crisis. Joint-stock banks and private bankers could no longer withstand the pressure, and several were stated to be in difficulties. The Royal Bank of Liverpool, although it had received aid from the Bank of England,” * “You stated that you lent £330,000 to one bank in Consols : *—“Yes, £300,000 to one bank, and £100,000 to another.” “In what way did that operation take place P’”—“We transferred the Consols in September or October, and in January they re-transferred them to us; we received no remuneration except the dividend which accrued upon them.” “Did they ask you for Consols, or did you offer them Consols P’”—“We refused to discount bills; upon which they were anxious to have some other means of meeting their engagements, and I forget whether we offered them Consols or whether they asked for them; I think the proposal came from ourselves.” “You refused discounting, not from any doubt of their own solvency or the value of the bills which they offered?”—“They stated that they required a certain amount of assistance, and, in answer, we told them that they might have Consols to the amount of £300,000, upon the distinct understanding that it was to carry them through; I do not think they proposed taking Consols.”—(Mr. Prescott.)—“The Royal Bank of Liverpool, to which the question refers, applied to us for an advance of money to meet the claims made upon them; we said that they had already had a large amount of discount, and that we were not in a condition to make a further ad- vance of money, but that as they were hard pressed we were willing to make an advance of stock, which they might realize in the market; it was the same thing as if the Bank itself had realized the stock in order to render them assistance.”— (Mr. Morris.) “It suited us better to give them Consols than bank notes.”—Com- mons' Report on Commercial Distress. . . MONEY PANIC. 77 the Liverpool Banking Co., the North and South Wales Bank, and the Newcastle Union Joint-stock Bank, were severally compelled to succumb in the course of a few days. Cotempo- raneously with, or closely following the suspension of these four Joint-stock Banks, numerous small country bankers were declared insolvent, Mr. Knapp of the Abingdon and Wantage Bank; Messrs. Scholes & Co. of the Oldham Bank; Messrs. Brodie & Co.; and Messrs. Brodie and King, of Salisbury and Shaftesbury, comprising the most important of them. And whilst so disastrously affecting banking establishments in the provinces, the metropolis did not escape the ravages of the panic. In London, however, fortunately not one bank suspended its payments. The weakness of two establishments was recklessly spoken of, when the storm, which threatened for the moment to overthrow the whole of the structure of commercial credit, was raging in all its fury, but the report was immediately contra- dicted, and proved in the completest sense a fabrication. But if banks did not stop, there was no arrest to mercantile suspensions. Messrs. Rougemont Brothers, Continental merchants and banking agents;* Messrs. John Thomas, Son, & Lefevre, Russia trade ;f Messrs. Richards, Little, & Co., East India trade;f Messrs. Barclay, Brothers, & Co., Mauritius trade; $ Messrs. Lawrence Phillips, and Sons, East India trade;|| Messrs. Scott, Bell, and Co., East India trade; and Messrs. Boyds & Thomas, East India trade, one after another found themselves so embarrassed as to be unable to proceed, Allusion has before been made to the Company of Copper Miners in England. If the directors, after the resignation of their governor, Mr. A. L. Gower, in September, had anticipated that they would have been in a position to carry on their works, there was little prospect of it afterwards. Assisted readily as * Wide Statement of affairs, Appendix, page lii. f Wide Statement of affairs, Appendix, page xxxix. # Wide Statement of affairs, Appendix, page xxvi. § Vide Statement of affairs, Appendix, page xviii. | Wide Statement of affairs, Appendix, page xxix. 78 THE FOOD AND they had been by the Bank directors,” Messrs. Bruce, Buxton, & Co., bill brokers, supporting and negociating the advances, they perhaps possessed confidence, and thought doubtlessly that they could stem the torrent, strong as it was ; but when Messrs. Bruce, Buxton, & Co., themselves were surrounded by difficul- ties, which could no longer be staved off, then all confidence vanished, and the company, as well as their agents, ranked in the category of failed firms. No positive public announcement * Mr. Morris, the Governor of the Bank, in his evidence before the Commons’ Committee on Commercial Distress, giving a statement of the “extraordinary aid” afforded by the Bank of England to different establishments, between the 15th of Sep- tember and 15th of November, 1847, for the purpose of preventing their stopping payment, thus alludes to the Copper Mining Company. “1. The Bank of England being applied to by a very large firm in London, who had at that time liabilities to the extent of several millions sterling, advanced £150,000 on the security of debentures to that amount of the Governor and Company of the Copper Miners in England, and thereby prevented them from stopping payment; it was distinctly understood that the operation was for that purpose. 2. The Bank advanced £50,000 to a country banker on the security of real property. 3. On the urgent representations of several parties of the first importance in the City of London, the Bank advanced £120,000 to the Governor and Company of the Copper Miners, on the guarantee of approved names, taking at the same time a mortgage on the Company’s property for £270,000 to cover this sum, and the amount of £150,000 debentures before advanced upon ; it was stated that the stoppage of this company would have thrown 10,000 people out of employment. 4. The Bank advanced £300,000 to the Royal Bank of Liverpool, on the security of bills of exchange, over and above their usual discounts to this bank; this advance unfortunately proved inadequate, and the Royal Bank, having no more security to offer, stopped payment. 5. The Bank assisted another joint-stock bank in the country with £100,000, on the security of bills of exchange, over and above usual discounts. 6. The Bank advanced £130,000 on real property to a large mer- cantile house in London. 7. The Bank advanced £50,000 to another mercantile house on the guarantee of approved names. 8. The Bank advanced £50,000 to a joint-stock issuing bank on bills of exchange, and agreed to open a discount account with the said bank, on condition that it should withdraw its issues, but the joint-stock bank stopped payment before the arrangement could be completed. 9. The Bank advanced £15,000 on real property to a large establishment in London. 10. The Bank assisted, and prevented from failing, a large establishment in London, by for- bearing to enforce payment of upwards of £100,000 of their acceptances, and engaging to give further aid if required. 11. The bank assisted a very large joint-stock bank in the country with advances on loans on bills of exchange to the extent of about £8,000,000 over and above usual discounts. 12. The Bank advanced £100,000 to a country banker on real property. 13. The Bank advanced a joint-stock bank in the MONEY PANIC. ' 79 of these “suspensions” was made at the time, though from cir- cumstances which have since transpired, the fact is placed beyond all dispute. - country £200,000 on the security of local bills, besides discounting £60,000 of London bills. 14. The Bank assisted another joint-stock bank in the country with an advance of £100,000 on local and London bills. 15. The Bank advanced £100,000 to a large mercantile house in London, on approved personal security. 16. The bank assisted a large house at Manchester to resume payment by an advance of £40,000 on approved personal security. 17. The Bank advanced £30,000 to a country bank on real property. 18. The Bank assisted many other houses both in town and coun- try, by advances of smaller sums on securities, not admitted by the Bank under ordi- nary circumstances; nor did the Bank, during the period in question, reject at their London establishment any one bill offered for discount, except on the ground of in- sufficient security.” As fully illustrating the amount of such assistance, Mr. Morris presented the annexed statement: — From 15th September to 25th October, 1847, the Bank advanced— f (1.) At 5, 5%, 6,6}, 63, 7, 7#, 8, and 8% per cent . . . . . . . . . . . . . . 890,000 And on their account, (2.) On mortgage at 5 per cent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 (3.) On the security of real property at 5% (part of £50,000). . . . 15,000 (4.) A loan of Consols . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... .. 300,000 (5.) A loan of Consols . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 (6.) At 5 per cent, on real property . . . . . . . . . . . . . . . . . . . . . . . . 100,000 (7.) 23 35 53 - - - - - - - - - - - - - - - - - - - - - - - - - - 50,000 (8.) At 8 per cent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 (9.) At 5 per cent on security of real property . . . . . . . . . . . . . . . . 15,000 (10.) At 9 per cent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 (11.) At 6, 6#, 7, 7#, 8, 8; and 9°/o . . . . . . . . . . . . . . . . . . . . . . 545,000 £2,255,000 From 26th October to 16th November, 1847, the Bank made further advances— £. (1.) At 8 and 8; per cent. . . . . . . * = a e º 'º a e º a º º ºs e º 'º e º e º 'º e º & tº & tº 92,000 (3.) At 5°/o, on mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 (2.) At 5°/o, on mortgage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 (6.) At 5°/o, on real property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 (11.) At 8; and 9 per cent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,000 (12.) At 8°/o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 (13.) At 8:# and 9 per cent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260,000 (14.) At 1; per cent . . . . . . . . . . . . . . • a a e s a e s a e < * * * * s • * * * * * * 100,000 (15.) At 83 per cent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 (16.) At 9°/o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,000 (17.) At 5°/o, on mortage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 £950,000 First Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . £2,255,000 Second ditto . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950,000 Total . . . . . . . £3,205,000 wº- 80 THE FOOD AND One element of concern that presented itself to many minds, when the estates of the suspended houses underwent examination, was their extreme indebtedness and the generally disheartening spectacle exhibited by their assets. If not really exaggerated, the balance sheets which were laid before the meetings of creditors, were at least so constructed as to give the best pos- sible appearance to affairs, and as it was endeavoured to be shewn that by patient care and watchfulness many of the firms would satisfy claims in full, the process of inspectorship was with extraordinary unanimity resolved upon as the most advantageous and inexpensive mode of liquidation. But although these san- guine expectations were held out, it was then in several instances perceived that they could never be realized, since the course of trading pursued by the most eminent of the East India houses had so entangled them through locking up their capital by ad- vances on Sugar, Indigo, and other estates, and in credit accom- modation with agents, branch houses, &c. as to have incurred liabilities beyond all prudent bounds, and from which they could not hope to relieve themselves without a general insolvency on the part of all concerned. Nor was the evil alone confined to the system of credit pursued between the principal firms and their agents, but it also extended to the facilities with which it enabled them to raise funds to keep their paper afloat, and so long as money continued easy at low rates of interest, there was not much difficulty experienced in keeping up the deception.* * The Chancellor of the Exchequer, alluding to the course of the East India trade, said, in his speech of 30th November, 1847,-" He had ascertained the system on which the trade with India had becn carried on. It appeared to be carried on less with a view to profit and loss than as a mode of raising money, by the creation of bills. Persons were drawn upon at nine or ten months, and the bills sent home to be discounted by the produce-broker and then by the bankers, and these practices, though not new, had been carried to a great extent, and to them no small portion of the discredit attached to that trade was owing. He admitted that trade must be carried on partly on capital and partly on credit, but there must be a due proportion of capital to support the superstructure of credit which was built upon it. And when persons overstepped those proper limits, he was afraid they must pay the penalty of their own acts, nor did he believe that any issue of notes—of paper which was not capital—could prevent or avert such consequences. * : ; # # # 3% MONEY PANIC. 81 That imprudent speculations, as well as a vicious mode of business, had crippled many of the largest firms previous to the operation of the Bank Act, at whose door all the mischief was laid, was a matter very generally believed, and this was clearly established when statements were probed, and no further oppor- tunity was left for concealment.” He would only say, that not only had he (the Chancellor of the Exchequer) been appalled by circumstances which had been brought under his knowledge in the last six months, but so also had persons who had been long accustomed to trade when they witnessed the reckless character of that system. It would be improper in him to do more than allude to this in general words, and he hoped the house would be- lieve that he did not state it without a knowledge which justified him in doing so.” Sir Robert Peel also said on the 3d December, 1847,-‘‘It is, no doubt, painful to refer to individual houses; but I have the less reluctance in doing it, when I have seen published, on the highest authority, comparisons of their liabilities with their assets. And I hesitate not to say, that if the commerce of the country is conducted on such principles, in vain may you look to any legislative regulations, or any regu- lation but discretion, to prevent the evils which must flow from such a reckless course of conducting commercial affairs. Sir, when I see amongst the mass of houses (I will not mention names, though they have been published in the public papers,) when I see one whose liabilities are to the extent of £50,000, and its assets to the extent of £3,000.f. I say, if that is the practice of your commerce, don’t complain of the Act of 1844. Is it not monstrous that the standard of this country should be endan- gered, in order to cover or facilitate such transactions as these ? What security can I give to a bank that has £600,000 of paid-up capital, and lends £500,000 of that capital to one house?f What is it to me that the shareholders repose discretion and confidence in their directors Why do they not take an active part in the conduct of their own affairs 2 They fail; and then, like this gentleman whose liabilities are to the extent of £50,000, and his assets £3,000, they exclaim—‘This infernal Act of 1844, this detestable restriction Act of Peel's, is the cause of all our difficulties.” (Cheers and laughter.) “We want money, and the Act of 1844 prevents our getting it.” To such persons I would say—thank the Act of 1844 that your difficulties are not aggravated. Just consider what would have been the state of affairs if ‘North- ern and Central Banks,’ and ‘Manchester Banks,” and ‘Norfolk and Norwich Banks,” had been entitled to foster all these speculations by an unlimited issue of paper.” * Mr. C. Turner, of Liverpool, in his evidence before the Commons’ Committee on Commercial Distress, says:—“As regards the over-trading, there has no doubt been a vast deal of over-trading; a matter which has tended still further to embarrass matters. Of course we are all aware of the events which have taken place as regards the Mauritius trade, and other trades of that kind. The brokers have been in the habit, + Sir Robert here doubtless alluded to Messrs. Bensusan & Co.—Wide Balance-sheet filed in the Court of Bankruptcy, October 24th, 1848. Appendix, page lxv. f The amount of the Royal Bank of Liverpool’s advances to Barton, Irlam, and Higginson, G 82 THE FOOD AND When these disclosures were therefore made, and the com- plete incapacity of the mercantile interest to struggle through their difficulties was rendered apparent “ confusion became worse confounded” and no hope and no assistance being looked for from the Bank, utter despair prevailed in all quarters. The “week of terror” previous to the issue of the Govern- ment letter will long linger in the remembrance of those who witnessed its career. Deputations from Liverpool and most of the manufacturing districts waited on Lord John Russell and Sir C. Wood as the heads of the Ministry. The Liverpool me- morialists said they “did not require any permanent measure of assistance. All they asked was a temporary measure of relief to enable them to meet what they hoped and believed to be only a temporary peril.” Sympathy was expressed at the severity of the distress under which the commercial classes laboured, but not the least prospect was held out “that the Government could interfere in such a way as to allay the public apprehension and relieve individuals from pressure.” we all know now pretty well, not only of advancing upon goods after their arrival, to meet the bills drawn against those goods, which is perfectly legitimate, and upon the bills of lading, which, to a certain extent might also be done; but beyond that, they have done what is perfectly illegitimate; they have advanced upon the produce before it was shipped, and in some cases before it was manufactured. Now, to speak of my own individual case: I had bought bills in Calcutta to the extent of six or seven thousand pounds in one particular instance; the proceeds of the bills went down to the Mauritius, to help in the growth of sugar; those bills came to England, and above half of them were protested; for when the shipments of sugar came for- ward, instead of being held to pay those bills, it had been mortgaged to third parties to pay previous engagements before it was shipped, in fact almost before it was boiled. Now, nothing can be more unsound and worse than such a state of things, and which has gone on to a considerable extent.” Again, the same witness says in answer to the question—“ You do not attribute the failures of the commercial houses that have taken place this year to the recent speculations of those houses P”—“Most of them have their origin at a much older date than that, and some of them I believe to have been insolvent for a long period. The largest houses that have failed may have been insolvent the last year or two, but not longer; one or two of them may have been insolvent for the last three or four years.” * * Wide Speech of Mr. Alderman Salomons, at the March (1848) meeting of the London and Westminster Bank, when he announced a loss of £20,000 on securities sold by that establishment during the panic period. - MONEY PANIC. 83 Calculated as the extent of the pressure was to excite universal alarm, and the Stock markets having become wholly prostrate from the large sales of Consols and Exchequer Bills effected to supply means for urgent necessities, the most unfounded statements were circulated respecting the position of houses of undoubted wealth. Consols falling to 78%, and Exchequer Bills scarcely finding takers at 87s. discount, while commanding interest at the rate of 3d. per diem, and failures continuing throughout the United Kingdom were causes sufficiently co-ope- rative, without the aid of exaggeration to lead the public into the depths of despondency, and to regard their condition as one which seemed removed beyond all remedy or palliation. - The intensity of the alarm ; the measures which London and Country bankers resorted to in order to strengthen their own resources;” and the tremendous decline which was daily quoted in all kinds of producef marked in rugged, but intelligible lines, the fearful precipitancy of the retrograde movement. There was no relief, and no prospect of it, and hence terribly wild rang the panic cry. Previous commercial revulsions were con- sidered by many not at all analogous to the course of ruin in operation, and though this opinion, freely expressed at the time, may have since received some qualification, the vicissitudes experienced will in after ages, when calmly considered, afford * Mr. Samuel Gurney says, in his evidence before the Parliamentary enquiry into Commercial Distress, “The failures began to take place in August. The number of failures in each week was increased, and was at last followed by a considerable panic. The effect of that panic was to cause very general distrust, and a gradual running down of the reserved fund of the Bank as well as of the bullion. After a little time people began to think, under the influence of this panic, how are we to get circulating medium ? And the wealthy and more powerful took care very largely to over-provide themselves, and drew upon the reserves of the Bank infinitely beyond the real necessities of the case. The consequence was, that the amount of notes in the hands of the public amounted to nearly £21,000,000; and I have not the slightest doubt, that at that period at least from four to five millions sterling of the notes issued were locked up and inoperative, in consequence of the alarm and of a fear of not being able to get Bank notes at all.” + Wide Tables of Prices—Sugar, Coffee, &c. G 2 84 THE FOOD AND data for comparison free from prejudices, which at present sur- round them.* * In the evidence before the Parliamentary Committee on Commercial Distress various opinions on this point are given. All those here quoted are to be regarded as banking authorities. Mr. S. Gurney thought, as far as he knew, “that the catastrophes of last autumn were beyond all parallel in our monetary history.” Mr. George Norman considered that in 1837 and 1839 the causes of pressure were much less extreme than in the year 1847. In the latter period “every one seemed afraid of his neighbour.” Mr. Morris, the Governor, and Mr. Prescott, the Deputy-Governor, thus allude to the question. “You said that you thought that the Act of 1844 had worked extremely well to secure the convertibility of the notes; do you apprehend that there would have been any danger of the notes of the Bank of England not being convertible if it had not passed ?”—“I think they would have been in danger. On one or two previous oc- casions I think they were in danger.—in 1825 and 1839.” “And you think that they would have been in danger now but for this Act 2"— “They might have been.” “Mr. Prescott—“I agree with the Governor. I think that the pressure was not so great in 1839 as it was in 1847, and therefore that the danger in 1847 would have been greater but for this Act.” “Was not the pressure this year greater than you have ever witnessed ?”—“My own experience scarcely carries me back to 1825, but I should conceive that the pressure in one or two weeks in 1825 was greater than in 1847. Mr. Morris—“I believe that the pressure probably has been greater in London and in Lancashire, and probably in other places, but I doubt whether the pressure generally throughout the country has been so great as it was at the former periods.” # % # % # # 3% & 3% # 3% “Without assuming at the present moment that we have actually recovered from it, but looking at the course of affairs since October, should you say that there has been less severe distress consequent upon the panic than there has been upon pre- vious occasions?”—“I think that the re-action has taken place sooner than it other- wise would have done.” “The question is, not as to what would have happened if the Act of 1844 had not passed, but merely as to the matter of fact, whether the distress and the sacrifice of capital, and the general damage, both to the commercial character as well as the credit of this country, has not exceeded in the last year anything that in your experi- ence you ever witnessed ?”—“I think in the failure of large houses it has exceeded, but whether it has as far as the whole country is concerned, I am not prepared to say. My impression is, that the damage to the country from the panic of 1825 was greater and more general then, than any which has taken place in 1847.” MONEY PANIC. 85 At length a final resolve was made by the London bankers, that they would seek an interview with the Government, and accordingly on Saturday the 23rd of October, Mr. Masterman, Mr. Abel Smith, Mr. Glyn, Mr. Bevan, Mr. Barnett and others, proceeded to Downing Street, to ask “relief.” by a suspension of the Bank Charter Act. Already it was seen that the Bank was placed in an extremely critical situation, by the progressive declension of the reserve, and so great a dearth of the circu- lating medium existed, that it was found utterly impossible under any terms to procure a supply to meet ordinary trading engage- ments.” As the fate of commerce depended upon an affirmative answer to this last appeal, the decision of the Government was awaited with feverish impatience. On the return of the deputa- tion, the feeling that the subject was likely to be favorably con- sidered, though the answer was delayed until the Monday, created speculative business on the Stock Exchange, and as prices rose in consequence, sanguine anticipations were entertained that some “ relaxation” would be authorised. The panic continued on Monday the 25th, and great difficulty Mr. Prescott.—“I think as many as sixty or seventy banks failed in the end of 1825, and now there has not been a dozen.” Mr. W. Cotton considered the distress to have been “greatly exaggerated and no- thing equal to what existed in 1825 and 1837.” Mr. Jones Lloyd expressed his opinion thus:–“I believe that the disturbance of credit was greater and more widely spread in 1835 than it was in 1847.” “Do you suppose that any evil can occur to a great commercial city, greater than that which happened during the year 1847 in the city of London, or that there ever were instances in which so complete a sacrifice of property, and so complete an im- poverishment of commercial capital, has taken place in any country P”—“I have no doubt that there existed much greater pressure, and that the evils alluded to in the question, occurred in a severer form in this country in 1783, in 1793, and in 1825.” Quoting M'Pherson, Chalmers, Tooke, and Lord Ashburton, Tas his comparative authorities. Mr. G. C. Glyn, M.P., said—“In the last week of October, before the issue of the Government letter, the symptoms of want of confidence which presented themselves were very much like those which occurred at the end of 1825.” Mr. Tooke stated that it appeared to him in October, that the time was approaching “when nobody would pay anybody.” * Wide The Lords’ report on Commercial Distress. 86 THE FOOD AND was experienced to procure any accommodation whatever. Shortly after mid-day, however, the annexed communication was made from the Bank, which immediately changed the entire aspect of business.” “Downing-street, Oct. 25, 1847. “Gentlemen—Her Majesty's Government have seen with the deepest regret the pressure which has existed for some weeks upon the commercial interests of the coun- try, and that this pressure has been aggravated by a want of that confidence which is necessary for carrying on the ordinary dealings of trade. “They have been in hopes that the check given to transactions of a speculative character, the transfer of capital from other countries, the influx of bullion, and the feeling which a knowledge of these circumstances might have been expected to pro- duce, would have removed the prevailing distrust. “They were encouraged in this expectation by the speedy cessation of a similar state of feeling in the month of April last. “These hopes have, however, been disappointed, and her Majesty's Government have come to the conclusion that the time has arrived when they ought to attempt, by some extraordinary and temporary measure, to restore confidence to the mercantile and manufacturing community. “For this purpose, they recommend to the Directors of the Bank of England, in the present emergency, to enlarge the amount of their discounts and advances upon approved security, but that, in order to retain this operation within reasonable limits, a high rate of interest should be charged. “In present circumstances, they would suggest that the rate of interest should not be less than 8 per cent. - - “If this course should lead to any infringement of the existing law, her Majesty’s Government will be prepared to propose to Parliament, on its meeting, a Bill of Indemnity. They will rely upon the discretion of the directors to reduce as soon as possible the amount of their notes, if any extraordinary issue should take place, within the limits prescribed by law. “Her Majesty’s Government are of opinion that any extra profit derived from this measure should be carried to the account of the public, but the precise mode of doing so must be left to future arrangement. “Her Majesty’s Government are not insensible of the evil of any departure from the law which has placed the currency of this country upon a sound basis; but they feel confident that, in the present circumstances, the measure which they have pro- posed may be safely adopted, and at the same time the main provisions of that law, and the vital principle of preserving the convertibility of the Bank-note, may be firmly maintained. “We have the honour to be, Gentlemen, “Your obedient humble servants, - (Signed) “J. RUSSELL, - “CHARLES WOOD. “The Governor and the Deputy-Governor of the Bank of England.” MONEY PANIC. 87 To this communication the Bank returned the following reply:— “Bank of England, Oct. 25, 1847. Gentlemen—We have the honour to acknowledge your letter of this day's date, which we have submitted to the Court of Directors, and we inclose a copy of the resolu- tions thereon, and “We have the honor to be, Sirs, your most obedient servants, (Signed) JAMES MoRRIs, Governor. - " H. J. PREscott, Deputy-Governor, “To the First Lord of the Treasury and the Chancellor of the Exchequer. “Resolved—That this Court do accede to the recommendation contained in the letter from the First Lord of the Treasury and the Chancellor of the Exchequer, dated this day, and addressed to the Governor and Deputy-Governor of the Bank of Eng- land, which had just been read. “That the minimum rate of discount on bills not having more than 95 days to run be 8 per cent. “That advances be made on bills of exchange, on stock, on Exchequer-bills and other approved securities, in sums of not less than £2,000, and for periods to be fixed by the Governors, at the rate of 8 per cent. per annum.” * The effect of the Government letter is described in the evidence of Mr. Glyn thus:– 4 “It produced the same effect as if the Bank of England had made an issue ; because it brought out the hoards of notes, and they went into circulation. It thereby added to the circulation of the country, and it removed the cause of the panic, which is stated to have arisen from the act of 1844.” Mr. Samuel Gurney illustrated this statement by his own case. He observes:— -- “We required about £200,000, and had it at 9 per cent. On the Monday morning we had again a very heavy demand upon us; and we applied to the Governor, and said that, to supply Lombard-street with what was wanted, we should require £200,000 more. It was a case of difficulty for the Bank under its reduced reserve, and under the limitations of the act. The Governor postponed a decision on our application till two o'clock. At one o’clock, however, the letter from the Government authorising relaxation was announced. The effect was immediate. Those who had sent notice for their money in the morning sent us word that they did not want it—that they only ordered payment by way of precaution. And after the notice we only required about £100,000 instead of £200,000. From that day we had a market of com- parative ease.”—Eactract from Lords’ Report. - - 88 THE FOOD AND Immediately this correspondence was made public, a steady ad- vance in Government securities took place, much of the pervading The same document referring to the position of the Bank’s accounts af this period remarks— “The state of the Bank reserve on the 23d of October is shewn to have been as follows:— Reserve. London. Country. f f £ Notes . . . . . . . . 1,547,276 | Notes. . . . . . . . 981,615 | Notes . . . . . . . . . . 565,655 Coin . . . . . . . . . 447,240 Gold coin . . . . 209,844 || Gold coin . . . . . . 78,399 — Silver coin. ... 104,045 || Silver coin...... 54,958 £1,994,516 *-*mºme *-* 1,295,504 || £699,012 Country. . . . . . 699,012 £1,994,516 But on the 23d of October it had been intimated that the Government letter was to be issued on the 25th, and it was understood that the Bank was to act on the 23d according to the spirit of that Government letter. The accommodation given in con- sequence, on the 23d of October, was on that understanding, and the reserve was necessarily to some extent diminished. On the 30th of October the accounts stood as follows:— Reserve. London. Country. f £ f Notes ....... 1,176,740 | Notes . . . . . . . . 568,470 | Notes . . . . . . . . 608,270 Coin . . . . . . . . 429,384 || Gold coin . . . . . 151,053 | Gold coin ...... 119,554 Silver coin . . . , 105,787 Silver coin . . . . 52,990 £1,606,124 -** 825,310 £780,814 Country . . . . . . 780,814 £1,606,124 Thus, the reserve of notes, which had been £2,630,000 on the 16th of October, had fallen on the 23d to £1,547,000, and to £1,176,000 on the 30th of October, having decreased nearly £1,500,000 within the short space of fourteen days. At this last period, of the total reserve of notes, amounting to £1,176,740, no more than £568,470 was held in London, making with the gold coin in the banking department, £719,523. At the same time the private deposits for which the Bank was respon- sible amounted to £8,580,000, independently of upwards of £4,766,000 of Govern- ment deposits. The total deposits on the 30th October were £14,500,000; the deposits of the London Bankers being more than £2,000,000 at the same time. In reference to this state of things, the following important evidence was given by the Governor and Deputy-Governor of the Bank of England:— “You had only £1,600,000 in the banking department for the payment of your liabilities 2—Yes. MONEY PANIC. 89 gloom was dissipated, and from that date henceforward, a gradual but progressive return to confidence was manifested. The relax- ation, considered as a “triumph of the banking principle,” was duly heralded by the advocates of the measure, as it was declared to be, “a virtual repeal of the act of 1844.” “If any body had called upon you for anything beyond that million and a-half, you must have stopped payment, Yes, we must. “At that time, if there had been no separation between the two departments, and the Bank of England had been conducted on its old principle, instead of being within one million and a-half of stopping, there would have been very nearly £8,500,000 of treaures in your vaults 2—We should have had £8,500,000 in our vaults.” It is, however, right to add that the same witnesses state that they could not admit that the Bank was in any danger of suspending its payments. “We should not have been able to give the same extent of accommodation that parties were requiring of us. We might have put into account a considerable sum by selling Consols. We had going off weekly bills to the extent of £1,500,000; so that, by discounting even at the rate of £100,000 a day to give the public some accommodation, our re- serve would still have increased at the rate of £900,000 a week. It is certain that in a very short period we should have had as large a reserve as would be necessary for our purposes, and therefore the Bank was never at any period in jeopardy.” The correctness of this conclusion, however, depends on the practicability of the remedial measures recommended—namely, first, the sale of stock; and secondly, the limitation of discounts. A further question also remains, assuming these measures to have been practicable and successful, for the security of the Bank, in the first instance, whether their consequences would not have been ruinous both to public and private credit, and ultimately fatal to the Bank of England itself. On the point of the difficulty of making such extensive sales of stock on Exchequer Bills, Mr. Glyn in his evidence to the question, “Are you aware that it was the opinion of the Bank broker that a very large sum might have been sold without materially affecting the price of stocks 2 replies, I was not aware that the Bank broker had stated that. I should say, from what I saw at the time, that a sale of a million or two millions, which were the figures talked of, would have been almost impossible without knocking down the funds to such a price as would have created a further panic.” Mr. Browne, M.P., did not think such sales could have been effected, unless at a great sacrifice; adding, “that if the panic had been equal to what we might suppose it might have been, under such circumstances, I doubt whether they could have been sold at all.” Mr. Tooke expressed an adverse opinion to the facility of such sales. Mr. Horsley Palmer also believed sales of the kind almost impracticable. Mr. Cotton did not go so far as Mr. Palmer on such sales, he thought there would of course have been a fall in prices. 90 THE FOOD AND From the variations in Consols, Exchequer Bills, and railway securities, it will be at once noticed what was the condition of business during the memorable month of October, 1847. GOVERNMENT SECURITIES. OCTOBER, 1847. Price on the Lowest Highest Price on 1st. Price. Price. the 30th. Consols, Money . . . . . . . . . . . . . . . . . . . . . . 84; 7 85; 80; Do. Account . . . . . . . . . . . . . . . . . . . . 5 # 85% 81 Exchequer Bills, 3d. . . . . . . . . . . . . . . . . . . l/pm 37/ dis. 3/pm. 17/dis. RAILWAY SECURITIES. OCTOBER, 1847. Amount Amount Price on Lowest Highest Price on per Share. paid. the 1st. Price. Price. the 30th. £ £ Brighton ......... & ſº ſº tº e tº e º º º e g g g tº e º is ſº gº Stock 50 43} 36; 44% 39} Caledonian . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50 37; 33 39 35 Eastern Counties . . . . . . . . . . . . . . . . . . . . . 20 20 16# 15% 17 15 Edinburgh and Glasgow .............. 50 50 * 47 5] 47 Great Western ............... e e º e º e g º e 100 85 100 85 102 93 Hull & Selby......... . . . . . . . . . tº e º 'º º e º 'º 50 50 99 96 99 98 London and North Western............ Stock. 158 138% 161 148 Midland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stock. 1123 100 116 i; South Eastern . . . . . . . . . tº e º is º ºs e º g º g º º & tº Av. £33 : 2: 4 303 24 31} 27 Do. Western. . . . . . . . . . . . . . . . . . . . . . . Av. 941 : 6: 8 58+ 52% 59 54; York and North Midland . . . . . . . . . . . . . . 50 50 73. §§ ºff 70 Boulogne and Amiens . . . . . . . . . . . . . . . . 20 20 13} 13 14 13 Northern of France . . . . . . . . . . . . . . . . . . 20 10 10 9 11; 10; Orleans and Bordeaux . . . . . . . . . . . . . . . . 6 3 3# 4 4% Paris and Rouen . . . . . . . . . . . * * * * * * * * * * e 20 20 33 33 34% gºsº The failures that took place in October may be thus classified. Although several important metropolitan firms are included in the list, bank suspensions will be found to present with numerous provincial disasters, the chief interest. The foreign failures had also assumed in some respects an important character. October. Company of Copper Miners in England, ,, Bruce, Buxton, & Co., ,, Rougemont, Brothers, ,, John Thomas, Son, and Lefevre, F. J. Van Zeller, ,, Rickards, Little, & Co., ,, E. Bernoulli, ; London, London, London, London, London, London, London, Miners, &c. Bill Brokers. Continental Mer- chants. Russia Trade. Portuguese Trade. East India Trade. Levant Trade. MONEY 91 PANIC. October. M. J. Soares, J. and W. Morley," W. Nash, Barclay, Brothers, & Co., Lawrence Phillips and Sons, F. Barnes & Co., Scott, Bell, & Co., Howard & Co., W. T. Clagget, W. S. Hadlow, R. Oakley, J. P. Cruikshank & Co., C. Sutherland & Co., Boyds and Thomas, Brown, Todd, & Co., Dalgleish & Co., V. Higgins & Sons, Lake, Calrow, & Co., T. and H. Murray, W. Maury, Mocatta and Son, W. Pearce & Co., Platt, Hammill, & Co., W. Steele and Son, M. S. Synnot, W. and T. Tomlinson, Brooke and Wilson, Gazebrooke & Co., W. Jones & Co. Livingstone & Co., J. Logan & Co., M“Tear, Hadfield, & Co., Molyneux and Hulbert, R. Taylor, Wotherspoon, Stewart, & Co., Warden & Co., Berey, Young, & Co., Royal Bank of Liverpool, Liverpool Banking Company, North and South Wales Bank, Barton, Irlam, and Higginson, Cornthwaite & Co., De Jersey & Co., Watson, Elder, & Co., Scholes & Co., Wilson & Eber, R. and S. Farbridge, R. Gardner, Gael & Co., Martin & Hartwright, James, Nephew, & Co., E. Potter & Co., - Render and Milner, London, London, London, London, London, London, London, London, London, London, London, London, London, London, Liverpool, Liverpool and Glasgow, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, ; } } Portuguese Trade Warehousemen. Warehouseman. Mauritius Trade. East India Trade. Hardwaremen. East India Trade. Colonial Brokers. American Trade. Stock Exchange. Stock Exchange. East and West India Trade. Colonial Brokers. East India Trade. Provision Trade. Merchants. Iron Trade. East India Trade. East India Trade. American Trade. Spanish American Trade. Merchants. East India Trade. Soap Boilers. Ship-owner. Corn Trade. Ship-owners. Iron Trade. Merchants. East India Trade. Canadian Mer- chants. - Ship Brokers. Tea Brokers. Soap Boiler. Share Brokers. Merchants. Cotton Brokers. East and West India. Trade. . Tea Dealers. Merchants & Ma- nufacturers. Manufacturers. Bankers. Merchants & Spinners. } East India & Rus- sia Trade. Spinner. Spinners. Yarn Merchants. Merchants. Agents. Agents. * Wide Statement of Affairs, Appendix, page lxii. 92 THE FOOD AND October. Abingdon and Wantage Bank- Abingd ing Company, (H. Knapp) Ingdon, 3 y Newcastle Joint Stock Bank, Newcastle, 9 3 The Oldham Banking Company, Oldham, 32 Gibson and Sturt, St. Alban's, Bankers. ,, W. B. Brodie & Co., Salisbury, Bankers. , Brodie and King, Shaftesbury, Bankers. , Adams, Warren, & Co., } *::::::::... Bankers. ,, Flood & Co., Old Bank, Honiton, Bankers. ,, Grundy & Co., Bridport Bank, Bridport, Bankers. ,, Ridehalgh & Co., Halifax, Worstead Spinners. ,, Rogers and Brierley, Blackburn, Cotton Spinners. ,, Southam & Co., Ashton, Cotton Spinners. ,, Gellows & Co., Preston, Spinners. ,, M“Gregor, Brownrigg, & Co., Glasgow, Merchants. ,, Reid, Robinson, & Co., Glasgow, Merchants. ,, A. and J. Wingate, Glasgow, Calico Printers. ,, Cowan, Smith, & Co, Glasgow, Corn Agents. ,, Kilgour and Leith, Glasgow, West India. Trade. ,, Pearson, Wilson, & Co., Glasgow, Merchants. ,, Molley and Mergin, Dublin, Cattle Dealers. ,, T. Murphy, Waterford, Provision Trade. ,, White & Co., Waterford, Corn Trade. The principal foreign failures in the month of October included ,, Legrelle & Co., Brussels, Bankers. ,, Pehmoller & Tollens, Hamburg, Merchants. ,, L. W. A. Jacobs, Hamburg, Merchant. ,, Rosing & Co., Bremen, Merchants. ,, Wittenstein & Co., Elberfeld, Spinners. ,, E. Alessio & Co., Genoa, Corn Merchants. 2 3 G. Calcagne, Genoa, Money Broker. ,, L. Arbid & Co., Leghorn, Merchants. ,, Morfeurgo and Tedeschi, Leghorn, Merchants. ,, D. Pegra Guttiers, & Co., Leghorn, Merchants, ,, J. L. Valentin & Co., Leghorn, Merchants. ,, N. Bertrand & Co., Courtray, Merchants. 2 3 Vernein and Giells, Courtray. Manufacturers. ,, C. Riva & Co., St. Petersburg, Merchants. ,, Vermechren & Co., St. Petersburg, Merchants. ,, J. Van Zeller and Sons, Lisbon, Merchants. ,, M. Ventura & Co., Venice, Merchants. As a description of the panic of October, and the reasons which induced Government interference, the speech of Sir C. Wood on the 30th of November in the House of Commons may be use- fully consulted. Sir C. Wood in his capacity of Chancellor of the Exchequer said, “When he came to town in October he found the City in a state of panic. He saw persons of all classes and descrip- tion, from the time he was up until he went to bed, and he never passed so painful a week. The interest of money rose to MONEY PANIC. 93 an exorbitant rate, and 60 per cent. per annum was charged for what were called “ continuations” for one day. It was thought impossible that the loans could be repaid, and if reli- ance for the payment of the dividends was placed on the return of those loans, that there would be a disappointment, and that it would be impossible for the public creditors to be paid. The next week came, and the dividends being due the loans were repaid. The Governor and Deputy-Governor of the Bank acted with extreme prudence and discretion, and received the payments of the loans, and on the whole they were punctually paid. The notes which were paid in were issued in payment of the dividends, and the result was that in this extra- ordinary period of demand for notes there was taken out of the Bank in the four days for payment but £300,000 more than in the corresponding days of last year. When the parties had a right to demand £7,000,000 extra, they only drew £300,000 more than in 1846. The gloomy anticipations of the week before the payment of the dividends were not realized, and in spite of the failure of the Royal Bank of Liverpool on the Monday following, there was in London a better feeling in the early part of the Week, and one of the papers, in its money article, stated that matters were steadier although they had been affected by the failure of the Newcastle Joint Stock Bank. There was a decided change in the accounts on Thursday, Friday, and Saturday. The payments of the dividends did not indicate any improved feeling. By this time, too, accounts were received of the state of the country, and from various parts they were very alarming. “On Monday the Royal Bank of Liverpool failed—a failure which was only caused by gross neglect, for, with a paid-up capital of only £600,000, £500,000 had been advanced to one house. At the same time apprehensions were entertained with regard to a broker whose name he had mentioned.” He applied to the Bank for assistance, and they gave it. Another bank * Messrs. Littledale, of Liverpool, brokers, who, when the Royal Bank of Liverpool failed, sought facilities for discount at the Bank of England and readily obtained them. 94 THE FOOD AND stopped at Liverpool, and apprehensions were entertained for the safety of other country banks, especially in the commercial districts, for in the agricultural parts of the country they had been comparatively at ease. There was an alarm as to the banks in the west of England, one of which had since failed, and was reported to be likely to pay a very small dividend. News came of the stoppage of the Newcastle Union Bank on Thursday, and later in the day there were accounts of severe runs on several district banks. Allusion had been made to the assistance given to that bank. The fact was that Mr. Richardson, the manager, came to London to get assistance from the Bank of England, and left without still obtaining it. So far was it from being true that there was any recommendation from the Government on the subject. It was true that that bank was saved by the interfer- ence of the branch bank of the Bank of England, and Mr. Grote took on himself a fearful responsibility, for seeing the danger that would arise, even to the peace of the country, unless that bank was saved, he furnished it with the means of standing the run which was made on it on Friday and half of Saturday; and par- ties who had withdrawn gold and notes in the morning tendered them as re-deposits in the evening. It did not appear that there was a run for Bank-notes, but a steady run for deposits on the banks of Liverpool and Manchester in the course of the few days preceding the Thursday and Friday. “Then came a fearful aggravation of the supposed danger. It was a matter of notoriety now that applications for assistance had been made by the banks of Scotland. It was generally con- sidered that those banks were on so safe a footing that they were able to take care of themselves, and that they would not find it necessary to apply to the Bank of England; but applications were made, and occasioned much alarm. For when it was con- sidered how enormous the deposits were in the Scotch banks which might be readily withdrawn, and most of which were made on security which, though solid, was not easily realized, there was just cause for alarm. The demands on the Bank of England for assistance, and on the London banks, to assist these MONEY PANIC. 95 correspondents, were extensive. Two bill-brokers had stopped,” and others were paralysed, and the whole discount business was thrown on the Bank of England, and they refused to discount no bills which came within their rules, but a large mass of paper, which was usually done by bill-brokers, was refused. “This was the state of things which was represented to the Government from all parts of the country, and a feeling arose in commercial quarters, the least likely to be biassed, who came to them, and whose opinions they took, that matters were grow- ing serious unless some measure was adopted by the Government to restore confidence. He did not deny that the statements which had been laid before him were alarming. He took pains to ex- amine their accuracy, and he could not deny that most unwil- lingly and most reluctantly he came to the conclusion that it was necessary to interfere, and having come to that conclusion, he should have thought himself unworthy of the place he held if he had hesitated, owing to any former opinions of his own, to do what he thought his duty. Not only did he think the exercise of this discretion was required by other circumstances, but it was evident that notes had been hoarded to a great extent, and a cir- culation which, under other circumstances, would have been adequate to its purposes, and when the pressure or panic was removed, would have proved abundant for its objects, was pre- vented by this hoarding from performing its functions. As a proof of this, tens of thousands of notes which had been hoarded in the boxes had been brought into circulation; and when the House remembered that under £400,000 was the amount of notes taken out of the Bank of England after the 25th of Octo- ber, it furnished a proof that there was an adequate amount of circulation in the hands of the public, but that from fear and alarm it had been hoarded up, and thereby rendered incapable of being brought into use. - “His noble friend (Lord J. Russell) and himself had seen parties of all descriptions, and the universal application which * Messrs. Sanderson & Co. and Messrs. Bruce, Buxton, & Co. 96 THE FOOD AND had been made to his noble friend and himself was to this effect: —They said, “We do not want notes—what we desire is that you should give us confidence, it is only for you to say you will stand by us, and nothing in the world else will give us confi- dence. We do not want notes, but only to know where we can get them.” They added, “ Charge any rate of interest you please, ask what you like.’ (‘No, no,” from Mr. Spooner.) The hon. gentleman said ‘No, no,” but he (the Chancellor of the Exche- quer) must be permitted to know what had been stated to him, and he would say distinctly such was the constant tenor of the applications which had been made. He repeated, that they said * Charge 10 or 12 per cent. interest if you like—we do not mean to take notes, but let us know that at some rate of interest we can get them, and that will amply suffice.’ An honorable member had asked the other day what had been the change of circum- stances which had induced the Government to act on Saturday in a manner different from the course they had declined but a short time before? In reply to that question, he could now state that the accounts received on the Thursday, Friday, and Saturday had been of a totally different description from those which had preceded them, and they then had believed that ac- cording to the passage he had quoted from Mr. Huskisson, they had come to this—that a stagnant circulation wanted life—it every day became more embarrassed, whilst these new calamities contributed to increase the general apprehension of the country. It was because on that Saturday, and not before that, he and his noble friend thought it right and proper to act, because then they were in possession of information which afforded them a justification for the violation of the statute. “Having determined to act in the emergency, of course the next question which had arisen was the mode in which it should be done. He and his noble friend had long before considered the matter, and had made up their minds as to the best mode of action in case action should become necessary, and he should have been glad if there had been any mode of action that would have been effectual, other than that which they had taken. It MONEY PANIC. 97 had been suggested that they ought to have advanced Exche- quer-bills on goods and produce ; but he was not quite clear whether at the time goods and produce were just as saleable as Exchequer-bills, and, therefore, that mode of action would have failed. Others invited an advance of Consols, and a third sug- gestion was, that the issue of some description of Government note would have answered the purpose. Now, in his judgment, it would clearly have been absurd and foolish to act at all, unless in a way which they were pretty sure would be effectual; and therefore having determined to act, they had acted in that man- ner which, approved by practised and practical authorities, they believed would be certain to ensure its purpose. - “He must also state that to nine-tenths of the parties who had applied to the Government to sanction the issue of notes in this way, it was stated it would be essentially necessary that some limit should be put upon it, and the first suggestion was that a limited amount of notes should be issued, with an increasing rate of interest. To this plan there was, he thought, a decided and fatal objection,-namely, that there would have been a scramble for the first and second million, and that as soon as that was over the same state of things would have occurred again. But if they were not to limit the amount of notes, the other, and he thought, the wiser, suggestion was, that a limit should be put on the rate of interest. That course had been adopted, and in the recommendation made to the Bank of England was a high rate of interest, because if a high rate of interest had not been adopted they would have done that which would have been most mischievous—namely, to check the importation of capital and bullion into this country. At the same time, he (the Chancellor of the Exchequer) had been as anxious as anybody not to im- pose a rate of interest higher than was necessary, and therefore instead of adopting a minimum rate of 10 per cent., they had adopted 8 per cent., the lowest amount suggested to the Govern- ment by the applicants being 7 per cent. The rate of 7 per cent. clearly would not have answered the object which was in view, for when the rate had been fixed by the Bank of England on TH 98 THE FOOD AND the direction of the Government at 8 per cent., what was the rate of interest out of doors ? At that time the rate of interest at Hamburgh was 7 per cent. He held in his hand a letter from the consul at Hamburgh, dated the 22d of October, which stated that then the discounts there were at the rate of 6 and 7 per cent. per annum, and it was not less in any part of Europe. At New York, on the 30th of October, before the intelligence of what had happened here had reached that country, money was in active demand there at the rate of 7 per cent., and in some cases higher rates had been paid. “Again, though the Bank of England had discounted a small amount of bills at 54 per cent., yet at the time the letter of his noble friend and himself had been addressed to the Bank, the average rate charged by the Bank was 7% per cent. ; so that the real extent to which that letter raised the rate was not more than half per cent, upon the rate then charged at the Bank of England, and 1 per cent. upon the rates on the Continent and in America. It was desirable that capital and bullion should be attracted to this country, and it was only by the attraction of a high rate of interest that this desideratum could be accomplished. He conceived, therefore, that the mode in which the Govern- ment had acted was the one best calculated to attain the end they had in view—namely, the influx of capital and the importation of bullion, and thereby the removal of the panic. “But it had been said that the Government ought to have left it to the Bank of England to fix the rate of interest; but he thought it was much fairer, both to the public and to the Bank that they, (the Government) should take that responsibility from which neither he nor his noble friend were disposed to shrink. It had also been remarked that the Government ought to have made the increased rate to apply only to such portions of the advances as were made by the Bank in consequence of the letter. He, however, contended that it would have been ut- terly impossible for the Bank to have acted in a different spirit after the receipt of that letter, and to have drawn a distinction between the advances made in consequence of the MONEY PANIC. 99 Government letter and those which, without the letter, would have been made. “Again, an exception had been taken to that paragraph in the letter which referred to the extra profit being carried to the account of the public, but that was inserted for the purpose of protecting the Bank, in conformity with the 6th clause of the Act of 1844—a clause inserted at the instance of the Bank itself. He thought that the purpose for which the letter had been issued—not to create capital—not to support credit, which had no security to offer, but to release the circulation which had been closed by fear and alarm, had been answered, and he believed that those engaged in the commerce and trade of the country would admit that the effect intended had been completely realized.” With the commencement of November the Bank accounts shewed an improved appearance; the funds continued to ad- vance ; and the state of the exchanges which had throughout the severest period of the panic been in favour of this country, attracted increased supplies of bullion not only from the Conti- nent and Russia, but also from America. Railway calls were proportionately lighter, amounting this month to £2,040,000, of which £146,500 was on behalf of foreign companies. Still, how- ever, the inconvenience of these contributions was felt, no effective stoppage of railway works having taken place, notwithstanding the most strenuous remonstrances made in that respect. But despite the improving tendency existing in the aspect of public affairs, the high minimum of 8 per cent. was not without its influence, and already crippled, through diminished resources, numbers of houses in London and the country, found themselves compelled to submit to the painful ordeal of suspension. The attempts vigorously made to remodel the various Country Joint Stock Banks and enable them to resume business on a fresh basis, and which were shortly consummated, assisted to reassure the public and allayed much of the feeling previously so de- structive to credit. Inasmuch as the anticipated resumption of business by these establishments was attended by a revival of H 2 100 THE FOOD AND confidence, a great general good was effected, and although their original management suffered in almost all instances strong con- demnation, the arrangements subsequently devised would, it was thought, hereafter check if not entirely remove all future ground of complaint. - Restoration to a healthy position could not suddenly be effected. Confidence borne down and laid completely prostrate by a series of such lamentable disasters, could not momentarily rouse itself and recover lost ground. Difficulties, augmented on all sides, had worked their way to the heart of trade, and these difficulties, which had been for the most part the growth of years, could not be removed in a day, a week, or a month. To seem conscious that an approach to recovery was being made, and, that progress in that direction was certain, was the most that could under the circumstances be looked for. Symptoms of this description were not long wanting to buoy up hopes. If failures had not entirely ceased; if large houses were still reported to be struggling with losses, encountered from the suspension of their intimate connexions, the Money-market was relatively speaking in a much easier condition, Messrs. Overend, Gurney, & Co., having reduced their rate to 5 per cent. for money on call. The Scotch banks had also been relieved by the intervention of the Bank of England, and, regarded in most points of view, appearances were decidedly for the better. But the blow once struck, the effects could not be avoided. The East India trade, doomed as it were to temporary annihilation, was the scene of fresh embarrassment, and Messrs. Thurburn & Co.;” Messrs. Johnson, Cole, & Co.;f Messrs. Lackersteen & Co.,t increased the catalogue of suspended firms in that branch of business. About this time occurred the stoppage of Messrs. Trueman and Cook, Colonial brokers. The event was not altogether unantici- pated. Their system of advances to the great East India, West * Wide Statement of affairs, Appendix, page xxxiii. + Wide Statement of affairs, Appendix, page xxxv. † Wide Statement of affairs, Appendix, page xxxi. MONEY PANIC. 101 India, and Mauritius houses, to whom through the extent of their wealth and credit they had, in order to secure the sales of their produce, acted in the capacity of bankers and discounters, ren- dered it almost impossible that they could sustain themselves against a course of events so paralyzing in their nature as those which had been witnessed. It was not therefore surprising that a brokers’ firm, who had assisted in this manner, Messrs. Cocke- rell, Larpent, & Co.; Messrs. Reid, Irving, & Co.; Messrs. Gower & Co.; Messrs. Barclay, Brothers, & Co., and other establishments of less note and pretensions, should discover that their involvements were of a character to compel them to sus- pend. This mode of granting advances, (or, as it was termed by many, “relief bills,”) especially in connexion with forthcom- ing crops, met severe censure from the commercial community ; but some satisfaction was expressed when it was ascertained, contrary to rumour, that the accounts of the house would admit of a liquidation in full.” Another firm of some consideration that failed this month, as produce brokers, were Messrs. Sargant, Gordon, & Co. Among other metropolitan suspensions which created gossip for the time, were Judah Cohen and Sons, West India trade; J. & H. Reay, wine trade ;f Coates and Hillard, American trade; Leaf, Bar- nett, Scotson, & Co., warehousemen ; : and Tanner and Ward, leather factors.S Messrs. Job Wright and Co., in the Russia trade, also stopped, but arrangements were speedily made for the payment of 20s. in the pound. The frequenters of the Stock-exchange through the fluctua- tions occasioned by the Government letter, received the unplea- sant intimation that several of their members would be unable to meet their differences, and nine defaulters were declared. * Wide Statement of affairs, Appendix, page xlii. Since the above was written Messrs. Trueman & Cook have notified their inability to pay the third instalment on the date named. They however promise to meet their engagements at the earliest possible period.—Wide Supplemental Statement in Appendix, page lxvi. t Vide Statement of affairs, Appendix, page lix. † Wide Statement of affairs, Appendix, page lxi. § Wide Statement of affairs, Appendix, page lxiv. 102 THE FOOD AND Circumstances, however, in the meantime, favored a rectification of the Bank accounts, and by the 20th, the reserve had increased to £4,228,000, and the stock of bullion to £10,000,000. Hence, so far was a steady progress towards confidence believed to have been achieved, that on the morning of the opening of Parliament, when the Royal Speech alluded to an amelioration in the existing state of commercial distress, the withdrawal of the Government letter was effected by the publication of the following corres- pondence. “Downing-street, Nov. 23, 1847. Gentlemen, Her Majesty's Government have watched with the deepest interest the gradual revival of confidence in the commercial classes of the country. “They have the satisfaction of believing that the course adopted by the Bank of England on their recommendation has contributed to produce this result, whilst it has led to no infringement of the law. “It appears from the accounts which you have transmitted to us, that the reserve of the Bank of England has been for some time steadily increasing, and now amounts to £5,000,000. This increase has in great measure arisen from the return of notes and coin from the country. “The bullion exceeds £10,000,000, and the state of the exchanges promises a fur- ther influx of the precious metals. “The knowledge of these facts by the public is calculated to inspire still further confidence. “In these circumstances it appears to Her Majesty’s Government that the pur- poses which they had in view in the letter which we addressed to you on the 25th of October has been fully answered, and that it is unnecessary to continue that letter any longer in force. * “We have the honour to be, Gentlemen 5 9 “Your obedient humble servants, (Signed) J. RUSSELL. “The Governor and Deputy-Governor of the Bank of England.” CHARLEs WooD. “Bank of England, Nov. 23, 1847. “Gentlemen, We have the honour to acknowledge the receipt of your letter of this day’s date, in which you communicate to us that, in consequence of the gradual revival of confidence in the commercial classes of the country, it appears to Her Ma- jesty's Government that the object they had in view in the letter they addressed to us on the 25th October had been fully answered, and that it is unnecessary to con- tinue that letter any longer in force. “We have the honour to be, Gentlemen, “Your most obedient servants, (Signed) JAMES MoRRIs, Governor. H. J. PREscott, Deputy-Governor. “To the first Lord of the Treasury and the Chancellor of the Exchequer.” MONEY PANIC. 103 The Bank directors the day before reduced their minimum rate of discount to 7 per cent. At the end of November confidence decidedly increased, but still the country was suffering greatly from the exhausting course of the panic. month in the provinces, were not of a light or unimportant character, and foreign stoppages were more than previously nu- merous, including among them the Union Bank of Madrid. November. Coates and Hillard, L. S. Curtis, Judah Cohen & Sons, Thurburn & Co., Johnson, Cole, & Co., Ryder, Weinholt, & Co., Abbott, Nottingham, & Co., Trueman and Cook, R. Farrand, J. & H. Reay, A. A. Lackersteen, Lackersteen and Crake, Tanner and Ward, Sargant, Gordon, & Co., Leaf, Barnett, Scotson, & Co., W. Abbott, A. Arkell, W. Eykin, J. H. Hawkins, Secretan and Capper, T. Turner, H. Whitmore, J. Williams, Jun., C. B. Young, Job Wright & Co., J. B. Branckner and Son, Carter and Baines, Coleman and Todd, Hargreaves & Co., T. Ashburner, G. & J. Blake, J. Brownrigg & Co., A. E. Byrne, J. Edwards & Co., Ricardo and Harding, D. Ainsworth, Coates, Hillard, & Co., P. Cowrill, Pwing, Anderson, & Co., Z. Just, Rershaw, Hillard, & Co., Marsland, Veltman, & Co., J. T. H. Pindleton, J. P. Clarke, W. H. Kaye, Farthing, Son, & Co., Norrison Levett, J. Gales, R. Imreay, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, London, Liverpool, Liverpool, Liverpool, Liverpool, Tiverpool, Liverpool, Liverpool, Liverpool, Liverpool, Liverpool, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, Manchester, Teicester, Huddersfield, Hull, Hull, Sunderland, Newcastle, The failures this American Trade Hide Factor. West India Trade. East India Trade. East India Trade. East India Trade. Warehousemen. Colonial Brokers. Corn Factor. Wine Merchants. East India Trade. East India. Trade. Leather Factors. Produce Brokers. Warehousemen. Stock Exchange. Stock Exchange. Stock Exchange. Stock Exchange. Stock Exchange. Stock Exchange. Stock Exchange. Stock Exchange. Stock Exchange. Russian Merchants. Brokers. Merchants. Share Brokers. Merchants. Leather Factor. Soap Boilers. East India Trade. Merchant. Wool Brokers. Merchants. Warehouseman. Warehousemen. Calico Printer. East India Trade. Manufacturer. Manufacturers. Manufacturers. Manufacturer. Merchant. Merchant. Merchants. Manufacturer. Ship Builder. Alkali Manufacturer. 104. THE FooD AND November. M. Walker, Leeds, . Flax Spinner. 52 Campbell and Batty, Glasgow, Agents. 93 D. M*Kenzie, jun., Glasgow, East India Trade. y 5 Ogilvie, Clarke, & Co., Glasgow, Agents. 5 y Pattison and McGibbon, Glasgow, Calico Printers. 3 3 G. Young & Co., Glasgow, Calico Printers. 3 * R. Buchan, Glasgow, Broker. 5 y A.& J. Downie, Glasgow, Wool Trade. 2 3 A. Rankin, Glasgow, West India Trade. y 3 D. Napier, Glasgow, Iron Founder. The Foreign Failures were— 22 Kantzow and Biel, Stockholm, Merchants. ?? N. Breebart, Amsterdam, Merchant. 5 y Roothan & Co., Amsterdam, Bankers. 5 y J. H. Rupe and Son, Amsterdam, Sugar Refiners. 2 3 Bonaffè & Co., Havre, Merchants. 3 3 Defosse and Noete, Antwerp, Bankers, 53 Grosjean, Nephews, Brussels, Bankers. 3 y Hennekinne Briard, Mons, Banker. 2 3 Salvador Pacifico, Trieste, Merchant. 2 y Patengat & Co., Bayonne, Corn Trade. y 3 Riewit and Langevelt, Rotterdam, Merchants. 32 B. Rouffaer & Sons, Rotterdam, Merchants. 32 TJnion Bank, Madrid, Bankers, 35 Muir, Taylor, and Co., New York. Merchants. December was comparatively a quiet month.* Although sus- pensions occasionally were announced, they did not assume in any respect a serious character. The most considerable firm that then became embarrassed was Messrs. Cotesworth, Powell, and Pryor, engaged in the Brazilian and Spanish American trade. Their stoppage was reported on the last day of the year. An examination of their accounts happily showed that they were in a solvent position;f and this served in a measure to allay the apprehension which would, in all probability, have otherwise resulted from the publication of their difficulties. The explosion of the General Maratime Associationſ was an * Messrs. Fletcher, Alexander, & Co., in the East India trade, received assistance from the Bank directors about this date, to the extent, it was asserted, of £300,000. t The house has since made arrangements for a liquidation in full, and, with a modification of partnership, continues business. # As a curious fact, illustrative of the origin and decline of Companies, it may be recorded, that the Colombian, the New Granada, and the Anglo-Mexican Mining Companies, all of which received birth in, or shortly after the great mania of 1825, have struggled on and combated with increasing difficulties, until the present panic; and it has now been determined that each of these shall be wound up with every possible expedition. That favorite speculation of all speculations, the Real del Monte Mining Association—so universally known for its once brilliant but unrealized MONEY PANIC. 105 event deserving notice, and following in the midst of these ca- tastrophes, assisted to keep alive the prevailing excitement. The affairs of the company, when investigated, afforded an addi- tional instance to those already on record of the mismanagement of public bodies, and from the responsibilities connected with which, two of the directors sought relief in bankruptcy, while others were compelled to contribute large sums to compromise outstanding liabilities. Its career had been one continuous series of losses, contracted on a scale which would have ruined a more wealthy proprietary than the one identified with its existence. Among the foreign houses, the news of whose failures were received at the close of December, were those of the Frankfort and Carlsruhe bankers and manufacturers, Von Haber; Won Haber and Sons; Gontard and Sons; and L. H. Flersheim. To render them assistance their Government interfered, as it was considered essential that their factories should not suspend, owing to the quantity of labour employed. The first of the Calcutta suspensions was mentioned this month, viz., Messrs. Saunders, May, Fordyce, & Co. December. General Maritime Association, London, Assurance Brokers. 53 W. Pemberton, London, Canada Trade. 22 Charles Trueman & Co., London, Silk Merchants. 2 9 Gates, Coates, Bartlett, & Co., London, Warehousemen. 35 W. Thorne, London, Canada Trade. 93 Lysaght, Smithett, & Co., London, East India Trade. y 5 Cotesworth, Powell, and Pryor, London, } *: iºn 5 * Blain and Son, Liverpool, Corn Dealers. y 5 Froske & Co., Liverpool, Ship Owners. 2 3 G. Hargreaves, Liverpool, East India Trade. 35 T. and J. Sands, Liverpool, Merchants. 25 Oak Farm Company, Kingswinford, Iron Trade. 22 Oakes and Jones, Ringswinford, Iron Trade. 22 J. Marsland, Manchester, Cotton Spinner. 32 B. Bartley & Co., Halifax, Manufacturers. 3 * Baillie, Honeyman, & Co., Glasgow, Merchants. 35 Campbell, Harvey, & Co., Glasgow, Silk Merchants. 2 3 Fergusson, Watson, & Co., Glasgow, Silk Merchants. 5 y Mitchell & Co., Glasgow, Canada Trade. 35 R. Forrester, Glasgow, Warehouseman. 25 Rankine & Co., Glasgow, Warehousemen. 5 * Ayrshire Iron Company, Glasgow, Iron Trade. prospects, and the enormous premium of its shares, is also to undergo a course of liquidation, and the property, and plant if possible, is to be disposed of for the benefit of those who are now interested in the Company. 106 THE FOOD AND December. W. S. Hamilton & Co., Henrys & Co., Deaves, Brothers, - Saunders, May, Fordyce, & Co., The principal foreign failures were :— C. Bruyn and Sons, Dervieu, Sen. & Co., Parangue and Sons, Richer & Co., Tercelin Sigart, - Baron de J. Von Haber S. F. Gontard and Sons, L. H. Flersheim, S. Von Haber and Sons, J. B. Spengel, Dublin, Dublin, Cork, Calcutta, Amsterdam, Algeria, Marseilles, - Prague, Mons, Carlsruhe, Frankfort, Frankfort, Frankfort, Hamburg, West India Trade. Calico Printers. Russia Trade. East India Trade. Sugar Refiners. Corn Trade. Bankers. Manufacturers. Banker. Banker & Manufact. Bankers. Banker. Bankers. Merchant. The contrast of the state of the Stock markets in November and December, denote that notwithstanding excessive fluctua- tions, the prices of Government securities were on the whole steadily improving. Railway shares, on the other hand, were for a time almost stationary, but weakness was generally con- sidered their prominent characteristic. GOVERNMENT SECURITIES. NOVEMBER, 1847. DECEMBER, 1847. Price on the Lowest Highest Price on || Price on Lowest || Highest | Price on 1st. Price. Price, the 30th. || the 1st. | Price. Price. the 31st. Consols Money ...... 81% 81} 86} 85% 85g 85 86 Shut. Do. Account...... 81% 81; 863 853. 86 84; 86%. 853ex.d. Exchequer Bills, 3d. 167 dis. 20/dis. 2/pm. 1/ dis. || 1/pm. par. 12/pm. 10/pm. RAILWAY SECURITIES. NOVEMBER, 1847. DECEMBER, 1847. # |. |* | # # |. || |# Amount Amount 5.3 ||34 || 3 | 84 - 5+; § 3 |#3 5. per Share. paid. t 34 ## # §§ Amount Paid. 33 ## # .# # if |f| is #* # iß |#2 | #8 P- Pi4 Q- P+ £ £ 38. S. d. Brighton ............] Stock 50 39}| 38 || 44 #3; 50 0 0 || 43}| 40%| 444 42% Caledonian .......... 50 50 35 | 34 || 363| 35% 50 0 0 || 36||35 | 37| 36 Eastern Counties...... 20 20 lä 15; 16#| 16}|| 20 0 0 | 16# 15 | 16# 15 Edinburgh and Glasgow 50 50 47#| 43 49 || 46% 50 0 0 || 47;| 43 || 48 43 Great Western........] 100 85 | 93 | 89}|103 ||100%|| 85 0 0 101| 92 ||102 || 933 Hull and Selby........ 50 50 984|98 || 993|994 50 0 0 |_994|984 994| 99 Lond. & North Western Stock. 148#147 |157 |154 Stock. 155#145 |157 ||1494 Midland. . . . . . . . . . . . . . Stock. i; 105 |111 || 107; Stock. 1104|105 |112 |1084 South Eastern ........| Av. #33 :2:4 27#| 26}| 30%|30}|Av. 33:2:4 31"| 28#| 31|| 30 Do. Western........ Ay: #41 : 63.8 |54}| 54 56"|54;|Av. Ai: 6: 8 || 55 47° 55' 5i York & North Midland £50 £50 70 || 69, 76, 75}|| 50 0 0 || 75%| 72 76; # Boulogne and Amiens .. 20 20 13# 134|| 153| 15 20 0 0 | 15; 14} iš. l Northern of France.... 20 10 || 10; 10#| 13; 1 ið (, 0 || iá ii; i3 ii Orleans and Bordeaux. 20 6 4% # 6 54 6 0 0 || – || 5 || 5 Paris and Rouen......] 20 20 – 34|| 35%| 35} 20 0 0 || – || 343 - MONEY PANIC. 107 If December 1847 may not be considered to have brought to a complete termination the effects of the crisis and panic changes of April, August, and October, it must be admitted that the heighth of their severity had been mitigated by the measures adopted by the Government in co-operation with the Bank directors. The measure of distress, if not equal to that which prevailed in 1825, or remoter periods, was great and appalling, and ac- companied as it had been by varied shocks upon the monetary system, the Bank administration, in the mean while raising their rates of discount from 3% to 8 per cent, and again reducing them from 8 to 5 per cent, (minimum in all cases,) acted in conjunc- tion with our inflated state of business so rigorously, as to affect all classes of merchants, traders, &c., whose affairs were in the least concerned. Concluding as 1847 did with a train of mercantile disasters that involved losses which could not be brought within the bounds of reasonable calculation,” the faint hopes entertained of a revival in trade did not encourage sanguine feelings for the future, and therefore it was only in respect of what might be considered a course of amendment that opinions were with any freedom expressed. A cursory glance at the lists of failures, will show that in London, Liverpool, Manchester, and Glasgow, the career of ruin was extensively felt ; the Corn trade, and the East India and Mauritius trade, being the particular victims of this excited and unhealthy condition of affairs, which occurring in close contact with the engagements of the nation to an unprecedented amount for public works, wholly maintained by private enter- prise,t so shattered credit, as to render it completely unavailing in any channel of commerce whatever. |Under such circumstances, the year closed gloomily and * Wide Mr. J. Bates’ evidence before the Committee on Commercial Distress. + The gross amount of railway calls in 1847 was £42,071,893, £36,281,393, being for English lines, and £5,790,500, for foreign lines. 108 THE FOOD AND MONEY PANIC. heavily, for, notwithstanding it had been calculated that seve- ral of the most important of the failed houses would liquidate in full, assurances were wanting to prove the truth of so desir- able a consummation.” It was also clearly manifest, whatever the stage of progress for the better, and however satisfactory the symptoms, that a length of time must elapse before a sufficient advance could be made to restore a state of order in commercial circles, which should promise firmness and durability. * Mr. Morris, the Governor of the Bank, said before the Commons’ Committee on Commercial Distress, “There are about thirty-three houses, comparatively speaking large houses, which have failed in London; they failed to the amount of £8,129,000. The first seven are expected to pay in full; of the other houses there is one expected to pay 5s. 6d., another 5s. 6d., another 6s. 6d., another 9s., another 12s., another 8s., another 3s., another 5s., &c. The result is, that with respect to a large majority of those houses no assistance would have been sufficient to carry them through those difficulties.” “Is the average above 12s. 8–With the exception of the first seven, which are expected to pay in full, it is believed that the average will not be more than 6s. 8d. in the pound.” Since this statement was made, two or three of the firms reported to pay 20s. shew on a revision of accounts, a most serious deficiency. Those who have already, or will in all probability, liquidate in full, include Messrs. Sanderson & Co., bill brokers; Messrs. Scott, Bell, & Co., East India trade ; Messrs. Trueman and Cook, Colonial brokers; Messrs. John Thomas, Son, and Lefevre, Russia trade; and Messrs. Job Wright & Co., Russia trade. E P O C H T H E T H I R. D. THE FRENCH REVOLUTION. It would be difficult, perhaps, to conceive, after the excitement occasioned by the prostration of trade, and the failure of mercan- tile houses, a greater or more sudden change in the aspect of relations, social and political, than that which was brought about by the immédiate success of the ultra reform movement in Paris at the beginning of 1848. The English public, scarcely recovering from the depression which had so seriously afflicted their mercantile position, (for difficulties were not altogether removed, and fresh suspensions continued to be mentioned) were called upon to witness a revul- sion in political sentiments abroad, as astounding as it was wide spread and devastating, and which, placed in juxta-position with their own casualties, promised to produce results equally serious throughout the Continent of Europe. Notwithstanding Louis Phillippe and his administration were known to be encompassed with difficulties, arising from the menacing position of their opponents, it was not anticipated that their rule would have so abruptly closed, and hence, in January, there was no general disposition to view their per- plexing condition as one threatening imminent danger, beyond what might have been assuaged by calling in other statesmen 110 THE FRENCH REVOLUTION. to reinvigorate the Government’s fast declining supremacy. Apart from this consideration, there were favourable circum- stances attending the symptoms of reaction which, though gra- dual, were every day becoming more apparent in our own country; and the Bank of England having felt themselves justified in relaxing their terms for discounts to a minimum of 4 per cent., the long desired approach of a restoration to healthiness in trading affairs, was regarded as a subject of more direct interest than French ministerial embarrassments. February, however, had not far advanced before certain dis- couraging indications tended to arouse attention. The budget disclosures proving far from satisfactory, and a proposal for an additional income tax exciting popular indignation, there was evident cause for alarm at home. At the same time the critical position of the ministry of M. Guizot produced an unfavourable effect on our funds, and when the intelligence of the dethrone- ment of the King arrived, the decline was considerable. With the object of exhibiting concisely the range of fluctuation in English securities on the occasion, the state of business during the last week in February is here detailed. On the 24th news was received of the forced resignation of M. Guizot. The funds then only declined in a slight degree, the speculators presuming that the dismissal of the minister would appease the populace. - The next day the market, on opening, showed no symptoms of excessive fluctuation. Ranging between 88% and 88, Consols - were, towards the close of business, quoted at the latter price. But as soon as it was notified that Louis Philippe had abdicated, the quotation rapidly descended, and after the regular hour of dealing, settled down at 85%. Even this figure was an uncer- tain one, for so great was the excitement, that the coffee-houses were thronged by all classes of operators, eager sellers at any price the jobbers chose to make. As there was a partial blank in the accounts of the 26th, though the fact of a provisional government having been con- stituted was fully accredited, the market was less subject to THE FRENCH REVOLUTION. 111 alteration. The majority of the dealers continued sellers, but in the absence of specific intelligence, much difficulty was expe- rienced in finding “ takers of stock.” No regular communication had yet been opened between Paris and Boulogne, owing to the breaking up of the rails on the Great Northern Railway, but the letters received left no doubt respecting the career of the revolutionists. A regency was said to have been established—this was speedily contradicted, and the republic, with Liberté, Egalité, and Fraternité for its motto, was pronounced to have been proclaimed. Opening at about 84, Consols receded to 83, whence they rose to 853. This point was not long sustained, and sales at the close of the market brought them to 84. Business being, however, pro- longed till late in the evening, 83% was the nearest average quotation finally current among the “outside” fraternity.” The Times, describing the state of business on the 28th, said, “It may safely be affirmed, that since the fall of Napoleon, the City has never been in a state of greater excitement than that which has prevailed to-day. As compared with the closing prices of Saturday (the 26th,) the English funds have gone down nearly 4 per cent. The first quotation of Consols was 814 to 82}. From this they receded to 81, and upon the ap- pearance of a few buyers they rallied to 83. A continued suc- cession of sales then took place, and the price went to 804, the * A comparative statement of fluctuations published in the city article of The Times at this date, exhibited the influence exerted upon the value of our national securities by the revolutions of July 1830 and February 1848. The three days of July produced a fall of about 3 per cent. in Consols, the highest price on the 27th being 924, and the lowest price on the 31st 89%. The effect of the February revolu- tion was much greater, the decline amounting to 6 per cent., the difference between 894, the price on the 22d, and 833, the price on the 27th. But Consols in 1830 did not touch their lowest quotation at the period of the French revolution. It was also shown that the lowest price was marked on the 8th November, when the visit of William IV. to the city was postponed, their quotation then descending to 78, being little less than 12 per cent. under the worst price of July; the market having from September suffered through the alarm occasioned by agricultural incendiarism, and the general uneasiness which preceded the assembling of the new Parliament after the demise of George IV. By the end of the year Consols recovered to 823. 112 THE FRENCH REVOLUTION. market ultimately closing at 803 to # for money, and 81 to # for the account. Immediately after this, however, a third edition of The Times came, and a panic ensued, during which bargains were done at 79%. At six o'clock the quotations were 80 for money, and 80+ for the account.” Notwithstanding Consols continued to oscillate, the market on the 29th was generally considered to have assumed a some- what steadier aspect. Belgium, reported to have declared for a republic, was then known to remain staunch to her king, and prices having fluctuated between 83 and 81%, a reaction fol- lowed, and about 82; was the latest quotation. In January and February, the failures notified were principally connected with England and her dependencies. The worst fears entertained for the Calcutta houses in correspondence with the London suspended establishments were realized, and in these months the intelligence came that as many as sixteen of them had fallen. The Union Bank at Calcutta, and the West India Bank at Barbadoes, were also discovered to be in a lamentable condition of insolvency, thus setting at rest all questions respect- ing the expediency of the course adopted by their London agents refusing in November to accept their drafts. The suspension of Messrs. Cargill, Headlam, & Co., of Newcastle-upon-Tyne, in the East India trade, was the great provincial failure in January. In February the only London house reported, deserving notice, with the exception of the Stock-exchange failures, resulting from the heavy decline in all foreign securities, was Messrs. John Kingston & Co., in the West India trade, whose assets exhibited a considerable surplus. - January. Durand and McKenzie, London, American Trade. 5 % Heilbut, Rubens, & Co. London, American Trade. 2 3 J. Brightman & Co., London, East India Trade. 5 y J. Anderson & Co., Glasgow, S. American Trade. 25 W. and A. Taylor, Glasgow, Manufacturers. 3 y McPhails & Co., Glasgow, Spinners. * Another calculation in this journal stated the capital of the French funded debt, including the loan of 1847, to be about £209,000,000. The capital invested in French railways is set down at £44,000,000, of which £30,686,000, it appears, has been called up. THE FRENCH REVOLUTION. 113 January. Gilmour and Kerr, 3 y J. Lacey, ,, Anderson, M*Gregor, & Co., 9 y Cargill, Headlam, & Co., 5 y Bertram and Parkinson, 2 y West India Bank, 9 3 Cockerell & Co., yy Lyall, Matheson, & Co., 92 Church, Lake, & Co., 3 y Shearman, Mullens, & Co., 3 y Livingstone & Co., 3 y Smith, Cowell, & Co., -93 Hughesdon Brothers, y 3 Ewing, Aird, & Co., 3 y Lake, Hammel, & Co., 9 3 Colville, Gilmore, & Co., 9 y B. T. Ford & Co., The foreign failures were— 33 Julius Cohen, 9-9 J. C. Plitt, 3 y Crozet, Nephew, & Co., 95 Kramer and Son, 93. A. Baert, y 9 M. Bass, 9 y M. Cochetaux & Co., February. John Kingston & Co., 9 y William Clay & Co., 99 J. C. M*Mullen, 9 y Hanbury and Wright, 3 3 R. M. Preece, 92 J. Duffell, 33 S. Ridge, 99 Jevons, Sons, & Co., y 9 J. G. Campbell & Co., }} Hemmingway & Co., 33 TJnion Bank, * } Owen, Allhusen, & Co., } } H. and A. Crooke, 3 y John Weinholt & Co., 3 y Lackersteen, Brothers, Vinay, Cardoza, & Co., 2 3 H. Adam & Co., 22 H. Barlow & Co., Glasgow, Glasgow, Glasgow, Newcastle-upon-Tyne, Newcastle-upon-Tyne, Barbadoes, Calcutta, Calcutta, Calcutta, Calcutta, Calcutta, Calcutta, Calcutta, Calcutta, Calcutta, Calcutta, Calcutta, Paris, St. Petersburg, Marseilles, Amsterdam, Frankfort, Paris, Lille, London, London, London, London, London, London, London, Liverpool, Liverpool, Liverpool, Calcutta, Calcutta, Calcutta, Calcutta, Calcutta, Madras, Mauritius, Mauritius, Spinners. West India Trade. West India Trade. East India Trade. GeneralMerchants. Bankers. East India Trade. Fast India Trade. East India Trade. East India Trade. East India Trade. IEast India Trade. East India Trade. East India. Trade. East India. Trade. East India Trade. East India Trade. Banker. Merchant. Merchants. Merchants. Merchant. Banker. Manufacturers. West India Trade. Warehousemen. Stock Exchange. Stock Exchange. Stock Exchange. Stock Exchange. Stock Exchange. Iron Trade. West India and Mexican Trade. African Trade. Bankers. East India Trade. East India Trade. East India Trade. East India Trade. East India Trade. Merchants. Merchants. The chief foreign failures in this month were— 55 M. L. Luuyt & Co., ?? Dubois & Co., 3 y Jaques Reinach & Co., Paris, Havre, Mentz, Bankers. The Havre Com- mercial Bank. Bankers. With regard to the variations in public securities in these two months, the subjoined table clearly indicates a considerable fall, Government and railway stocks alike suffering from the state of business produced by the revolution, French shares declined to I 114 THE FRENCH REVOLUTION. a low point, and were scarcely marketable at any depreciation: In January prices had rapidly advanced, and in the early part of February Consols stood at 90. Towards the close of the month, however, they were quoted in the official list at 80%. The Bank accounts were improving, and the bullion had reached £14,759,000. The railway calls in January amounted to £4,800,000, in- cluding £220,000 for foreign companies, and in February to £2,200,000, the calls for foreign companies then being £132,000. GOVERNMENT SECURITIES. JANUARY, 1848. FEBRUARY, 1848. Price on the Lowest || Highest | Price on || Price on | Lowest |Highest | Price on 1st. Price. Price. the 31st. If the 1st. Price. Price. the 29th. Consols, Money ....] Shut. 85% ex. d. 89% 89 89% 80% 90 824 fo.” Account.... 85% ex. d. |85;ex, d. §§ | 89: § jã j 82} Exchequer Bills, 3d... 117 pm. 9/ pm. |39/ pm. 36/ pm. ||37/pm. 4/ pm. || 41/ pm. 8/ pm. RAILWAY SECURITIES. JANUARY, 1848. FEBRUARY, 1848. @ & º (i) # # 3 | # , |5 . # |# 3 | # 3 | #. Amount Amount 5: | # # # §§ || Amount | 85 # 3 #| 85 per Share. paid. g" 35 |#. #" &l gº 3A. #: #s p4 24 ſh; Pºw e f 36 #6. S Brighton ...... . . . . . . . Stock. 50 42#| 42 || 44 4: 50 0 || 42}| 28}| 43}| 30% Caledonian............ 50 50 36;|35}| 36||36; 50 0 || 36|| 29 || 35; 32 Eastern Counties .....] Stock. 20 15 153| 16} 16 20 0 | 16 || 13+| 164|| 14ex.d Edinburgh & Glasgow | Stock. 50 43}| 434|45}| 44 50 0 || 44, 37}|_44} 37; Great Western ... ..... 100 85 93 92"|1054|1033 90 0 103} 94 |104|97 ex.d Hull & Selby.......... 50 50 — 100 |1024 — 50 0 || – || 98 || 104 || 98 Lond. & North Western Stock. 1483|148 |155||153 Stock. 1153 |130 154 |135ex.d Midland .............. Stock, 109.4|109 |1164 º Stock. 115}} 98 |116}|104 ex. d South Eastern ........ Av. 36.33:2: 4 30} ; 31}| 31#|Av. £33:2:4, 31#| 24 || 31#| 27 Do. Western ....... Av. 641 : 6:8 51 50%| 56 || 54;|Av.f41:6:8, 543| 473] 55 493ex.d York & North Midland] Stock. 50 73 || 72}| 78 || 77#|| £50 0 || 77#| 66"| 79 | 66;ex.d Boulogne & Amiens .. 20 20 14 || 13; 14}| 1 20 0 || 13:#| 7#| 13; 9 Northern of France ... 20 10 12 || 10:#| 12 || 11 10 0 || 11}| 5 || 11; 6 Orleans and Bordeaux | 20 6 44, 5}| 5 6 0 23 5: # Paris and Rouen...... 20 20 e- 35;| 35} 20 0 || 35}| 24 35}| 26; The declaration of presumed popular ideas through the French provisional government, soon brought conviction that the irre- sponsible character of the parties of which it was composed would at least peril the safety of trade; and every one, while concur. ring in the desire expressed by Lamartine to preserve universal peace, only too plainly saw that the visionary schemes enunciated THE FRENCH REVOLUTION. 115 with his sanction, and the free and unrestrained license given to the populace in accordance with their assumed rights as recog- nized by the advocates of Communism, must, sooner or later, destroy the small share of confidence remaining between the upper and lower classes. The pressing necessities of the state, with a failing treasury and the extreme delapidation of resources, were shortly productive of serious consequences to the Bank of France, and while in this instance the precautionary measure of a suspension of specie payments was forthwith adopted and car- ried out, the greater number of other banks in Paris declared their inability to meet their engagements, and all were said to be making arrangements for a contraction of business and final liqui- dation. From Paris, Havre, and Marseilles, lengthy catalogues of failures were received, and the only prospect of assistance held out to the mercantile community was through the organiza- tion of discount banks supported by Government security. Following the example so promptly set, the Belgian Govern- ment decreed that the notes of the Bank of Belgium and the Société Générale should be a legal tender, and also adopted mea- sures for raising a forced loan by increased taxation on real and personal property, and state salaries. Projects of law, sanctioning these schemes, were passed with great celerity in the Chambers, so that with official notices respecting financial aid, relief, and employment for the working classes, the ministry of Brussels were nearly as actively engaged in legislative formulae as their Parisian neighbours. It was quite impossible at this period to watch the current of affairs on the Continent without being painfully impressed with the certainty of the vast amount of commercial ruin occasioned by the progress of the French revolution. With the exception of Vienna, where there was an unprecedented degree of confi- dence among a populace in a state of open revolt, the advices from all parts of Europe contained particulars of distressing mercantile disasters ; and panic reigned throughout Belgium, Germany, and Holland. w The stoppage of banks and bankers had now become a matter 116 THE FRENCH REVOLUTION. of such every day occurrence, that any fresh intimation of the kind almost failed to create a sensation. The general disar- rangement of credit not only acted prejudicially on Paris esta- blishments, but also penetrated the most distant Bourses, and to the astonishment of most people, so outrageously assaulted the solidity of Amsterdam, that no fewer than fifteen or twenty money changers and stock dealers were at once reduced to a state of insolvency. To have disturbed the tranquility of Belgium, to have created a run upon the banks at Antwerp and Brussels, or, to have caused, as was the case, all similar establishments in the cities of the departments to suspend specie payments, was a conse- quence not unexpected; but to find that prices among the Ham- burg brokers should have so soon receded from 5 to 15 per cent. on the most stable securities, and about 20 per cent. on railway shares, and that such a series of disasters should have attended their doughty Dutch compeers, were eventualities not for a moment calculated. Unfortunately, however, such was the case, and without stopping to inquire whether fortuitous circum- stances wholly conspired to produce this result, or whether it was facilitated by their own imprudent course of locking up capital in dangerous and inconvertible securities, the fact was chronicled as part and parcel of the current news of the hour. Ranging in its course, the panic equally paralyzed the funds at Vienna and at Frankfort, and so alarming were the accounts received from most quarters, that few persons who possessed connexions with monetary concerns within the scope of its influ- ence, dared to hope an escape from loss. The extraordinary enthusiasm pervading the European States, and the almost universal rising consequent throughout them, when the French Republican Government appeared to have been firmly established, were in a minor degree reflected in this kingdom and in Ireland by the impotent efforts of Chartist leaders and Repeal confederates. No pressing danger from these sources of agitation being feared, desperate as were the measures it was alleged their originators would resort to, opportunity was THE FRENCH REVOLUTION. 117 given to watch more narrowly the course of proceedings else- where. - - The preservation of peace between England and France, con- solidated by mutual assurances of dependence upon each other’s assistance to maintain in strict integrity the rights of the family of nations, removed suspicions prematurely entertained of the imminent risk of a collision, and under the tranquilizing influ- ence of this declaration, the Schleswig-Holstein dispute, the war between Austria and Sardinia, the severence of Sicily from Na- ples, and other surrounding disturbances, failed to shadow forth in their various phases any immediate cause for apprehension. Between March and May the funds and railway stocks continued to fluctuate; sometimes up and sometimes down; on the average, however, the tendency was towards improvement. The interest on Exchequer Bills, it will be noticed, had been reduced. Even GOVERNMENT SECURITIES. MARCH, 1848. MAY, 1848. Price on the l Lowest Highest | Price on || Price on | Lowest Highest | Price on 1st. Price. Prices. the 31st. || the 2nd. | Price. Price. the 31st. Consols, Money .... 82g § 83% 81} 83% 823 84 84 Do. Account .... 82% 80 83g 81; 834 82g 84 83% Exchequer 2}d. & 11 5 47 & Bills...... 3d. / pm. 7/pm. || 35/pm. 33/pm. || 41/pm. |30/pm. 47/pm. 32/pm. RAILWAY SECURITIES. MARCH, 1848. MAY, 1848. à sº º # # ** •º # Amount Amoun §: # #.3. 3: Amount Paid. 53 # #§ 53 per Share. Paid. g- 3ſº #. .# gº 3ſº #. gº i. ă. ă. 3. £. £. £. s. d. Brighton ............ Stock 50 31}| 29}| 32}| 29} 50 0 0 || 31|| 30}| 34}} 31 Caledonian ....... ... [ 50 50 30}} 26 || 31|| 263 50 0 0 || 30}| 29 33}| 31 Eastern Counties...... Stock 20 13#| 13 14%| 13; 20 0 0 || 13; 13}| 153| 14+ Edinburgh & Glasgow | Stock 50 — | 35 | 40 38 50 0 0 || 41%. 41 || 48 § Great Western........ 100 30 | 94 || 36||37 || 89?] ºff Ö 0 || 36|| 36||37 || 333 Hull & Selby ........ 50 50 983 964|994) — 50 0 0 || 98 || 98 ||100 || – Lon. & North Western Stock. 135||124, 137 |1264 Stock. 1294,127 |137 128 Midland . . . . . . . . . . . . . . Stock. 103}| 95%|106 § Stock. 994, 97%|1074/102 South Eastern ........] Av. £33: 2 : 4 26; 23, 28 23||Av. 33 2 4 || 22#| 22# 25}| 24 Do. Western........ Stock. £50 49%| 43}| 50 || 44% 50 0 0 || 44; 44 49%. 48 York & North Midland] Stock. 50 66 || 60 69 62; 50 0 0 | 66 65 | 73 || 69. Boulogne & Amiens ... £20 20 9 || 5 || 94' 5 20 0 0 6# * * Northern of France . . . 20 10 5}| 2 || 7 || 2 10 0 0 3 4| 4 Orleans & Bordeaux . . . 20 6 3 l{| 3}| – 6 0 0 1#| l; 13| – Paris & Rouen ........ 20 20 23 13 24 13; 20 0 0 || 15 15 153 – 118 THE FRENCH REVOLUTION. railway shares were in some degree better. The markets at this pe. riod were in a measure acted upon by the influx of foreign capital for investment. The Bank accounts continued improving. Rail- way calls for March were £3,100,000—English, £1,800,000; Fo- reign, £1,300,000: for April É2,750,000—English, £2,200,000; Foreign, £550,000: for May, £3,240,000—English, £2,200,000; Foreign, £40,000. - The list of failures for March, April, and May, chiefly com- prised the foreign houses that then suspended. The London and provincial stoppages were few. Messrs. Kewney and King, bankers at Grantham, failed in March. The Merchant-Traders’ Ship-Loan and Insurance Association also wound up in London. In April Messrs. Birley, Corrie, & Co., East India Trade, Man- chester, suspended, and in May, Messrs. Gouger and Stewart, East India trade, and Messrs. Roberts, Mitchell, & Co., East India trade, London; Messrs. Leys, Masson, & Co., spinners, and Messrs. A. Hadden & Sons, spinners, of London and Aberdeen; and Messrs. Eccles, Burnley, & Co., West India trade, Glasgow, all firms of consideration were severally announced. There were also Indian failures, Messrs. Carr, Tagore, and Co., and others. March. De Mattos and De Leon, London, General Merchants. 33 T. H. Evans, London, Stock Exchange. Merchant Traders’ Ship Loan e 35 } and Insurance Association, } London, Insurance Brokers. 55 Kewney and King, Grantham, Bankers. 22 Danger & Co., Paris, Bankers. 5 y Gouin & Co., Paris, Bankers. 2 3 Lafitte, Blount, & Co., Paris, Bankers. 2 3 C. Pagny, Paris, Banker & MoneyDealer. 75 Philip Fourchon, Paris, Banker & MoneyDealer. 2 3 Baudon & Co., Paris, Bankers. 2? P. J. Chedaux & Co., - Paris, Bankers. 5 y E. Bechet & Co., Paris, Bankers. 73 E. De la Chaume & Co., Paris, Bankers. 23 Ganneron’s Joint Stock Bank, Paris, Bankers. 35 L. S. Königswater, Paris, }*º and Money 23 De la Hante & Co., Paris, Bankers. 35 A. Bourget & Co., Paris, Discount Bankers. 5 y D“Eichthal and Son, Paris, Bankers. 22 Quertier and Godefroy, Havre, Merchants. 3 y L. P. Devot & Co., Havre, Merchants. 57 Widow Melum & Co., Havre, Merchants. 5 § E. de Pierre, Havre, Merchant. 33 Courant & Co., Havre, Merchants. 3.3 R. Aubin, Marseilles, Banker. 33 Chataud, Sons, and Desages, Marseilles, Merchants. THE FRENCH REVOLUTION. 119 March. y y Boutaux, De la Hante, & Co., M. G. Serret & Co., F. Perret and Sons, M. Fonvent & Co., Commercial Bank of Antwerp, F. de Kinder Theunissens, Beyfus Brothers, Mendes De Costa, Mendes De Leon, & Co., Bleecker and Toosting, De Haan & Co., La Maison, Bouwer, & Co., Westerndorp & Co., Rutgers and Rosenberg, M. Beeldsnyder, J. Boissevain, T. D. Ruys, Pieterse & Co., M. Roseboom, Carp & Co., A. L. Van Harpen & Co., Firmin Kirchheim, Hirschfeld and Wolff, M. Heyman, J. F. De Courts & Co., . Day, Binns, & Co., Birley, Corrie, & Co., Caird & Co., Hickey, Bailey, & Co., Collomb and Iselin. B. Paccard, Dufour, & Co., M. Thurneyssen & Co., W. Iselin, D. Labilè, B. Oxnard and Choix, Cucurney, Uncle, & Co., Naegley and Escher, Lantelme, Senior, & Co., L. Benet & Co., Guerro & Co., M. Badetti, Henry Brothers, Chancel Brothers, Mantricher & Co., D’Andouard & Co., Lavison, Novach, & Co., Laubon & Co., A. Schaafhausen, Oeder & Co., Riley and Reussner, W. Delvaux & Co., J. C. Van der Beek, W. T. Jaeger, E. Warburg, J. Heine and Sons, Heuss and Mencke, F. Braasch & Co., Samson, Brothers & Co., Lyons, Valenciennes, Neufchatel, Namur, Antwerp, Antwerp, Frankfort, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Amsterdam, Berlin, Berlin, Berlin, Dordt, London, Manchester, Greenock, Calcutta, New York, Paris, Paris, Havre, Havre, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Marseilles, Cologne, Aix la Chapelle, Magdeburg, Mons, Elberfeldt, Frankfort, Hamburg, Hamburg, Hamburg, Hamburg, Hamburg, Bankers. Bankers. Bankers. Bankers. Bankers. Bankers. Bankers. Money Dealer. Money Dealers. Money Dealers. 1Money Dealers. Money Dealers. Money Dealers. Money Dealers. Money Dealer. Money Dealer. Money Dealer. Money Dealers. Money Dealer. Money Dealers. Money Dealers. Banker. Bankers. Banker. Merchants. Provision Trade. East India Trade. Steam Ship Builders. East India Trade. Merchants. Bankers. Bankers. American Trade. Merchant. Merchant. General Merchants. Merchants. Bankers. Engineers. Spanish Trade. Greek Trade. Merchants. Dry Salters. American Merchants. Seed Crushers. American Trade. Bankers. Banker. Bankers. Bankers. Bankers. Manufacturer. Banker. Banker and Bill Broker. Stock Brokers. Merchants. Merchants. Dealer in Manufac- } tured Goods. 120 THE FRENCH REVOLUTION. April. W. Elliot & Co., Hamburg, Merchants. ,, Ewald & Co., Hamburg, Commission Merchants. ,, Pluym and Bakker, Amsterdam, Bankers. ,, Goldschmidtson & Co., Amsterdam, Bankers. ,, J. Seligmann & Co., Amsterdam, Merchants. ,, Jacob Sigrist, Amsterdam, Banker. ,, Viet, Brothers, & Co., Berlin, Bankers. ,, A. Busse & Co., Berlin, Bankers. ,, Poppe & Co., Berlin, Bankers. , L. B. Cohn, Berlin, Banker. , Schrieber & Sons, Breslau, Bankers. ,, Klecks & Co., Breslau, Bankers. ,, F. A. Conte, Cadiz, Banker. May. Gabain & Co., London, German Trade. Leys, Masson, & Co., A. Hadden and Sons, London & Aberdeen, Flax Spinners. London & Aberdeen, Worsted Spinners. , Shaw and Caffray, London, Merchants. ,, Weber & Co., London, East India Trade. ,, H. W. Schwartz, London, Merchant. ,, Gouger and Stewart, London, East India Trade. ,, Roberts, Mitchell, & Co., London, East India Trade. ,, Eccles, Burnley, & Co., Glasgow, West India Trade. ,, Carr, Tagore, & Co., Calcutta, East India Trade. , Hawarth, Hardman, & Co., Calcutta, East India Trade. ,, Continental Flax Company, Boulogne, Manufacturers. ,, H. F. Fetschow and Son, Berlin, Bankers. ,, G. R. Enet & Co., Hamburg, General Merchants. ,, H. C. Schmidt, Hamburg, Belgian Trade. ,, W. J. C. Schultza, Hamburg, Sugar Refiner. ,, Windmuller, Brothers, & Co., Hamburg, Merchants. ,, M. Van der Bogaerts, Antwerp, Merchant. ,, Fox and Livingstone, New York, Merchants. ,, Barnwell & Co., New York, Merchants. ,, E. D. Hurlbut & Co., New York, Merchants. ,, J. Thompson, Jun., New York, Merchant. ,, G. F. Darby & Co., New York, Merchants. ,, Hays, La Fontaine, & Co., Constantinople, Merchants. ,, J. Wan Sennep & Co., Smyrna, Merchants. Within the space of the last three months to which this nar- rative is confined, fierce struggles occurred among the population of the various European states, for rights and privileges deemed requisite to the advancement of liberty and the cause of social order. The distrust experienced here from the puerile attempts of the republican government in France to carry out the pro- jects propounded by the more violent classes of its supporters, did not apparently check the growing influence of the move- ment; and Lamartine and his friends having temporarily suppressed the disaffection exhibited in May, their success was regarded as affording fresh encouragement to those who desired THE FRENCH REVOLUTION. . 121 to organize similar administrations, and hence renewed attempts were made throughout Germany and Austria to overthrow ex- isting institutions. - But the rule of Lamartine was not long triumphant—the elections over, and the National Assembly in debate, opinion ran counter to the views expressed by the more moderate repub- lican party. The Clubs thundered their denunciations against them, Socialists and Communists re-echoed the cry, and then followed the insurrection of June, which terminated in the elevation of General Cavaignac to absolute power, and the pro- clamation of martial law in Paris. Amidst the conflicts resulting from these dissurbances abroad, attention was at length called to the re-organization of rebellion in Ireland, which, aided by Smith O’Brien, and other active mem- bers of the Repeal movement, threatened to involve the country in a civil war. It was not until prompt measures were adopted from this side, accompanied by the suspension of the Habeas Cor- pus Act and the military occupation of the island, that the alarm of the public was alleviated. The fate of the chief delinquents is already known; the capture of some, and the surrender of others, with their trials and sentences, will be handed down to posterity in history. The events which subsequently occurred throughout Europe, more or less affected our markets for public securities, though they do not demand extended notice. The victories of Austria in Italy, the maintainance of peace by France, and the arrange- ment of the Schleswig-Holstein question, have, in their several stages, been productive of changes; but not of so violent a character as those which immediately succeeded the revolution of February. The prices of public securities in June and August here sub- joined, will trace the course of fluctuation in those months. In June the Bank reduced the rate of interest from 4 to 3% per cent.; the stock of bullion in its coffers having, between the 3d and the 24th, increased from £13,597,000 to £14,307,000. After July 8th, when the amount stood at £14,350,000, there was a 122 THE FRENCH REVOLUTION. gradual decrease, and on the 26th of August it represented £13,503,000, - - Throughout this period the unfavourable state of the weather for the harvest, together with the appearance of disease in the potatoe, and a deficient revenue,” created, as far as local inte- rests were concerned, temporary depression. Another alteration had been made in the rate of interest payable on Exchequer Bills. Railway calls were as follows:—June, £2,277,000; or English, £2,159,000, and Foreign,£118,000.-July, £4,077,000; or English, £3,900,000, and Foreign, £177,000.-and August, £3,122,000; or English, £3,023,000, and Foreign, £99,000. GOVERNMENT SECURITIES. JUNE, 1848. AUGUST, 1848. Price on the Lowest || Highest Price on || Price on Lowest Highest |Price on 1st. Price. Price. the 30th. || the 1st. Price. Price. the 31st. Consols, Money ...... 83 83# 84% | Shut. 87 85; 87 864 Do. Account ..... 83 824 84% 84 ex.d. 87 85; 87 86# *...; * #|333/pm. |80/pm.42/pm. 38/pm. 36/pm/21/pm.45/pm.23/pm. RAILWAY SECURITIES. JUNE, 1848. AlJGUST 1848. q} q9 Q) - º º: •º e i º 3 5 •º *: as 5 . 8 . . ; 3 || 3 & | E.: a .s | 3 || || 3: at: A t | A t | 64; $3.3 .8 o?: Amoun # 3 || 5 s *g pºſs. º # º # # # $3 Paid f *4 § ă. #. # cro Pl: Pi4 Pl: Plº 4. 36. £. s. Brighton .................. Stock. 50 31#| 28g 31#| 30 50 0 || 313| 27# 32 || 28;ex.d Caledonian ........ tº e º e º 'º º 50 50 31#| 2 31}| 29 50 0 || 2 22}| 26; 22. Eastern Counties ......] Stock. 20 || 14}| 13|| 14; 14 § 0 || 1: 13; 14}| iſſex.d Edinburgh & Glasgow Stock. 50 44%| 43 || 44;| 44 50 0 || – || 37 42 41; Great Western ......... 100 90 92%. 82 | 93;| 85 90 0 || 85}| 81 || 88 82}ex.d Hulland Selby ......... 50 50 — | 974|99;|_- 50 () | – || 98 || 101 º Lon. & North Western Stock. 128 115 |129 |l Stock. 126;|113 |128 1154ex.d Midland Counties ...... Stock. 102}| 96 |104 |100+|| Stock. 102}| 87% º 90}ex.d South Eastern ......... Av. £33 : 2: 4| 24; 23 24; 23#||Av. 33:2:4, 23#| 23# 26%|25;ex.d Do. Western............ Stock. I #250 48 || 45 48#| 45 50 0 || 48 || 38 || 48, 39;ex.d York & North Midland Stock. 50 69}| 65|| 707 | 66 50 0 ": 59; 67%| 603ex.d Boulogne & Amiens ...| £20 20 6#| 5%| 6}| 6 20 0 || 6 || 5 || 65|| 6 Northern of France ... 20 10 4}| 3%| 4 || 4. 10 0 || 5 || 5 || 7#| 7 Orleans and Bordeaux 20 6 — | 13| 14 — 6 0 || 2 § 2 l; Paris and Rouen......... 20 20 — | 1.4%| 16 || 16 20 0 || – | 16; 17 | 17 * The Chancellor of the Exchequer, in his new financial statement, stated the deficiency at about £2,000,000, to supply which, he took power to sell stock when- ever he might require the funds. THE FRENCH REVOLUTION. 123 Referring to the quotations of railway shares, it will be per- ceived, that after recovering a little a fresh decline took place, which continued up to the close of August, when the reaction became most severe. Failures had now nearly altogether ceased; and with the exception of Kelsalls & Co., announced in June, and Mr. G. T. Braine” in July, both engaged in the East India trade, none in London were regarded as of more than ordinary interest. The refusal of the Bank of England to render Mr. Braine assistance, notwithstanding his estate presented a large surplus, was a topic of much conversation, and the decision of the Court in that respect incurred almost universal condemnation. June. Kelsalls & Co., London & Manchester, East India trade. 25 Speir & Co., Iondon, East India trade. 25 Ackland, Boyd, & Co., Ceylon, Merchants. 5 3 Schroeder & Co., Porto Rico, West India trade. 5 y Durand, Delapanche, & Co., Rouen. Bankers. 3 y A. J. Adan, Brussels, Bankers. 55 Jacob Post, Amsterdam, Merchant. 5 y G. W. Arnemann and Son, Altona, Bankers. 5 y M. Robinow and Sons, Hamburg, Bankers. 33 Dirks, Brothers, Hamburg, Commission agents. July. G. T. Braine, London, East India trade. 7 y Losh, Spiers, & Co., Trinidad, West India trade. 2 3 De Castro & Co., Porto Rico, West India trade. 3 y G. H. Sontag & Co., Hamburg, } * *Yes: August. Alston, Bevan, & Co., London, Mediterranean trade ,, Rowand and Dunlop, Liverpool & Glasgow, Australian trade. { Mill Proprietors and Gibson, Read, Davidson, & Co., Ceylon, Merchants. It was originally intended to bring this volume to a conclu- sion at the date to which events have now been illustrated, but another panic having taken place in the railway market during its passage through the press, the temptation to annote some of the incidents accompanying this fresh revulsion was great, and could not well be avoided. Having traced from the first of the mania the rise, and subse- quently the fall, in this description of security, it was almost * Wide Statement of affairs, Appendix, page xxiii. 124 THE FRENCH REVOLUTION. impossible to throw overboard the consideration of the topic when it presented itself in this new form. - The mania having produced its results, and the amount of calls having afterwards exercised great influence upon prices, another change now came, working effects as discouraging as any that had preceded them. Throughout 1847 the continuous decline in shares was fully apparent, but the last few months in 1848 has marked more strongly than ever the extent of depre- ciation to which they are liable. The general reduction of dividends in the last half of the former year,” aggravated by the pressure of calls, few of the com- panies manifesting a disposition to restrict expenditure, although professing to do so, engendered much distrust in the public mind, and no active measures being adopted for the suspension of works, but on the contrary, strenuous endeavours being made to raise capital by the issue of preference shares, at rates of interest varying from 6 to 7 per cent, alarm gradually increased until the market was almost absolutely abandoned by investors. The returns for the first half-year of 1848f again presenting diminished profits, and the complexity of railway accounts, ex- * The following tabular statement, published in the “London Weekly Share List,” exhibits the rates of dividend paid during the last four half-years, by the undermen- tioned companies:— Dividends per cent. per annum. 1846. 1847. 1848. /Tº-º-º- 2d Half. 1st Half. 2d Half. 1st Half. Eastern Counties . . . . . . . . . . . . . . . . . . . . 6# 5 4 4 Great Western. . . . . . . . . . . . . . . . . . . . . . 8 8 7 7 Glasgow and Ayr. . . . . . . . . . . . . . . . . . . . 7 7 6 4 London and North Western . . . . . . . . . . 10 9 8 7 London and South Western . . . . . . . . . . 93 9 8 6 Brighton . . . . . . . . . . . . . . . . . . . . . . . . . . 7 4 4 2; Midland . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 7 6 South Eastern . . . . . . . . . . . . . . . . . . . . . . 6. 34 6. 34 6. 34 6. 34 York and North Midland . . . . . . . . . . . ... 10 10 10 York, Newcastle, and Berwick . . . . . . . . 9 9 9 8 + See Note above. THE FRENCH REVOLUTION. 125 citing suspicion, particularly on the point of existing liabilities* and ultimate resources, these circumstances created large specu- lative sales, which, whether justified or not by the real position of affairs, ended in so violent a declension of quotations, that the brokers were perfectly paralyzed, and a complete suspension of business was predicted. It was not until the London and North Western and other companies issued elaborate state- ments respecting present and future proceedings, that any reac- tion followed, or the market became restored to comparative firmness; and as the contents of these documents premised the abandonment of numerous subsidiary undertakings, the revision of expenditure, and were believed to render a tolerably accurate exposition of their financial condition, the current of dealing was turned, and a considerable advance temporarily maintained. This reaction occurring almost simultaneously with a reduction of the rate of discount by the Bank to a minimum of 3 per cent., naturally co-operated to stimulate business, and support the improvement. Independently of what else may be considered to have given railway shares a steadier appearance, the proposed amalgamation of the three important companies—the North Western, the Great Western, and the South Western, cannot be altogether placed beyond the pale of operating causes. Without attempting to enter into or descant upon the actual and prospective position of railway property,+questions which time alone can solve, a comparison of the prices of the leading shares in August 1845, the period when the mania reached its climax, with those in October 1848, the period when the lowest prices ever yet quoted were recorded, significantly intimates the * The “Bankers’ Magazine,” in October, 1848, stated that a return issued by the Commissioners of Railways set forth the amount of authorised capital to be raised, up to the 12th of April, 1848, as £334,280,000, while the amount of share capital actually paid up on the 1st of December, 1847, was £121,640,000, and the total debts of the Companies at the same date, £39,510,000. + The gross amount of railway calls, English and Foreign, for the ten months ending October, 1848, was £30,072,520, against £42,071,893, for the year 1847. 126 THE FRENCH. REVOLUTION. enormous depression to which these securities have, in the space of little more than three years, been subjected. RAILWAY SECURITIES. AUGUST, 1845. OCTOBER, 1848. # le.|al #. # . . . . [i. t| Amount g; ##|##| Šá Amount | 65|##|##| 5 # º:*::::"|######| := |*|##|###|: ă ã, # |H & 36 #2 £ s Brighton ........ . . . . . 50 50 80 76 || 80%| 78% 50 0 || 26;|25 || 29 || 284 Caledonian . . . . . . . . . . . 50 5 103 || || 0 || 12 .# 50 0 | 20 | 16}| 20; 19 Eastern Counties ..... 25 |:614: 16 || 21; 19 21; 20% ex.d. 20 0 | 123 § 13; 13+ Great Western ........ 100 80 |224|175 |236 176* 90 0 || 77 | 65|| 80 78 Lond. & North Western Stock. 245 214 |254 223 # Stock. 1094. 99 |121 117 Midland ... . . . . . . . . . . Stock. 181 170 183 |175 ex. d. Stock. 83 || 64 | 86 | 83 South Eastern . . . . . . . . Av. £33: 2: 4 || 45; 44; 48#| 48 Av. 33:2:4, 23}| 20 24}| 23# Do. Westerm. ...... Av. #41 : 6: 10 | 81||77|| 84 || 784 Stock. 38%| 35%| 42 || 40 York & North Midland 50 50 – 106 ||112 ||1084 Stock. 54 || 4 || || 54 || 51 Boulogne and Amiens...| 20 6 10#| 103 11 § 113 #20 0 || 5}| 5;} 6}| 6} Northern of France ... 20 4 6 5}| 7#| 7 12 0 6#| 53 63 6% Paris and Lyons . . . . . . 20 2 3 || 13, 4}| 33 1 1 0 53| 43 53| 5 Before entirely dismissing the subject of the “Commercial Crisis, 1847–48,” occasion may be taken to revert to some of the prominent circumstances which have distinguished its career; and these, when considered in their true character, have, it may be distinctly asserted, embraced events which are scarcely likely to occur again concurrently for ages. Within the period comprised in these pages, the railway share market has experienced a succession of violent revulsions, each notable in itself; the first following the mania in October 1845, the second, associated with the ravages made by commercial distress in October 1847, and the third, connected with the fearful development of railway liabilities in October 1848. The progress of commercial distress, the shock credit received in April 1847, its subsequent complete prostration in the autumn of the same year, and its train of attendant circum- stances, including the impeachment of the Bank Charter Act of 1844, and the measures taken by Government to give relief to the mercantile community, cannot fail to carry with them disa- greeable remembrances; and while this is the case on one hand, THE FRENCH REVOLUTION. 127. the number of failures enumerated will, on the other, be here- after regarded as furnishing, in the absence of more authentic records, a painful memorial of what then were the effects of the prevailing Crisis. - The French revolution has pourtrayed in strong colours the influence of political excitement upon surrounding nations. Rendering trade perfectly stagnant, and making a severe irrup- tion upon the stability of European credit, it has been productive of much mercantile calamity among these several states; and, exclusive of the damage sustained by commerce in general from such disturbing causes, unequivocal testimony is afforded of the severity of the blow wherever it has fallen, by the occurrences of February, March, April, and May. 128 BANK RETURNS, BANK OF ENGLAND RETURNS FOR 1845. ISSUE DEPARTMENT. BANKING DEPARTMENT. Notes Gold and Silver Notes Gold and Silver Issued. Bullion. in Reserve. Coin. 1845. £ £ f #. JANUARY . . . . 4 28,087,000 14,087,000 8,418,000 714,000 2, . . . . .* g e º is tº 11 28,163,000 14,163,000 7,772,000 612,000 yº e s • * * * * * * * 18 28,133,000 14,133,000 7,588,000 654,000 35 - * * * * 25 28,128,000 14,128,000 7,418,000 691,000 FEBRUARY . . . . 1 28,232,000 14,232,000 7,642,000 666,000 § 5 e º e < e < * * * ... 8 28,447,000 14,447,000 8,128,000 700,000 97 s = • * * * * * ~ * 15 28,537,000 14,537,000 8,395,000 700,000 53 e < * * * * * * * 22 28,679,000 14,679,000 8,889.000 773,000 MARCH. . . . . . . . 1 28,952,000 14,952,000 8,952,000 777,000 99 • * * * * * * * * * 8 29,040,000 15,040,000 9,340,000 836,000 2 y e e e s • * * * * * 15 29,148,000 15,148,000 9,454,000 796,000 3 y • * * * * * * * * * 22 29,213,000 15,213,000 9,673,000 786,000 35 - e s • * * * * * * 29 29,471,000 15,471,000 9,747,000 732,000 APRIL . . . . . 5 29,352,000 15,352,000 9,252,000 722,000 92 - - - - - - - - - - 12 29,216,000 15,216,000 8,001,000 675,000 9 y • * * * * * * * * * 19 29,184,000 15,184,000 7,791,000 658,000 5 * * * * * * * * * * * 26 29,253,000 15,253,000 8,101,000 631,000 MAY . . . . . . . . . . 3 29,167,000 15,167,000 7,827,000 641,000 y e < * * * * * * * * 10 29,222,000 15,222,000 8,140,000 638,000 y 9 - * * * * * * * * * 17 29,340,000 15,340,000 8,734,000 658,000 3 y < * * * * * * * * 24 29,412,000 15,412,000 9,014,000 860,000 5 y “ - e e s e e s e s 31 29,635,000 15,635,000 9,182,000 776,000 JUNE. . . . . . . . . . 7 29,732,000 15,732,000 9,382,000 779,000 y 9 s s • * * * * * * * 14 29,917,000 15,917,000 9,854,000 696,000 93 e s - * * * * ...21 30,051,000 16,051,000 9,837,000 587,000 99 • * * * * * * * * * 28 30,047,000 16,047,000 9,717,000 554,000 JULY . . . . . . . . . . 5 29,891,000 15,891,000 9,279,000 526,000 99 • * * * * * * * * * 12 29,682,000 15,682,000 8,068,000 513,000 3 p * * * * * * * * * * 19 29,393,000 15,393,000 7,890,000 485,000 93. • a s & e . 26 29,243,000 15,243,000 7,942,000 549,000 AUGUST . . . . . . 2 29,196,000 15,196,000 7,849,000 503,000 y 9 - - - s • * s • * * 9 29,141,000 15,141,000 7,682,000 528,000 99 • * * * * * * * * * 16# 29,075,000 15,075,000 7,494,000 603,000 35 s • * * * * * ... 23 29,022,000 15,022,000 7,832,000 580,000 99 • * * * * * * * * * 30 29,009,000 15,009,000 7,959,000 583,000 SEPTEMBER, .. 6 28,953,000 14,953,000 8,255,000 473,000 25 - - - * * * * ... 13 28,790,000 14,790,000 8,430,000 593,000 95 • * 4 e e s e º 'º e 20 28,798,000 14,798,000 8,237,000 549,000 2 y - - - - - - * * * * 27 28,557,000 14,557,000 7,946,000 602,000 OCTOBER. . . . . . . 4 28,355,000 14,355,000 7,095,000 509,000 2 y - e < * * * * * * * 11 28,068,000 14,068,000 7,037,000 511,000 95 e - - - - - * * * * 18 27,778,000 13,778,000 5,525,000 411,000 93 - * * * * * * * * * 25+ 27,415,000 13,415,000 5,389,000 585,000 NOVEMBER, ... 1 27,267,000 13,267,000 5,219,000 617,000 3 y • * * * * * * * * * 8 27,202,000 13,202,000 5,437,000 520,000 95 - - - - - - - - - - 15 26,974,000 12,974,000 5,483,000 595,000 95 - - - - - - - - * * 22 27,036,000 13,036,000 6,076,000 522,000 3 y • - - - - - - - - - 29 26,733,000 12,733,000 5,932,000 503,000 DECEMBER. . . . . 6 26,540,000 12,540,000 5,945,000 526,000 93 e < * * * * * * * * 13 26,626,000 12,626,000 6,506,000 642,000 2 y - - - - - - - - - - 20 26,819,000 12,819,000 6,768,000 558,000 95 e < * * * * * * * * 27 26,771,000 12,771,000 6,914,000 554,000 * Height of the Railway Mania. + Commencement of the Railway Panic. BANK RETURNs. 129 BANK OF ENGLAND RETURNS FOR 1846. 1846. JANUARY . . . . * * * s & © e º a * - ſº e s tº e - © tº • * * * * * * * e e ISSUE DEPARTMENT, BANKING DEPARTMENT. Notes Gold and Silver Notes Gold and Silver Issued. Bullion. in Reserve. Coin. f fº #. £ 26,675,000 12,675,000 6,418,000 605,000 26,541,000 12,541,000 5,672,000 652,000 26,573,000 12,573,000 5,393,000 565,000 26,525,000 12,525,000 5,416,000 677,000 26,587,000 12,587,000 5,113,000 700,000 26,698,000 12,698,000 5,363,000 637,000 26,800,000 12,800,000 6,674,000 667,000 26,973,000 12,973,000 6,887,000 678,000 27,015,000 13,015,000 6,994,000 760,000 27,079,000 13,079,000 7,576,000 707,000 27,177,000 13,177,000 7,712,000 717,000 27,264,000 13,264,000 8,033,000 700,000 27,269,000 13,269,000 7,683,000 718,000 27,181,000 13,181,000 7,316,000 643,000 27,030,000 13,030,000 6,728,000 541,000 27,031,000 13,031,000 6,515,000 595,000 27,049,000 13,049,000 6,488,000 656,000 27,072,000 13,072,000 6,408,000 661,000 27,244,000 13,244,000 6,836,000 635,000 27,520,000 13,520,000 7,497,000 664,000 27,706,000 13,706,000 7,774,000 706,000 27,993,000 13,993,000 8,043,000 704,000 28,325,000 14,325,000 8,468,000 686,000 28,603,000 14,603,000 9,011,000 736,000 29,005,000 15,005,000 9,631,000 683,000 29,273,000 15,273,000 9,664,000 742,000 29,322,000 15,322,000 9,303,000 625,000 29,266,000 15,266,000 8,425,000 596,000 29,139,000 15,139,000 8,139,000 630,000 29,312,000 15,312,000 8,562,000 636,000 29,292,000 | 15,292,000 || 8,796,000 510,000 29,386,000 15,386,000 9,075,000 558,000 29,456,000 15,456,000 8,601,000 588,000 29,653,000 15,653,000 9,506,000 522,000 29,875,000 | 15,875,000 || 9,449,000 490,000 29,760,000 15,760,000 9,231,000 512,000 29,864,000 15,864,000 9,846,000 488,000 29,758,000 15,758,000 9,817,000 550,000 29,665,000 15,665,000 9,788,000 568,000 29,359,000 15,359,000 8,809,000 456,000 29,078,000 15,078,000 8,305,000 504,000 28,741,000 14,741,000 7,409,000 401,000 28,437,000 14,437,000 7,157,600 456,000 28,309,000 14,309,000 6,934,000 498,000 28,235,000 14,235,000 7,264,000 524,000 28,246,000 14,246,000 7,836,000 602,000 28,317,000 14,317,000 8,109,000 605,000 28,313,000 14,313,000 8,325,000 694,000 28,269,000 14,269,000 8,402,000 733,000 28,410,000 14,410,000 8,623,000 742,300 28,413,000 14,413,000 8,864,000 749,000 28,442,000 14,442,000 8,813,000 624,000 130 BANK RETURNS. BANK OF ENGLAND RETURNS FOR 1847. ISSUE DEPARTMENT. BANKING DEPARTMENT. Notes Gold and Silver Notes Gold and Silver Issued. lion. in Reserve. Coin. 1847. £ f f f JANUARY . 2 || 28,258,000 14,258,000 8,227,000 693,000 55 s = • , s = • * * * 9 || 27,552,000 | 13,552,000 6,715,000 755,000 3 y < e < e < * * * * * 16 || 27,225,000 || 13,225,000 6,545,000 723,000 32 - e s s • * * * * * 23 || 26,766,000 | 12,766,000 6,167,000 676,000 3 y • * * * * * * * * * 30 || 26,172,000 | 12,172,000 5,703,000 728,000 FEBRUARY.... 6 || 25,504,000 || 11,504,000 5,890,000 783,000 35 - " s e s e e o e s 13 || 25,471,000 | 11,471,000 5,747,000 827,000 3 y = • * * * * * * * * 20 || 25,458,000 | 11,458,000 5,976,000 756,000 3 * * * * * * * * * * * 27 || 25,349,000 || 11,349,000 6,016,000 695,000 MARCH. . . . . . . . 6 || 24,993,000 || 10,993,000 5,714,000 601,000 2 y - - - - - - - - - - 13 || 24,786,000 | 10,786,000 5,554,000 663,000 3 y • * * * * * * * * * 20 || 24,487,000 | 10,487,000 5,418,000 743,000 3 y = • * * * * * * * * 27 || 24,320,000 | 10,320,000 4,876,000 695,000 APRIL . . . . . . . . 3* || 23,554,000 9,554,000 3,699,000 691,000 33 - - - - - - - - - - 10 || 23,236,000 9,236,000 2,832,000 630,000 3 * * * * * * * * * * * 17 || 22,801,000 8,801,000 2,558,000 528,000 } } • * * * * * * * * * 24 || 22,549,000 8,549,000 2,718,000 664,000 MAY . . . . . . . . . . 1 || 22,506,000 8,506,000 2,741,000 831,000 2 y - e < * * * * * * * 8 || 22,788,000 8,788,000 3,196,000 799,000 3 y • * * * * * * * * * 15 || 22,967,000 8,967,000 3,793,000 902,000 33 e s a e s - e < * * 22 || 23,200,000 9,200,000 4,420,000 747,000 } 3 s s e < * * * * * * 29 || 23,290,000 9,290,000 4,628,000 879,000 JUNE . . . . . . . . . . 5 || 23,434,000 9,434,000 5,088,000 802,000 3 y • * * * * * * * * * 12 || 23,592,000 9,592,000 5,375,000 765,000 2 y - - - - - - - - - - 19 || 23,632,000 9,632,000 5,664,000 879,000 3 * * * * * * * * * * * 26 || 23,676,000 9,676,000 5,652,000 849,000 JULY . . . . . . . . . . 3 || 23,562,000 9,562,000 5,158,000 834,000 2 y - * * * ~ * * * * * 10 || 23,304,000 9,304,000 4,331,000 781,000 } % • * s s a • * ~ * 17 || 23,232,000 9,232,000 4,068,000 685,000 5 × < * * * * * * * * * 24 || 23,119,000 9,119,000 4,216,000 651,000 3 y • * * * * * * * * * 31 || 22,666,000 8,666,000 3,774,000 664,000 AUGUST . . . . . . 7+ || 22,634,000 8,634,000 3,946,000 618,000 53 - - - - - - - - - - 14 || 22,648,000 8,648,000 3,992,000 638,000 32 - - - - - - - - - - 21 || 22,614,000 8,614,000 4,488,000 624,000 s ) • * * * * * * * * * 28 || 22,565,000 8,565,000 4,330,000 573,000 SEPTEMBER .. 4 || 22,396,000 8,396,000 4,189,000 562,000 3 x * * * * * * * * * * 11 || 22,307,000 8,307,000 4,466,000 607,000 3 3 s = < * * * * * * * 18 || 22,205,000 8,205,000 4,272,000 675,000 3 y • * * * * * * * * * 25 || 22,190,000 8,190,000 4,112,000 591,000 OCTOBER . . . . . . 2 || 22,121,000 8,121,000 3,409,000 443,000 2 y - e s e e s e s e e 9 || 21,961,000 7,961,000 3,321,000 447,000 3 y = • * * * * * * * * 16 || 21,989,000 7,989,000 2,630,000 441,000 33 e < * * * * * * * * 23; 21,865,000 7,865,000 1,547,000 447,000 3 * * * * * * * e e s e 30 || 22,009,000 8,009,000 1,176,000 429,000 NOVEMBER .. 6 || 22,426,000 8,426,000 2,030,000 303,000 2 y - * * * * * * * * * 13 || 22,848,000 8,848,000 2,797,000 410,000 2 3 e < * * * * * * * * 20 || 23,525,000 9,525,000 4,228,000 491,000 * } • * * * * * * * * * 273 || 23,956,000 9,956,000 4,986,000 576,000 DECEMBER. . . . 4 || 24,366,000 || 10,366,000 5,583,000 666,000 2 * * * * * * * * * * * 11 || 24,769,000 | 10,769,000 6,448,000 656,000 22 e s - e < * * * * * 18 || 25,309,000 || 11,309,000 7,551,000 681,000 3 * * * * * * * * * * * 24 || 25,609,000 | 11,609,000 7,786,000 627,000 * First period of Commercial pressure. + Commencement of Corn failures and second period of Commercial distress. + On the 25th the Government Letter was issued fixing the Bank’s minimum rate of discount at 8 per cent. di § º Government Letter was withdrawn on the 23d and the Bank reduced its rate of 1SCOUIIll. BANK RETURNS. 131 BANK OF ENGLAND RETURNS FOR 1848. 1848. JANUARY e - - - - - - - - - e ſe - e a e - e. e. e. e e s m * * * * e - 8 e º e º 'º e > * * * * * * Issue DEPARTMENT. BANKING DEPARTMENT. Notes Gold and Silver Notes Gold and Silver Issued. Bullion. in Reserve. Coin. fº £ £ f 25,790,000 11,790,000 7,865,000 613,000 25,876,000 11,876,000 7,315,000 701,000 26,247,000 12,247,000 7,152,000 576,000 26,559,000 12,559,000 7,447,000 617,000 26,782,000 | 12,782,000 7,640,000 608,000 27,210,000 12,210,000 8,074,000 610,000 27,582,000 13,582,000 9,064,000 621,000 27,890,000 13,890,000 9,806,000 678,000 28,101,000 14,101,000 9,922,000 658,000 28,205,000 14,205,000 9,830,000 668,000 28,235,000 14,235,000 10,544,000 711,000 28,414,000 14,414,000 10,967,000 708,000 28,556,000 14,556,000 10,953,000 760,000 28,542,000 14,542,000 10,874,000 668,000 28,008,000 14,008,000 9,767,000 594,000 27,165,000 13,165,000 8,568,000 598,000 26,621,000 12,621,000 7,860,000 606,000 26,261,000 12,261,000 7,658,000 616,000 26,176,000 12,176,000 7,554,000 649,000 26,364,000 12,364,000 8,036,000 725,000 26,661,000 12,661,000 8,566,000 717,000 26,743,000 12,743,000 8,931,000 771,000 26,860,000 12,660,000 9,080,000 737,000 27,132,000 13,132,000 9,505,000 707,000 27,352,000 13,352,000 9,975,000 816,000 27,536,000 13,536,000 10,007,000 771,000 27,646,000 || 13,646,000 || 10,064,000 || 772,000 27,673,000 13,673,000 9,312,000 684,000 27,593,000 | 13,593,000 8,488,000 | 669,000 27,451,000 13,451,000 8,410,000 657,000 27,063,000 13,063,000 8,118,000 646,000 26,690,000 12,690,000 7,998,000 706,000 26,693,000 12,693,000 8,528,000 671,000 26,763,000 12,763,000 8,450,000 607,000 26,853,000 | 12,853,000 8,734,000 || 650,000 R 2 TABLES Shewing the various changes in the leading articles of produce tive of Facts and Figures. Arranged in the subjoined order it ness through- WHEAT-Average price per quarter. Jan. Feb. Mar. April. May. June. July. Aug. Sept. Oct. Nov. 1845. 48s. to 49s. 4d.—Market steady. 47s. 4d. to 48s. 11d. — Moderate trade, and lower prices. 47s. 8d. to 49s.-Trade dull; condition of samples bad at market. 48s. 4d. to 49s.6d.—Steady market. 47s. 11d. to 49s.7d.—Steady demand at full rates. 49s.9q. to 52s. –Weather favourable for crops; dull market, but an ave- rage demand. 51s.8d. to 56s.2d.—Unsettled weather; firmer market, and more doing. 58s. 9d. to 61s.5d.—Ditto at commence- ment of month, but weather im- proved towards the close; and prices declined. 56s.1d. to 60s.—A brisk demand, and all kinds dearer, owing to the un- favourable state of the potatoe crop at the end of the month. 61s.6d. to 65s.4d.—A good demand, but prices falling. 62s. 11d. to 65s.10d.—Little doing, on account of the expected alteration in the Corn Laws. -- 58s.8d. to 66s.—Supplies small; the demand improving as well as prices. 1846. 61s.5d. to 63s. 4d. — A quiet market, the trade waiting the intention of ministers, with respect to the repeal of the Corn Laws. 58s.2d. to 60s.4d.—Moderate business at lower prices. 58s.3d. to 61s.3d.—Dull market, and little doing. 58s.2d. to 61s. 10d. — The unsettled state of the Corn Laws still check business. 54s.6d. to 62s.2d. — Market quiet; little doing. 54s. 1d. to 60s.3d.—A good demand; fine weather for crops. 50s.4d. to 56s.1d.—Corn Laws passed 3d July, which caused a larger trade at lower prices. 49s.2d. to 54s.3d.—The unsettled state of the weather caused a better de- mand at firmer rates. 50s. to 58s.6d.—A good business at full prices. 61s. 4d. to 68s.5d.—More doing for export and home use at better prices. 63s.9q. to 66s. 10d.-Business brisk at lower prices. 63s. 3d. to 69s.1d.—Market steady with a fair average business; prospect of further advance. OF PRICES. during the three years and eight months comprised in the narra- is presumed they will be found lucidly to explain the state of busi- out that period. for the years 1845, 1846, 1847, 1848. Jan. Feb, Mar. April. June. July. Aug. Sept. 1847. 70s.2d. to 76s.6d.—Short supplies; a good demand for Ireland. 71s.7d. to 76s.4d.— Market opened dull and lower, supplies large, but recovered towards the end of the month. 74s.2d. to 78s.7d.—Sales for France. 77s. 1d. to 77s. 11d.—Business quiet, but large sales for the Continent caused a brisk demand at the latter part of the month.' * 84s.4d. to 105s.2d.—Short supplies caused prices to run up consider- ably, but receded towards the close; market dull. 93s.5d. to 102s.2d.—Reports of the potatoe disease, improved prices, but large supplies checked the ad- Wall Ce. 76s. to 96s.1d.—Fine weather; prices decline; supplies large. 64s. to 78s. 10d.-New crop at market of fine quality; commencement of failures; supplies larger; prices go- ing down. 51s. to 60s.6d.—Several failures and parcels pressed on the market; prices rather recovered towards the close of the month.- 54s. 8d. to 59s 1d.—Prices giving way; a small trade. 54s. to 57s.2d.—Millersbuy sparingly; prices lower. 1848. 54s.8d. to 56s.10d.-Large supplies; market steady, 50s.11d to 54s:4d.—Small business and lower. Oct. Nov. 53s.2d. to 54s. 10d.-Ditto ditto. 51s.6d. to 54s.2d.—Ditto ditto 52s.9d. to 54s.2d.—Ditto ditto 50s.4d. to 56s.6d.—Fine weather for crop, market dull. 48s 3d. to 51s.7d.—wet weather; mar- ket firmer. 50s.11d. to 52s.9d.—Unsettled wea- ther, report of potatoe disease; mar- ket firmer. 52s.96, to 55s.—Ditto, ditto, with a quiet market. - 134 PRICES OF THE LEADING ARTICLES OF PRODUCE COTTON.—Surat, low to good, per lb., Jan. Feb. Mar. April. May. June. July. Aug. Sept. Oct. Nov. 1845. 23d. to 4d.—A firm market, but little business done. 2}d. to 4d.—A large business done by speculators and exporters, at better prices, as the accounts from the ma- nufacturing districts were satisfac- tory. 2#d. to 4d.—Speculators and exporters large buyers at commencement of month, but business dull at end, and prices not so firm. 23d. to 4d.—A quiet market at early part of the month, but got firmer, owing to the decided measures taken by Government, respecting the Ore- gon question. 2#d. to 4d.-Fair business at com- mencement, but flat towards the close, owing to the pressure of large sales. 2šd. to 4d.—Dull market, and prices rather lower. 2#d. to 3%d.—Speculators and others bought more freely at the low prices, and the market became firm at the end of the month. 23d. to 4}d.—Large purchases at higher prices, but market dull at at the end of the month, owing to the unset- tled weather for the grain crops. 23d. to 4:#d.—A steady demand at commencement of the month, but dull at latter end, owing to weather for the harvest. 23d. to 4%d.—Steady, but quietmarket. 2.Éd. to 4+d.—A better feeling on the part of merchants, but little done. 2#d. to 4d.—Quiet market, with steady demand. 1846. 2#d. to 4d.—A good business done on speculation, in anticipation of the alteration in the Corn Laws. 2#d. to 3}d.—Market rather dull and lower; less doing on the part of spe- culation. 2#d. to 3ād-More doing, owing to the unfavourable advices from Ame- rica, respecting the Oregon question 2#d. to 3:#d.—Steady prices, but more doing. 2#d. to 4d.—Firmer market with a good business. 23d. to 4d.—Market firm with less on offer. 23d. to 4d. — A good trade; prices fully up. 23d. to 4d.—Market rather quiet at previous terms. 23d. to 4}d.—A large business done for export and speculation at higher prices, owing to the unfavourable accounts of the American crop. 3d. to 5 #d.—Speculation large ; the crop in America proved less than expected, and prices advanced. 33d. to 5%d.—Less doing, but prices firm. 33d. to 5%d.—A more active demand at better rates, but towards the close of the month markets became dull. WOOL.—English Sheep, per lb. Jan. Feb. Mar. April. 1845. 6d. to 1s. 4d.—A fair trade, and prices firm. 6d. to 1s. 4d.—Steady market. 6d. to 1s. 4d.—Ditto ; but prices ra- ther in favour of the buyers. 7d., to 1s.4%d.—Small stock; market dull. 1846. 9d. to 1s.5%d.—Steady business at full prices. 7d. to 1s.5d.—Business more active at lower terms. 7d. to 1s.5d.—Market steady, but not active. 7d. to 1s.5d. —Little doing ; prices steady. FOR THE YEARS 1845, 1846, 1847, 1848. COTTON.—continued. 1847. 1848. Jan. 4d. to 5:#d.—Exporters bought freely, 23d to 4%d.—Good steady business at but at the close of the month busi- these rates. ness was checked, owing to a slight advance in the rate of interest. Feb 3:#d. to 5;d. — Little done; market 2#d. to 4;d.—Do. do., by exporters. steady. Mar. 33d. to 5d.—High prices of provisions || 2:#d. to 4}d.—Revolution on the Con- caused few sales, and rates gradu- tinent stopped trade; dull market. ally gave way. April. 33d. to 5}d.—Money easier and more | 2:#d. to 4d.—Do. do. doing; accounts from America un- favourable for the crop. May. 33d. to 5%d.—Very little business, as 23d. to 33d.—Dull market, ditto. money is getting scarce; prices up ; bread high. w June. 33d. to 5%d.—Rather more doing at 2#d. to 33d.—Forced sales, but a good steady prices. business. July. 4d. to 5:#d.—Prices falling for corn; 2.Éd. to 3}d.—More doing and prices trade better at improving prices. firmer. Aug. 4; d. to 5%d.—Steady demand, but 2#d. to 4d.—Steady, but not active. higher rates of discount checked trade. Sept. 4d. to 5; d. — Market quiet through the extensive failures; still a steady business at rather lower prices. Oct. 33d. to 5%d.—Market dull; high rates of discount; large failures and pres- sure of sales. Nov. 3d. to 4}d.—Prices lower, owing to forced sales for cash. Dec. 3d. to 4%d.—Market quiet, at low rates, owing to the general stagnation of trade. WOOL.—continued. 1847. 1848. • Jan. 8d. to 1s. 4d.—A fair business; stock 5d. to 1s. 0#d.—More doing at lower small; market firm. prices, and the market rather firmer. Feb. 8d. to 1s.3%d.—The rise in money has 5d. to 1s.1d.—Firmer and more doing. checked business. Mar. 8d. to 1s.3}d.—Moderate trade; stock | 6d. to 1s.1d. — Disturbed state of still small. France and market dull. April. 8d. to 1s.3%d.—Do. do. 6#d. to 1s. 0#d.—Dull. 136 PRICES OF THE LEADING ARTICLES OF PRODUCE WOOL.—continued. June. July. Aug. Sept. 1845. 7d. to 1s.4%d.—Rather a better de- mand; manufacturers getting higher prices. 7d. to 1s.4%d.—More business, and bet- ter prices than could have been pre- viously obtained. 7d. to 1s.4%d.—A good business at full prices. 8d. to 1s.5%d.—A large trade and stock reduced; prices firmer. 9d. to 1s.5#d.—Ditto, ditto. 1846. 7d. to 1s.5d.—Flat market, owing to the public sales of Colonial going off 2d. to 3d. per lb. lower. 7d. to 1s.5d.—Demand good; manu- facturers complaining of the low prices of their goods not being equal to those paid for the raw material. 7d. to 1s.5d.—Market dull and rather easier. 8d. to 1s. 4d.—Market dull, but more doing. 8d. to 1s.4%d.—More doing at firm prices. Oct. 9d. to 1s.5%d —Fine kinds full up and 8d. to 1s.4%d.—Business steady at full a good trade, but inferior dull and rateS. almost unsaleable. - Nov. 9d. to 1s.5%d.—Very quiet, owing to 8d. to 1s.4%d.—Business quiet; little the large demand for money for rail- doing. way purposes. Dec. 9d. to 1s.5d.—Little doing, and prices 8d. to 1s. 4d.—Rather more doing and lower. the market firmer.” SILK.—Bengal Novi, per lb. 1845. 1846. Jan. 8s.6d. to 20s-—Little doing and prices 9s. to 19s.-Improving market at full steady. prices. Feb. 8s.6d. to 19s.-Quiet market at lower | 9s. to 19s.-Government measures re- prices. specting the duties on various arti- cles quieted the market. Mar. 8s.6d. to 19s.-Heavy market and lit- 8s.6d. to 19s.-Market dull; prices tle done. rather lower. April. 8s. to 18s.-More doing; prices lower | 8s. to 18s.-Good business at easier terms. May. 8s. to 18s.-Heavy market, but a much 8s. to 18s.6d.-Markets steady. better trade at the end of the month. June. 8s. to 18s.-More doing and rather | 8s. to 18s.6d.—A fair trade at steady firmer. terms. July. 8s. to 19s.6d.-Do. and higher rates. 8s. to 18s.6d.-The public sales went - off better than expected, but the market quiet. Aug. 9s. to 19s.6d.-Good trade and a firm 8s. to 18s.6d.-Business generally flat, market. but full prices obtained for the par- cels sold. Sept. 9s. to 19s.6d.—Market steady. 8s. to 18s.6d.—Rather more doing at steady rates. Oct. 9s. to 19s.6d.--Do., at full prices. 8s. to 18s.6d.-Market rather firmer and more doing. Nov. 9s. to 19s.6d.—Do. 8s. to 18s.—A dull market at com- mencement of the month, but im- proved at the close. Dec 8s. to 18s.—Market quiet at former 9s. to 19s.6d.--Do. prices. FOR THE YEARS 1845, 1846, 1847, 1848. 137 WOOL.-continued. May. June. July. Aug. 1847. 8d. to 1s.3%d.—Market dull. 8d. to 1s.3%d.—Do do. 7#d. to 1s.3%d.—Do. do. 7d. to 1s.3d.—The state of the money market checked demand; prices dull and little doing. - 1848. 63d. to 1s. 0#d.—Do. 6#d. to 1s.0%d.—Do. 63d. to 1s.0%d.—More willing sellers at lower prices; but little done. 6#d. to 1s.3ád.—Quiet, but firmer. Sept. 7d. to 1s.3d.—Market dull. Oct. 7d. to 1s.3d.—Failures and money matters worse; dull market. Nov. 7d. to 1s.3d.—Light stocks held by growers; prices steady. Dec. 5d. to 1s.2d.—Several failures in this trade; prices going down although stock small. SILK.—continued. 1847. 1848. Jan. 8s. to 18s.-Market firmer. 7s. to 15s.-Quiet, but firmer, as se- veral parcels were withdrawn from the market. Feb. 8s. to 18s.--Do. 7s. to 15s.--Steady. Mar. 8s. to 18s.-Market quiet; supplies 7s. to 15s.--Do. exceed the wants of manufacturers. April. 8s. to 18s.--Do. do. 8s.6d. to 15s.-Rather more doing. May. 7s.6d. to 18s.-More doing at rather | 8s.6d. to 15s.--Do. lower prices. - June. 7s.6d. to 18s.--Steady trade. 8s. to 15s.—Dull and lower. July. 8s. to 16s.-Business brisker; at ra- || 8s. to 15s.--Do. do. ther lower prices, owing to the fall in corn. Aug. 8s. to 16s.--Steady demand. 8s. to 13s.-Very dull. Sept. 8s. to 16s.--Do. Oct. 8s. to 16s.—Do. Nov. 7s. to 15s.-General stagnation in trade; large public sales; depressed prices and money tight. Dec. 7s, to 15s.-Quiet. 138 PRICES OF THE LEADING ARTICLES OF PRODUCE INDIGO.-Low to fine purple, per lb. Jan. Feb. 1845. 2s.6d. to 5s.10d. — Steady demand, prices rather lower. 3s. to 5s.10d.—More doing ; better prices for the lower sorts. 1846. 2s. 4d. to 6s. 8d.—Trade dull; buyers waiting the public sales, which went off heavily and lower. 2s. 4d. to 6s. 8d.—Rather more doing at reduced rates. Mar. 3s. to 5s.10d.—A good demand at 2s. 4d. to 6s.3d.—Trade steady at full former terms. prices. April. 3s. to 6s.-Steady but firm market. 2s. 4d. to 6s.3d.—Market dull, and prices barely supported. May. 3s.6d. to 6s.-Business quiet at firm 2s.3d. to 6s.3d,—More business doing, prices. and a firmer market. June. 3s.6d. to 6s.-Less doing, but firm. 2s.3d. to 6s.3d.—A fair trade done at - steady prices. July. 2s.90. to 5s.9d.—Large sales; but a 2s.3d. to 6s.3d.—Market steady. good business at low prices. Aug. 2s.93. to 5s.96.—More doing in the 2s.3d. to 6s. 8d.—Business quiet, but lower kinds at full prices. full prices paid. Sept. 2s.9d. to 5s.9d. — Quiet and steady | 2s.3d. to 6s.3d.—Ditto ditto. rates. Oct. 2s.9d. to 6s. 8d.—A large business done | 2s.6d. to 6s.7d. — More doing, and at the sales at firmer prices. prices firm. Nov. 2s.9d. to 6s. 8d.—Market dull at pre- 2s.6d. to 6s.7d —Market firm; fair vious terms. - business done at good prices. Dec. 2s.96. to 6s. 8d.—Ditto. ditto. 2s.6d. to 6s.7d. — Steady trade, and the market firm. SUGAR.—Jamaica, low Brown to fine Yellow, per cwt. 1845. 1846. Jan. 51s. to 68s.6d.—A steady trade, at 46s. to 56s.—The proposed reduction declining prices. of 3s.6d. on free Foreign, caused the market to be firm, and a good business was done during the month at full prices. Feb. 51s.6d. to 69s.-Sir R. Peel's plan for 44s.6d. to 56s. – Steady market at altering the duties on all kinds of commencement of the month, but B. P. sugar caused a large busi- owing to money getting scarce, it ness, and better prices. closed dull and lower. Mar. 42s. to 68s.-Unsettled state of duties; 44s.6d to 57s.—A moderate trade at very little trade; on the 15th March full prices. new duties came into operation, which caused an immense business, at stiffer rates. April. 38s. to 58s.-A very large demand, 45s. to 57s. – Short supply; market and prices firm. generally dull. May. 39s.6d. po 59s.—Do., and improving 47s. to 57s.-Good trade, and a firm prices. market. - June. 42s.6d. to 59s.6d.—Extensive sales, 46s.6d. to 56s.—Larger supplies; a and better prices. good demand at lower prices, the question of duties being postponed until 5th August. FOR THE YEARS 1845, 1846, 1847, 1848. 139 INDIGO.-continued. Jan. Feb. Mar. April. May. June. July. Aug. Sept. Oct. Nov. 1847. 2s.7d. to 6s.7d.—Trade moderate. 2s.7d. to 6s.7d — More doing, and better spirit in the biddings at the sales. 2s.9d. to 6s.7d.—Steady market. 2s.9d. to 6s.7d.—Ditto ditto. 2s.6d. to 6s.7d.—Money market flat- tened business, and only a mode- rate demand. 2s.6d. to 6s.2d.—Steady market, and prices firm. 2s.6d. to 6s.2d.—Do. do. 2s.6d. to 6s.2d.—Do. do. 2s.6d. to 6s.2d.—Market dull, owing to failures. 2s. to 6s.2d.—General stagnation in trade, and the monetary crisis. Sales forced with parcels belonging to many of the suspended firms. 2s. to 5s.10d.—Market very quiet. 2s. to 5s.10d.--Do. do., but prices rather firmer. 1848. 2s. to 5s.10d.—Market very quiet, but prices rather firmer. 2s. to 5s.10d. – More doing; money market easier, increased trade. 2s. 4d. to 5s.10d.—Quiet market, no orders for export, continental ex- citement. 2s. to 5s.10d.--Do. do. 2s. to 5s. 4d.—Do. do. 2s, to 5s. 4d.—Do. do. 2s. to 5s.6d.--Do. do., but rather firmer towards close. 2s. to 5s.6d.-More doing, at rather firmer prices. SUGAR.—continued. Jan. Feb. April. May. June. 1847. 44s.6d. to 59s.—Short supply, with a good demand. 48s.6d. to 57s.—Unsettled market till the middle of the month, when the new law came into operation for allowing brewers and distillers to work from sugar. 48s.6d. to 57s.—Less doing; small stock checking business; prices no- minal. - 40s. to 54s. – Large supplies; dull market. 40s.6d. to 52s.6d.—Steady business, but stock increasing. 38s. to 51s. – More desire to sell; prices lower; stock large. 1848. 35s. to 46s.6d.-Gradual improvement in trade, and a good business. 35s. to 46s.6d.-Chancellor of Exche- quer stating no change in duties; dull market. 34s.6d. to 45s —More doing; steady market. 345.6d. to 45s.--Do. do. 35s. to 46s.-Expected change in du- ties; more doing. - 36s. to 44s.6d.-Proposed change inna- navigation laws dull market & lower prices, but subsequently improved in expectation of alteration in duties. 140 PRICES OF THE LEADING ARTICLES OF PRODUCE SUGAR.—continued. July. Aug. Sept. Oct. Nov. 1845. 42s.6d. to 56s.—A large business, and easier rates. 43s.6d. to 58s.-Extensive business at higher rates, all for home trade. 45s. to 57s.6d.-Increased trade, with firm prices. 46s. to 57s.—Do. do. 48s. to 59s.—Trade large at the com- mencement of the month, owing to a report that sugar would be allowed in the distilleries, but less doing towards the end, and market flat. 46s.6d. to 57s.—A good business, but at lower prices. 1846. 44s. to 54s.-Trade not inclined to buy until the question of duty is finally settled; prices gradually giv- ing way about the middle of the month, new duties on all foreign Muscovado brought forward. 43s.6d. to 53s. – New duties received at the Customs (19th); market dull, through the admission of slave grown Sugar. 44s. to 55s.—A moderate business at lower terms. 43s.6d. to 56s.6d.—Steady market at commencement of the month, but an expectation that sugar would be allowed to be used: in the distil- leries, caused a firmer market, and at better prices. - 44s. to 56s.-Market good, owing to the bad accounts from Havannah, but buyers not inclined to take more than their wants require. 43s. to 57s.—A better demand at full prices. SUGAR.—Mauritius Low Brown to Fine Yellow, per cwt. Jan. Feb. Mar. April. May. June. July. 1845. 39s. to 66s.—Large sales and firm market. 41s. to 66s.6d.—More doing, owing to the expected alteration in duty, and better prices. - 32s.6d.toG4s.6d-Business good; new duties came into operation; full prices. 33s. to 59s.—Large sales, and firm prices. 32s. to 57s.—Ditto; terms lower. 32s. to 57s.—Extensive sales at former rates. 35s.6d. to 56s.—Good trade at easier rates. º - 36s.6d. to 58s.-Extensive purchases at higher rates. 1846. 35s.6d. to 54s.-Business good, but large arrivals force prices down, ow- ing to the proposed reduction on foreign free labour sugar. 35s.6d. to 54s.-Steady market, but prices barely supported. - 35s.6d. to 54s.-Large parcels brought forward, but a steady market. 37s.6d. to 57s. – More doing, prices advancing. - 38s.6d. to 57s.—A good business do- ing, but large sales prevent prices advancing. - - 38s, to 57s.—The postponement of the Sugar Bill to the 5th Aug. caused a firmer market, and a good busi- ness done. 38s. to 56s.—The trade not inclined to buy until the final settlement of the sugar duties. ' ' ..., 37s. to 52s.6d.—A quiet market at commencement of month, but a more general demand when the new duties (19th Aug.) came into operation sent prices down. and FOR THE YEARS 1845, 1846, 1847, 1848. 141 SUGAR.—continued. July. Aug. Sept. 1847. 37s. to 51s.-Do. do. 36s.3d. to 50s.6d. —Do. do., but partly recovered towards the end of the month. 37s. to 50s.6d.—Steady market; sup- ply more moderate than of late. 1848. 35s. to 43s.6d.—New duties in opera- tion 10th of this month; pressure of sales; dull market in consequence of a large quantity foreign sugar paid duty under the act of 1846, at 18s.6d. for Muscovado, and the admission of Dutch crushed; prices lower. 35s.6d. to 43s.6d.-Alterationin I)utch crushed; market steady; and large trade done. Oct. 34s. to 49s.--Anxiety to sell, owing to the pressure in the money market, and the failures. Nov. 34s. to 46s.6d.-Market rather firmer, and more doing. Dec. 35s. to 46s.6d.—Large stock, and dull market. SUGAR.—continued. 1847. 1848. Jan. 36s. to 59s.—Short supplies, and a 26s. to 47s.6d.-More firmness, and a large trade. large trade, chiefly by refiners, at improving prices. Feb. 38s. to 61s.—More doing, but the 28s. to 47s.6d.-Do. do. market unsettled till the brewers and distillers were allowed to work from sugar. - Mar. 37s. to 58s.-Lower prices, with more | 28s. to 47s.-Good business; market doing. steady. April. 36s. to 55s.—Do. do. 28s. to 44s.--Do. do. May. 36s. to 53s.--Steady market. 28s. to 44s.-More doing; expected change in duties. June. 35s. to 51s, Lower prices; trade brisk. 28s. to 44s.-Proposed alteration in Navigation laws caused a dull mar- ket, but the proposed change caused more firmness, and greater activity. July. 33s. to 50s.—Flat and lower. 28s. to 44s.-New duties in operation 10th of this month; more doing, at lower prices. Aug. 31s. to 51s.-Large supplies; prices 28s. to 43s.6d.-Larger trade, prices gradually giving way. steady. 142 PRICES OF THE LEADING ARTICLES OF PRODUCE SUGAR.—continued. 1845. 1846. Sept. 35s. to 57s.-Good business at full 34s. to 58s.—A better demand at prices. steady prices. Oct. 35s. to 56s.6d.—Less doing, and prices | 32s. to 58s.-The market firmer, as not so firm. little was brought to public sale. Nov. 35s. to 57s.-Steady demand at former | 35s. to 58s.-Demand good, at rather rateS. lower prices; merchants meeting the views of buyers. Dec. 38s.6d. to 57s.—Ditto ditto. 34s to 55s.—Prices going down, and but little business doing. SUGAR.—Bengal, low to fine white and brown, per cwt. 1845. 1846. Jan. 38s. 6d. to 70s.--A good business at 35s.6d. to 60s.-Large sales brought gradually lower prices. forward caused prices to recede, but trade good. Feb. 39s.6d, to 70s.-Large sales in antici- || 35s.6d. to 58s.-Prices still falling, pation of reduced duties. owing to large parcels being brought forward, but a good business. Mar. 32s. to 68s.--A good business, but at 35s.6d. to 57s.—Trade good, at steady lower prices. prices. April. 27s. to 59s.—Do. do. 37s.6d. to 57s.6d.—Moderate demand; rates firm. May. 26s.6d. to 58s.--Large sales at steady || 38s.6d. to 57s.6d.—Large salesbrought prices. forward, but a good business done at full prices. June. 32s. to 58s.-Extensive business at 35s.6d. to 57s.6d.—The duty question full prices. being postponed, caused a brisk trade at steady terms. July. 35s. to 59s.-Sales large, but prices 35s. to 57s.6d. —Unsettled state of not so firm at close of the month. duties; buyers less anxious to make sales; quiet market. Aug. 35s. to 59s.6d.-Large trade; prices | 35s. to 57s.6d. —New duties (19th) firmer. caused a steady demand Sept. 36s to 60s.--Do. do. 35s. to 56s.—A steady market at ra- ther lower prices. Oct. 36s. to 64s.—Large sales, and for the 35s. to 57s.6d.-More business doing; finer sorts, dearer rates. prices rather firmer. Nov. 36s. to 61s.—A good business st full 35s. to 57s.6d. —A good business done prices. at full rates. Dec. 37s. to 61s.—Less doing; market not 35s. to 56s.—Lower prices caused the so firm. trade to buy more freely. FOR THE YEARS 1845, 1846, 1847, 1848. 143 stock. SUGAR.—continued. 1837. Sept. 31s. to 51s.-Steady business. Oct. 28s. to 50s.6d.—Parcels belonging to fallen houses pressed for sale; flat market. Nov. 26s. to 4.7s.6d.-At lower prices; the market more active. Dec. 26s. to 47s.6d.-Large stock, and dull market. SUGAR.—continued. 1847. - - 1848. Jan. 40s. to 58s.-A large business done on 28s. to 40s.-Gradual improvement speculation in brown, owing to the and a good business. expectation of sugar being allowed in the breweries and distilleries; prices advancing, and firm market. Feb. 38s. to 57s.—Steady trade. 28s. to 50s.--Do. do. Mar. 36s. to 55s.6d.-Lower prices, and a 28s. to 48s.—Moderate business. pressure of sales, but a good busi- IleSS. April. 35s. to 54s.--Do. do. 28s. to 44s.6d.--Do. do. May. 35s. to 53s.-Do. do. 28s. to 45s.6d.-More doing ; expec- tation of alteration in duty. June. 34s. to 53s.—Do. do. 28s. to 45s.6d.-Proposed alteration in the Navigation laws; quiet mar- ket at the commencement of the month, but more doing towards the end, owing to the proposed change in duty. July. 33s. to 53s.-Cornfalling, brewers and 28s.6d. to 45s.-New duties in force, distillers less inclined to buy; a and lower prices; less doing. steady business done by the trade. Aug. 32s. to 52s.-Supply moderate; trade 28s.6d. to 45s.--Moderate business; steady at lower prices. and prices steady. Sept. 32s. to 52s.--Steady market. Oct. 28s. to 52s.-Pressure of sales of par- cels belonging to the suspended firms; lower prices; business good. Nov. 28s. to 50s.-More doing; steady prices. Dec. 28s. to 49s.-Steady trade, but heavy 144 PRICES OF THE LEADING ARTICLES OF PRODUCE SUGAR.—Refined standard lumps, per cwt. Jan. Feb. April. May. June. July. Sept. Oct. Nov. 1845. 72s.6d. to 74s.—A good business, at full prices. 70s. to 72s.6d.—Expectation of refined being admitted from the Colonies, caused a dull market, and lower prices. 65s.6d. to 70s.-Unsettled state of duties; further decline in price, but a good trade. 65s.6d. to 70s. – A good demand; terms steady. 67s. to 72s.-Brisk business, at im- proving rates. 71s.6d, to 74s. 6d-Goods scarce, and a brisk demand, at higher prices. 67s.6d. to 72s.6d.-Lower prices, but good business for consumption. 67s. to 69s.--Large trade; full prices. 67s. to 68s.—Trade good at steady rates. 65s. to 67s.—Less doing, and prices going down. 66s. to 67s.6d.—Small, business, but steady prices. 64s. to 66s.—A dull market at lower prices. 1846. 64s. to 65s.6d.—A moderate business. at steady prices. 62s.6d. to 64s.—Market flat, and prices receding. 63s.6d. to 65s.6d.—The trade bought more freely; better prices paid. 63s.6d. to 64s.—Market rather dull, and prices not so firm. 66s. to 68s.6d.—Supply being small better prices paid; a good trade done. 67s.6d. to 70s.-Refiners working less freely, waiting the settlement of the duties on raw sugar; market very firm, and prices higher. 65s.6d. to 69s.6d.—Less doing on the part of the trade, and prices not so firm. 63s.6d. to 64s.6d.—Supplies larger; demand good, as the refiners have taken lower prices. 62s. to 65s.—Quiet market, at com- mencement of the month, at lower prices, but towards the close, a good business, at better prices. 63s. to 66s.—Supplies less abundant; a good demand at firmer rates. 63s.6d. to 66s.—A good business done early in the month, but declined towards the end, and prices gave way. 62s.6d. to 64s.6d.—Business steady at full prices. Jan. Feb. Mar. April. May. RUM.—Proof Leewards, average price per gallon 1845. 2s.2#d. to 2s.3%d.--Little business transacted throughout the month, and market quiet. 1s.11d. to 2s. 2d.—Prices going down, but little doing. 1s.10d. to 2s.--Small sales only, at lower prices. 1s.90. to 1s.11d.—Do. do. 1s.7d. to 1s.90.—More doing, owing to the low prices accepted, but mar- ket not brisk. 1846. 2s. to 2s.1d.—The market dull; very little doing, and prices going down. 1s. 10d. to 2s.-A flat market at com- mencement of the month, but more doing towards the close, and prices dearer. 1s.90. to 1s.10#d.—Stocks on the in- crease, and very little doing, at lower prices. 1s.9%d. to 1s.11;d.—More business done, and prices rather better, with a firmer market. 2s. to 2s.2d.—A large trade done, and at better rates; supplies still large, but good deliveries. FOR THE YEARS 1845, 1846, 1847, 1848. 145 SUGAR.—continued. 1847. 1848. Jan. 65s. to 71s.—Short supply; good de- 54s. to 55s.6d.—Business good. - mand. Feb. 64s.6d. to 68s.—Good demand, at lower 54s. to 55s.6d.—Steady, but dull. prices. Mar. 64s. to 65s.6d.—More doing at better | 53s.6d. to 55s.-More doing. prices. April. 63s.6d. to 65s.—Do.; supply larger ; 54s. to 56s.--Moderate trade. prices lower. May. 63s. to 64s.—Steady trade. 56s.6d. to 57s.—Good business. June. 60s. to 63s.—Fair business at receding 54s.6d.to 56s.—Lower, but more doing. prices. July. 57s. to 59s.—Large supply; trade good | 53s.6d. to 56s.—Admission of Dutch at lower prices. crushed loaves; market dull, and lower. Aug. 55s. to 57s.—Trade dull. 53s. to 55s.-Quiet market, and lower prices. Sept. 55s. to 55s.6d.—Do., and a good sup- ply. Oct. 52s. 6d. to 55s.—Dull and lower. Nov. 53s. to 54s.6d.—More doing, and prices steady. Dec. 52s.6d. to 53s.6d.—Fair trade. RUM.—continued. 1847. 1848. - Jan. 2s. 8d. to 4s.—A brisk demand, owing || 1s.7d. to 1s.8d.—More doing at rather to distillers advancing the price of lower prices. corn spirits; stock small. - Feb. 3s. 9d. to 4s.--Stock small; trade 1s.8d. to 1s. 10d.—Expectation of the steady. change in duties; more doing at early part of the month, but less doing at end, and prices giving way; stock large. Mar. 3s.8d. to 3s. 9d.—Dull market. 1s.9%d. to 2s.-More doing; specula- tors operating for lower duties April. 3s.1d. to 3s.7d.—Supply getting large; 1s.9d. to 1s. 10d.— Market dull and market dull. lower; heavy stock. May. 3s.1d, to 3s.5d.—Reduction in the 1s.8d, to 1s. 10d. Steady trade. duty of 3d. per gallon; market firmer; steady demand. L 146 PRICES OF THE LEADING ARTICLES OF PRODUCE RUM.—continued. 1845. 1846. June. 1s.73d. to 1s.9%d.—Market firmer, and 2s.2d. to 2s.3d.—Little business done, a good trade done at better prices. but a firm market. July. 1s.8#d. to 1s. 10d.—A good demand, 2s.2d. to 2s.6d.-The proposed reduc- and a firmer market at higher rates. tion in duty caused a large business, and at much higher prices. Aug. 1s.9d. to 1s.10%d.—Market firm, and 2s.5%d. to 2s.6d.--Duties on Rum set- more doing. tled 6d. per gallon less, caused the market to be less excited, and very little done. Sept. 1s.9d. to 1s. 11d.— Prices gradually 2s.3d. to 2s.5%d.—Less doing, and rising,& more doing; manket firmer. prices declining, with a dull market. Oct. 1s.10; d. to 2s.1d.—A steady demand 2s.3d. to 2s.5d.—A dull market at at commencement of the month ; commencement of month, but a but subsequently increased. Prices good demand towards the close, and dearer towards the close, with less at higher prices. disposition to sell. Nov. 2s. 1d. to 2s.3d.—Market firmer, with 2s.6d. to 2s. 8d.—A steady demand a full average business. throughout the month, although buyers slackened at the end. Dec. 2s. to 2s 2.Éd.—A dull market, and 2s.6d. to 2s.8d.—Quiet market, and prices flat, with more pressing for prices not so well supported. sale. COFFEE.–Ceylon, native good ordinary, per cwt. 1845. 1846. Jan. 51s. to 53s.6d.--A good business do- || 48s. to 50s.-A steady demand, at full ing; prices gradually lower. prices. Feb. 46s. to 51s.6d.—Do. do. 47s. to 49s.--Supplies larger; prices lower, but a good business done. Mar. 46s. to 47s.-A steady market, at full 46s. to 47s.6d.—Little doing, and prices. prices gradually falling. April. 43s.6d. to 46s.6d.—More doing, and 45s.6d. to 46s.6d.—A quiet market, at towards the close of the month, lower rates. better prices. May. 44s. to 46s.6d.--A good business, at | 43s.to.45s.6d.—Lower prices causedra- full rates. ther large sales; mkt.slightly firmer. June. 47s. to 50s.-Large sales, and prices 41s. to 44s.6d.-Large supplies brought advancing. forward and pressed for sale; lower prices, but a good business done. July. 46s. to 48s.—Prices not so firm, and 41s. to 43s.—A better demand, at less demand. steady rates. Aug. 44s. to 48s.—Less doing, and not so | 40s. to 42s.-A pressure of sales made much pressing on the market; prices prices decline, still good business rather higher at end of the month. done. Sept. 47s. to 48s.6d.— good trade at firmer 39s. to 41s.--Do. do. rates. Oct. 44s.6d. to 48s.6d.—Steady demand at 37s.6d. to 40s.6d.—Merchants conti- commencement of the month, but nuing to press sales, further reduced dull at the close, and prices lower. rates accepted; a goodbusiness done. Nov. 47s. to 49s.6d.-A large business on 37s. to 39s.6d.—Trade steady, but at speculation owing to thebad accounts lower rates. from Ceylon, and higher prices paid. Dec. 48s. to 49s.-Steady demand, at full 36s. to 38s.-Market quiet; rates prices. lower; merchants bringing forward larger parcels than the wants of the trade. FOR THE YEARS 1845, 1846, 1847, 1848. 147 RUM.—continued. June. July. Sept. Oct. Nov. 1847. 2s. 11d. to 3s.1d.—A fall in the price of grain, with a dull market. 2s.6%d. to 2s. 11d.—Dull sale, and free sellers. 2s.5d. to 2s.7d.—More doing early in the month, but dull towards the close, and lower prices. 2s.2d to 2s.5d.—Lower rates, with a dull sale; supplies large. 1s.8d. to 2s.2d.—Pressure of sales of parcels belonging to fallen houses. ls.8d. to 1s.94.—More doing; steady market. 1s.7d. to 1s.9d.—Little done, and prices going down. 1848, 1s.8#d. to 1s.9d.—Expected change in duties; little doing. 1s.7d. to 1s.8#d.—New duties, large stocks, and dull market. 1s.7d. to 1s. 9d.—Moderate busines at lower prices. COFFEE.—continued. Jan. Feb. April. May. June. July. Aug. Sept. Oct. Nov. 1847. 39s.6d. to 42s.6d.--Demand good, with a small supply. 41s. to 43s.—Do. do. 40s. to 45s.-Good trade early in the month, but large supplies caused the market to go flat and lower. 38s. to 42s.6d.—Money getting scarce caused a pressure of sales, with lower prices. 36s. to 39s.-Dull market; high prices of provisions; supplies large. 37s. to 39s.--Steady market. 37s. to 38s, Do. do. 37s. to 38s. 6d.—Do. do. 34s. to 37s. 6d.-Market steady at | commencement of the month, but by a pressure of sales declined. 32s. to 35s.6d.-Bankrupts’ parcels being pressed, prices gave way, but a good business. 32s. to 34s.—Steady business, at full prices. 33s.6d. to 35s.-More doing at stiffer rates. 1848. 32s. 6d. to 33s.-Good business at stea- dy rates. 33s. to 35s. 6d.— Speculation ; trade good, but drooped towards the close of the month. 31s. to 34s.-Dull and lower, pressure of sale. 30s. to 31s.6d.—Do. do. 29s, to 31s.— More doing, at easier prices. 28s. to 31s.—Dull and lower pressure of sales, stocks large. 28s. to 30s.-Steady market. 28s.6d. to 30s.6d.-Dull, with increas- ing stocks. 148 PRICES OF THE LEADING ARTICLES OF PRODUCE RICE.-Bengal, low to fine, per cwt. proved prices. 1845. 1846. Jan. 10s. to 12s.6d.—Market quiet at lower 14s.6d. to 17s.6d.-A steady market prices. at full prices. Feb. 10s. to 12s.6d.—A steady trade at full | 1.4s.6d. to 17s.6d.—Business restricted prices. owing to the scarcity of money and prices going down. Mar. 10s.6d. to 13s.-More doing and firmer | 13s. to 17s.6d.—A steady demand at market. full prices. April. 10s. to 13s.—A good demand; rates | 12s. to 15s.-Market dull; holders steady, pressing sales; lower prices. May. 10s.6d. to 13s.-Several speculators | 10s.6d. to 14s.—More business done purchased owing to the unfavorable for export owing to the low prices weather for the crops; prices firmer. accepted. June. 10s.6d. to 13s.6d.-Large sales at full 11s. to 13s.6d.-A steady demand for prices. export and home use at full prices. July. 10s.6d. to 13s.6d.—Less doing and | 11s.6d. to 16s.-Less doing at com- prices giving way. . mencement of the month, owing to the fine weather for harvest, but many orders for the Continent and the West Indies arriving, more bu- siness was done towards the close, and prices firmer. Aug. 11s.9d. to 19s.6d.-Unfavourable wea- 13s.6d. to 19s.6d.—The accounts more ther for crops, and report of potatoe favourable for the potatoe crop, but disease, with large orders from Hol- a good demand for Ireland, owing to land, caused an extensive business the reports on the crops being less at considerably higher prices. satisfactory. Sept. 16s. to 24s.-A large demand for the 16s.6d. to 20s.-The rise in the Corn- Continent ; prices higher. market and the unfavourable reports respecting the potatoe crop, caused a large business partly on specu- lation at higher prices. Oct. 17s.6d. to 22s.-Lower prices and less 15s. to 20s.-A dull market; prices - doing, owing to more satisfactory going down. accounts from the Continent. Nov. 17s.6d. to 22s.—Less doing; market | 15s. to 19s.-Rather more doing for dull. home use and speculation, but the market became dull towards the end of the month. Dec. 14s.6d. to 20s.-Prices going down 15s.6d. to 20s.--Dull and lower at and a dull market. commencement of month, but brisk towards the middle ; large sales for Ireland and the Continent at higher prices. COCHINEAL.-Low to fine, per lb. 1845. 1846. Jan. 4s. 5d. to 5s.11d.—Prices firm, and a 5s.1d. to 7s.6d.--A good business at fair business. - steady prices. Feb. 4s.8d. to 6s.3d.—Steady market, with 5s.1d. to 7s.4d.—The market steady better rates. at firm rates. Mar. 4s.8d. to 6s.3d.—Do. at full prices. 5s.2d. to 7s.4d.—Do. do. April. 4s.8d to 6s.3d.—Firm market, with a 5s.2d. to 7s.4d.—More business doing fair business doing. for all purposes and prices firm. May. 4s.8d. to 6s.5d.—More doing at im- 5s.2d. to 7s.4d.—Prices steady, with a firm market. FOR THE YEARS 1845, 1846, 1847, 1848. 149 RICE.-continued. Jan. Feb. Mar. April. May. June. July. Aug. Sept. Oct. 1847. 19s.6d. to 26s.6d.—Large business for Ireland and other outports. 22s. to 24s.6d.-Market opened dull, but further sales for Ireland caused prices to recover slightly. 19s.6d. to 24s.—Market quiet, with lower prices. 16s. to 23s. – Speculative demand; prices advanced towards the close. 20s. to 25s.—Large orders and a rise in the Corn-market, speculative and home buyers bought largely, but later in the month prices receded, owing to a fall in the Corn-market. 17s. to 21s.6d.—Prices of corn falling, rice followed; market dull. 15s. to 19s.6d.-Lower prices at the early part of the month, but large orders for Holland, and the reports respecting the potatoe blight caused a firmer market. 14s.6d. to 18s.6d.—Fine weather for harvest; market dull. 13s.6d. to 18s.6d.—A decline in the grain market; large buyers of rice for Holland. 10s.6d. to 17s.6d.-Dull market and prices lower. 10s.6d. to 16s.6d.—Small busines at former prices. 10s. to 17s.-Large stocks; small bu- siness. 1848. 9s.6d. to 15s.--Do. fair business. 9s.6d. to 14s.6d.—Quiet; stocks in- creasing. 9s. to 14s.6d.—Dull market and lower. 9s. to 12s.6d.—Small trade; dull mar- ket. - 7s.6d. to 12s.-Fine weather for crops, dull market and lower prices. 7s.6d. to 12s.--Do., do. 7s.6d. to 12s.6d.—Dull at commence- ment of month ; reports respecting the potatoe blight, however, created an Irish speculative demand. 11s. to 14s.—Large business; weather unsettled. COCHINEAL.-continued. Jan. Feb. 1847. 5s.1d. to 6s.-Good demand for export and home use. 5s.4d. to 6s.2d.—Do. do. 5s.6d. to 6s.5d.—More doing, and prices higher. 5s. 5d. to 6s.2d.—Larger supply, but lower rates; a good trade. 4s.7d. to 5s.7d.—Dull market and more sellers. 1848. 4s.6d. to 6s. 4d.—Good trade; better prices. 4s.7d. to 5s.4d.—Quiet and steady; stock increasing. 4s. to 5s. 4d.—Revolution on the Con- tinent stopped business; market dull. 3s. 11d. to 4s.8d.—Do., do. 3s.6d. to 4s. 11d.— More doing and # prices firmer. 150 PRICES OF THE LEADING ARTICLES OF PRODUCE COCHINEAL.-continued. June. July. Aug. Sept. Oct. Nov. Dec. 1845. 4s. 11d. to 6s.5d.—Firmer market; trade good. 4s. 10d. to 6s.5d.—Less doing, but firm prices. 4s. 10d.to 6s. 8d.—Market very firm,and but little offering; fair sales for export 4s. 11d. to 6s. 10d.—A good business at better rates both for home use and export. 5s. 5d. to 7s.3d.—Finer sorts dearer; market on the whole quiet. 5s.3d. to 7s.3d.—Less active ; prices rather lower. 5s.1d. to 7s.2d.—Market dull; busi- ness slack. 1846. 5s.6d. to 7s.4d.—Market firmer and dearer, owing to the rupture between America and Mexico. 5s. to 7s.--Large supplies and a pres- sure of sales caused prices to fall; trade good. 5s.3d. to 6s.7d.—Market quiet at lower prices. 4s.8d. to 6s.9d.—A much better de- mand owing to the low prices ac- cepted. 4s.4d. to 6s.7d.—Lower prices; busi- small. 4s. 4d. to 6s.6d.—A steady sale at full terms. 4s.7d. to 6s. 9d.—Market firmer, but not much doing. IRON.—Scotch Pig, per ton, cash. Jan. Feb. Mar. 1845. 60s. to 65s.—The market very firm, and a large trade. 65s. to 100s.—Extensive business to complete contracts for home use and export for railway purposes. 105s. to 120s.-Increasing demand for speculation; large contracts for railway purposes, but market be- came dull, and declined towards the close of the month. Apr. 90s. to 115s.--Speculators pressing sales; May. June. July. Aug. Sept. Oct. Nov. a dull and heavy market with lower prices, but a good business done. 70s. to 80s.-Speculators still press- ing sales; market flat, and much lower, but a very large business done. 60s. to 77s.6d.--Do. at commence- ment of the month, but improved towards the middle, at higher prices, but again went flat and lower. 60s. to 67s.6d.-A steady market, and but little done. 60s. to 70s.-More doing, and market firmer. 77s.6d. to 87s.6d.-A large business on speculation and for home use ; prices much higher. 82s.6d. to 97s.6d.—Brisk demand with higher prices, but gave way towards the close ; market dull. 70s. to 85s.—Less doing, and prices giving way. 70s. to 80s.-A steady demand, and towards the close, improved in price. 1846. 75s. to 85s.—Business large for home use and speculation ; prices ad- vancing. 77s.6d. to 82s.6d.—The scarcity of mo- ney stopped trade in a great mea- sure, and prices were not so firm. 70s. to 77s.6d.—The unsettled state of political affairs and money slack- ened business; prices lower. 67s. to 70s.-Prices going down and little doing. 67s.6d. to 72s.6d.—A better business and a firmer market. 67s. to 70s.-Business large, owing to lower prices. 67s. to 75s.—Speculators have again bought freely; a large business done at higher rates. 74s. to 76s.—A good business at full prices. 74s. to 77s.6d.-Large sales; prices rose at the end of the month. 69s. to 77s.6d.—A pressure of sales for money caused prices to fall; a good business done. 70s. to 72s.6d.-Good demand at free rates. 73s. to 75s.—A large speculative busi- ness; prices higher. FOR THE YEARS 1845, 1846, 1847, 1848. 151 COCHINEAL.-continued. June. July. Aug. Sept. Oct. Nov. Dec. 1847. 4s. 8d. to 5s.9d.—Less offering, with a steady demand for export and home UIS62. 4s.9d. to 5s.90.—Steady. 4s.8d. to 5s.7d.—Market quiet; sales small. 4s. 8d. to 5s.94.—Steady. 3s. 10d. to 5s. 9d.—Depressed state of trade caused prices to fall considera- bly, with more offering; money tight. 3s.lid. to 5s.-More doing ; prices steady. 4s. 1d. to 5s.2d.—Do.; prices rather looking up. 1848. 3s. 4d. to 4s.4d.—Dull market ; pres- sure of sales: stock large. 3s. 4d. to 4s.6d.--Do., do., do. 3s.3d. to 4s.6d.—Dull market. IRON.—continued. Jan. Feb. April. May. June. July. Aug. Sept. 1847. 71s. to 77s.6d.—Good trade doing in the early part of the month, but through the advance of interest for money, the market became dull and lower. 72s. to 77s.6d.—More doing for ex- port, and prices recovering. 70s. to 76s.6d.—Money market tight; lower prices, and only a small trade. 67s. to 74s.—A good business done early in the month, but cash getting scarce, prices fell. 63s. to 67s.6d.—Large business done on speculation,..but prices gradually gave way. 63s.6d. to 67s.6d.——Moderate trade at steady prices. 63s.6d. to 72s.6d.—Speculators pur- chased freely, and prices improved. 67s. to 72s. – Good business, but money scarce; at the end of the month prices fell. 66s.6d. to 68s.—Little doing; prices going down. 1848. 45s. to to 51s.—Good business at im- proving prices. 49s. to 52s.-Speculators purchased and prices dearer; good trade. 42s. to 51s.—Revolution in France; flat market, and lower prices. 40s. to 43s.6d. — Full market and lower. 42s. to 44s.-More doing; the article getting scarce. Oct. Nov. 57s. to 66s.—Moneymarket very tight, and extensive failures; prices fell considerably. 48s. to 54s.—Large business done for export; full consumption at lower prices. 45s. to 50s.—Flat market. 41s. to 44s.-Moderate sales. 43s.6d. to 46s.6d.-Firmer and more doing, but at the end of the month dull. 44s. to 45s.6d.—Quiet market. A P P E N D I X. The Balance Sheets and other documents here inserted, exhibit in detail the condition of the greater number of the most important houses which suspended in London during the late crisis, and in themselves furnish much valuable matter for future reference. MEssRs. COCKERELL, LARPENT, & Co., EAST INDIA TRADE. A meeting was held on the 18th October, 1847, of the creditors of MESSRS. CoCKE- RELL, LARPENT & Co. at which the chair was taken by Mr. Samuel Gregson, M.P. The chairman stated that the object of the meeting was to take into consideration the affairs of the house, and to adopt such course of liquidation as, under the circum- stances, should be thought most beneficial for the creditors generally.—The chairman then referring to a balance-sheet of the books of the house, made up to the 27th of September, 1847, the day of its suspension of payments, and to other documents laid on the table, submitted to the meeting the following statement:— That the debts of the house, in open accounts, f £ #2 amount to . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ tº * 154,761 That the house is under acceptances for . . . . . . . . * * 606,585 Part of these acceptances are secured by bills of - lading from India, to amount of . . . . . . . . . . . . 57,677 Further part of these bills will be retired by the third parties, to the amount of . . . . . . . . . . . . . . 84,276 141,953 464,632 £619,393 That the assets of the house, consisting of cash, goods, debts, and other property, amounted, as they appeared upon the balance-sheet of the books to . . . . . . • - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - And stand in the following order: ASSETS. Balance at the banker’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . tº º 2,317 Bills of exchange and goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 15,600 Various balances due to the house in the course of realization tº º 40,000 Amount in the hands of Cockerell & Co., of Calcutta, due to the present house of Cockerell, Larpent, & Co., of London, and which is in the course of remittance . . . . . . . . . . . . . . . . . . gº tº 339,118 Amount due by Messrs. Cockerell & Co., of Calcutta, to Cockerell & Co., of London . . . . . . . . . . . . . . . . . . . . . . . . . tº º 435,500 Mauritius estates (cost upwards of £200,000.) Say present value . . . . . . . . . . . . . . . . . . . . . . tº ºs e º e º e º e º us tº 100,000 Less mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 — 50,000 Various miscellaneous property . . . . . . . . . . . . . . . . . . . . . . . . . . * : * 10,000 Amount of various claims secured . . . . . . . . . . . . . . . . . . . . . . . . 335,380 Amount of property given in security . . . . . . . . . . . . . . . ... .. 352,099 Surplus 16,719 909,254 The London house holds a security for £129,500, part of the £435,500; but £100,000, part of this £129,000, has been transferred by the London house in security: it is therefore deducted from assets . . . . . . . . . . . . . . . . . e e s s a c e s a º & s s e e & ſº 100,000 £809,254 ii APPENDIX. In regard to the amount of the before-mentioned sum of £339,118, that amount arises from goods shipped by the London house during the past and present year, for bills drawn by the Calcutta house, to be covered by consignment of goods and bills to the London house, and for similar transactions, all of which are in the regu- lar course of business to be remitted for during the present season. In regard to the old balance of £435,500, the London house also holds securities on indigo facto- ries and other properties for the balance, subject to a prior mortgage of £100,000, the surplus being estimated at £90,000. There is a balance-sheet of the Calcutta house up to the end of April, 1846, in London, which has been carefully examined by Mr. Martin, formerly a partner in the Calcutta house, and intimately acquainted with the numerous properties, and by others long conversant with the commerce of India, and their very confident opinion is, that the house in Calcutta is fully compe- tent to meet all its liabilities, and that nothing but a most unwarrantable sacrifice of property by panic and forced sales, or by the operation of the Insolvent Court, where very heavy expenses, and much waste and destruction of property necessarily take place, can defeat the house's capacity, ultimately, to liquidate all its liabilities. The opinion of the partners and of the gentlemen who have given their assistance in looking into the concern is, that by the 1st day of January there ought to be realized a sufficient sum to make assignment to the creditors of twenty per cent. on all the debts of the house. The chairman further stated, that Mr. Martin, who had retired from the house in Calcutta, in April, 1845, was prepared to proceed to Calcutta by the packet of the 20th instant. And it was also contemplated, with the sanction of the inspectors to be now appointed, to make arrangements for some other competent person wholly unconnected with either house, to proceed to Calcutta, with the view to protect the interest of the creditors generally, and that of the London house also. The chair- man further stated, that although there was no balance-sheet of the Calcutta-house of a date later than the 30th of April, 1846, the end of the commercial year; yet, from the opinion of Mr. Martin, confirmed also by that of the partners in the Lon- don house, the debts of the Calcutta house would be but comparatively of small amount beyond the bills drawn and now in the hands of the creditors, and the two sums already stated as being due to the London house. The chairman further stated, that powers of attorney had been sent out by the last packet in favour of Mr. Mackenzie, of the house of Mackillop, Stewart, & Co., and of Mr. Martin, to protect the interest of all parties until the creditors in England had the opportunity of coming to a resolution on the course which they might deem it most expedient to have pursued in the liquidation. It was then moved by Mr. Kirkman Hodgson, and seconded by Mr. Charles Dash- wood Bruce, and unanimously resolved:—“That the interest of the creditors would be best consulted by the partners devoting their services to the realization of the property and to the liquidation of the affairs of the house under the direction of inspectors.” It was moved by Mr. Alex. Colvin, and seconded by Mr. Edmund Buxton, and resolved:—“That in the event of the house in Calcutta not meeting its engagements it is the opinion of this meeting that it would be greatly to the advantage of the creditors that the concerns of the house in Calcutta should be liquidated by the partners, under the inspection of two or three gentlemen of standing and character in Calcutta, and that reasonable time and facility should be afforded for the liquidation and realization of the property, by avoiding sacrifices and forced sales; and that the heavy expenses and official forms of the Insolvent Court ought to be avoided; and that all bill-holders be strongly recommended to send out their protests, but for the present to retain their bills and to give a discretion to their correspondents in Cal- cutta to concur with other parties who have an equal interest with themselves in carrying the substance of this resolution into effect so as to promote the interest of all parties and avoid the sacrifice of property.” It was then moved by Mr. James Heron, seconded by Mr. Charles Riley, and resolved:—“That the following gentlemen be named inspectors: Mr. Samuel Gregson, 1Mr. Edward Mills, Mr. John Horsley Palmer, and Mr. John Deans Campbell.” It was then moved by Mr. Frederick Hodgson, seconded by Mr. William Pigott, and resolved:—“That a dividend be paid as funds can be realized, and that a deed be in the mean time prepared with such clauses as are usual and necessary. Such deed to be settled and approved by the inspectors on behalf of the creditors, and signed by the creditors on receiving the dividend.” APPENDIX. iii It was moved by Mr. George Arbuthnot, seconded by Mr. John H. Palmer:— “That a sum not exceeding £5,000 be applied in discharge of small claims, in the discretion of the partners and sanctioned by the inspectors.” “The accounts,” remarked the Times, “show a nominal surplus of £190,000, and, from what transpired during the discussion which took place, the prospects of the creditors, supposing no very serious difficulties to arise in Calcutta consequent upon the disasters on this side, may, on the whole, be considered favourable. In the formidable item of £435,500, which appears to be due from the Calcutta house, we have a sufficient explanation of the cause of the stoppage, and also the indication as to the principal contingency upon which the character of the liquidation will depend. It appears that securities are held against a portion of the amount in the shape of indigo factories and other property, which have hitherto been estimated at £200,000, although, of course, it must be expected that they will not produce that sum when a realization shall be attempted. The item of £339,000, ‘which is in course of remit- tance,’ arises, it was stated by the chairman, from goods shipped by the London house during the past and present year, all of which are, in the regular course of business, to be remitted for during the present season.” In the beginning of the month of February, 1848, the Overland Mail brought accounts respecting the position of the greater number of the Calcutta houses; and the exhibit made by the Calcutta firm of Cockerell and Co. was as subjoined, the pro- ceedings being extracted from the Bengal Hurkaru of the 17th of December. “On the motion of Mr. C. J. Richards, Mr. Adam Freer Smith, was called to the chair, and read the advertisement calling the meeting, also a statement of the liabilities and assets of the firm, when “It was proposed by Mr. J. C. Richards, and seconded by Mr. R. H. Hunter:— * That it is expedient for the interests of the creditors that the estate be put into the hands of the Insolvent Court.”—Carried unanimously. “It was then proposed by Mr.C. B. Skinner, and seconded by Mr. M Gladstone, —‘That Messrs. William Martin and Henry Cowie be recommended to the court as co-assignees to the estate.’—Carried by a majority. LIABILITIES. Rs. Balances due on open accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,68,873 Bills payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,32,097 Cockerell and Co., and Cockerell, Larpent, and Co., of London, includ- ing their acceptances and bills drawn under credit" . . . . . . . . . . . . . . 65,94,101 Deceased and retired partners’ balances . . . . . . . . . . . . . . . . . . . . . . . . . . 15,01,994 Bills drawn on London which had not been accepted, Rs. 72,029 . . . . 7,29,290 Ditto drawn from premiums, payable to the Atlas Insurance Office, not due up to the failure of the London firm, £2,578 ... . . . . . . . . . . . 37,780 Office rent and pay of the establishment . . . . . . . . . . . . . . . . . . . . . . . . . . 18,876 Rs. 125,83,011 Besides their claim for bills remitted on our own account current, which are most likely to be paid, £25,740. ASSETS. Cash balance in the Bank of Bengal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rs. 29,873 Ditto in the hands of the Banian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,496 Balances in open accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,56,106 Ditto due by planters and others, secured by blocks of factories, and other property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,19,871 Ditto due by indigo and sugar factories the property of the firm . . . . . . 13,99,447 Outlay of cultivation of the above, Season 1847-48 . . . . . . Rs.11,31,461 Season 1847-48 . . . . . . 1,62,108 12,93,569 Natmoo estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,74,808 Government paper, banks, insurance, and other shares . . . . . . . . . . . . . . 7,91,875 Glasgow purchase amount . . . . . . . . . . . • * * * * * * * * * * * * * * * * g e º a e s e s º º 1,39,000 Bills receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,153 Rs. 130,46,198 # Of the above liabilities Rs. 44,24,000 are understood to be covered by securities standing in the credit side in this statement at Rs. 62,00,000; and by indigo, the produce of the season, valued at Rs. 6,30,000—together Rs. 68,30,000. a 2 iv. APPENDIX. AsSETS EARLY REALIZABLE. Cash balance, 18th November . . . . . . . . . . . . . . . . . . . . . . . . . . . . tº e º s º 35,000 Bills receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & e º º e º e º s & 17,000 Proceeds of piece goods, and twist sold” . . . . . . . . . . . . . . . . . . . . . . . . . . 96,500 Estimated value of ditto unsold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,500 Shell lac and lac dye, godown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,000 Indigo produce of season, less lien on it . . . . . . . . . . . . . . . . . . . . . . . . . 2,06,000 Sugar and saltpetre in transit to Calcutta. . . . . . . . . . . . . . . . . . . . . . . . . 23,500 Bank of Bengal shares (3) with dividend. . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 TJnion Bank shares (14) balance recoverable from Natmoo . . . . . . . . . . 2,67,100 Timber, elephants, and outstandings not included. . . . . . . . . . . . . . . . . . Balance due by Kishnaghur Rajah for talook . . . . . . . . . . . . . . . . . . . . . . 10,000 Advances for indigo and sugar cultivation produce not included above 2,31,000 Personal balances early realizable, less included on bills receivable. . . . 1,44,100 Balance of Mr. Larpent’s personal estate after paying all private liabi- lities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 Ditto, ditto, Mr. Beckwith’s ditto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 Bu Dukaobadee talook, yielding 2300 RS. per annum . . . . . . . . . . . . . . 25,000 Shares in Insurance offices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • * * 47,900 Balance of produce with Pelletreau and Evans and Co. . . . . . . . . . . . . . . 50,000 Five Bengal Indigo Company shares of Mr. Forlong. . . . . • * * * * * * * . . . 25,000 Old copper, per Emma Colvin” . . . . . . . . . . . . . . . . . . . . . . . . © e º 0 e º 'º e s e 3,700 Government paper on hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,600 Proceeds of teak timber, per Sir Robert Seppings, estimated at . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 Less Captain Trail's share, after deducting his share of the balance of debit of ship . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 - 4,500 Government paper deposited at indigo and other factories:— Balacole, in 1844-45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 T]itto, 1846-47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 Cooleadah 2 y - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,000 Ameerpore rum and sugar works in 1844-45 . . . . . tº e s s e e s e tº 5,000 10,000 Rs.13,32,400 On full investigation, however, this statement did not prove correct, and as the fearful loss which it was estimated would have to be submitted to in the winding up of the Calcutta house, together with other reductions occasioned by further failures, made a vast alteration in the prospects of assets, a fresh report was prepared, which shewed that instead of 20s. in the pound being the amount which the creditors might reasonably hope to receive, the outside dividend would scarcely exceed 4s. 4d. This report, containing much interesting matter, is given in eactenso. REPORT, 1st MAY, 1848, founded on the investigation of Mr. J. E. ColeMAN, the accountant employed. “On the 18th October, 1847, at a general meeting of the creditors of CoCKERELL, LARPENT, & Co., a statement of the affairs of the house was laid before them, and certain resolutions adopted thereon. “Six months having elapsed, it becomes imperative to see what is the present position of these affairs, and to examine item by item the component parts of this statement, in relation to the information intermediately obtained. The statement of October was formed upon an abstract of the balance-sheet of the books of the house, made up to the 27th September, 1847. * The Banian claims a lien on part of these goods. APPENDIX. 1st, The debts upon open ac- counts were taken at . . . . . . £154,761 * 2nd, The outstanding accept- anceſs were taken at . . . . . . . , 464,632 Together . . . . £619,393 On the 26th February, 1848, they prove to be (The difference arising from in- terest on deposits to 27th Sep- tember, and from bills under acceptance since taken up by the drawers, which had been previously deducted from their cash-balance) They are reduced to 196,594 & e º 'º e º ºs º º & 402,765 £599,360 But to this amount must be added the liabilities arising from bills receivable which were not taken into account. They have now been gone over, and may be briefly stated as follows:— 1st. Bills discounted, outstand- ing in October,1847 £367,352 Of these have run off 205,790 tº e < * * * * * Leaving outstanding . 161,562 A large portion of which are on houses that have since suspended payment, but of the amount above it is expected that a por- tion will be duly ho- noured to the extent of. . . . . . . . . . . . . . . . 73,332 £88,230 2nd. Bills drawn by Cockerell, Larpent, & Co., on Calcutta, accepted by Cockerell & Co., but not paid 30,126 3rd. Bills accepted by the Union Bank of Calcutta,and endorsed by Cockerell, Larpent, & Co. 38,946 157,302 £756,662 • * * * g e s tº e º º º It appears by the preceding, therefore, that the debts— per statement of October, 1847, Were . . . . . . . . . . . . . . . . . . . . £619,393 The assets taken in Oct., 1847, were as follows:– 1st. Cash at bankers . . . . . . . . 2,317 Bills of exchange and goods 15,600 17,917 Of which goods to the extent of $2,100 have been delivered to the consignors or their order under legal advice. per statement of 26th February, 1848, Were • . . . . . . . . . . . . . . . . . . . £756,662 1st. The cash and bill receipts on general account have been 13,106 And the balance in cash and bills is now . . . . . . . . . . . . 12,974 In the bills per contra were in- cluded— Bills on Lyall, Brothers, #3 Co. . . . . . . £5,000/#### ,, Barclay & Co. 5,000 §: # *-* 3 : * . £10,000 #### VI APPENDIX. Brought over £17,917 Brought over £12,974 And payment has been made to Mr. Martin, for outfit, &c. to India 900 Ditto to Partners . . . . 816 Ditto to Establishment now broken up .... 1,915 And the bankers have & written off the balance in their hands. . . . . . 2,317 & & 2nd. These are now taken as 2nd. Balances in course of reali- per schedule at . . . . . . . . . . 6,860 zation . . . . . . . . . . . . . . . . . . 40,000 =º-mesº-wº-se *m-mm-sºm-º. th. Februar Per statement of October, 1847 57,917 Pºtº tº e s © e º & 3. £59,834 This item was supposed to be in course of remittance from Calcutta upon the following grounds :— 1st. The whole being composed either of liabilities incurred here for property actually held in Calcutta, or for cash received there for bills drawn on the firm of Cockerell, Larpent, & Co., of London, in pursuance of the new house; and 3rd. Balances in the hands of Cockerell & Co., of Calcutta, in course of remittance .... £339,118 2nd. On account of the repeated assu- rances of the Calcutta firm. The property held in Calcutta, and the cash received, was as follows:– Manchester and Glasgow goods, for which returns had not been made, (shipped in 1846 and 1847) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £78,000 Bills drawn on “Produce Account” . . . . . . . . . . . . . . . . . . . . 45,000 Bills drawn on “London Account” . . . . . . . . . . . . . . . . . . . . 60,000 Bills drawn on “General Account” . . . . . . . . . . . . . . . . . . . . 153,000 £336,000 Of assurances in their letters, there were amongst others, the following:— In their No. 203, 5th December, 1846, they state their intention to open an ac- count to be called “Produce Account, 1847,” against which they would draw from time to time, as their expenditure for indigo, sugar, and timber, might render neces- sary, which drafts were to be provided for from the returns of the several articles, either in the shape of consignments, or, if circumstances rendered sales on the spot desirable, in bills. In their letter No. 17, Private Series, 7th January, 1847, they advise having spe- cifically drawn for cultivation purposes. In No. 20, Private Series, 4th February, 1847, they state that they may fairly calculate upon the bulk of the sugar and timber shipments arriving in London in time to be available for the early engagements in this account. In No. 23, Private Series, 20th March, 1847, they repeat that every draft drawn in produce account will be literally provided for by the returns from produce which will have been realized or shipped. No. 27, Private Series, 1st May, 1847. “We are happy to be able to speak most favorably of our prospects for this year. “In no preceding year do we remember to have received such universally favo- “rable accounts from our factories, for we may say, with the sole exception of “Midnapore, where matters are not so promising, our factories in every district “ promise full crops, and we have every reason to expect a return fully equal to “the maximum figure given in our detailed statement of our indigo produce.” Our accounts from our sugar factories are also very satisfactory, and matters at “Natmoo are progressing.” & 4 APPENDIX. vii No. 34, Private Series, 7th August, 1847. “To this moment we have been unable to obtain advances upon any of our indigo, “ of which we have a large quantity actually housed at the factories, the ship- “ping documents of piece goods held by us have also been unavailable, our “ prospects of indigo continue reasonably satisfactory, although the very large “returns we at one time expected, cannot now be realized.” 4th. Amount due by the Statement of October, to Cockerell & Co., London, by Cockerell & Co., Calcutta . . . . . . £435,500. This large item was the estimated amount of the debt due to the old firm of Cockerell & Co., which closed 31st December, 1846, and it is necessary to explain the circumstances that led the London house to suppose that it was fairly estimated and covered by property ultimately available in India for its liquidation. In 1839, the capital of the Calcutta firm amounted to £385,390, and the debt due to the London house was only 416,905 C. R., or £41,690. Balance sheets from 1839 to 1846 had been annually transmitted by the Calcutta firm, and although in consequence principally of the large payments made by the London house on behalf of the Calcutta firm, to the Messrs. Spiers on their retire- ment, and to Mr. Howe Cockerell’s executors, on his death, the debt of the London firm had greatly increased; there was no reason to suppose that the capital of the Calcutta firm would not be amply sufficient to cover the increased debt created by such retirement, independently of security, which had been taken on factories and other property amounting together to £180,000. The nett profits of the Calcutta house from 1st May, 1839, to 30th April, 1846, amounted to Rs. 33,73,420, but in the years 1843, 1844, and 1845, various amounts were written off, amounting to Rs. 10,62,990, leaving the amount of profits actually passed to credit of the several partners Rs. 23,10,430, say £231,400, averaging £33,000 per annum for the seven years. From the perusal of the correspondence and inspection of the accounts between the two houses during the above period, it appears that the whole of the former throughout, carry perfect confidence in their stability, and of their power to meet in every manner their various engagements, which the accounts that accompa- nied the same, fully corroborated, and such accounts (down to the balance-sheet of 30th April, 1846,) as they were received periodically, were strictly examined, classified, and estimated by the London house, under the direct inspection of Mr. Martin, he being the last partner who retired from Calcutta, and was most inti- mately acquainted with the details and values of all the properties in which the Calcutta house was interested; and the best proof of his belief in the accuracy of his estimate, is, the fact of his having left the whole of his balance in the house, and which still remains. Throughout the whole of this period up to the time of failure, Messrs. Cockerell, Larpent, & Co., had every reason to suppose, that the local engagements of the firm were comparatively of no considerable amount, and by the letter which had accompanied the last balance-sheet of the 30th April, 1846, and which letter was dated the 7th January, 1847, Messrs. Cockerell & Co. had expressed themselves as follows:– “Our operations in indigo, sugar, and timber, shew a large estimated surplus on “returns over outlay, and in addition to our profits from other sources, ought “to make our reducing, annually, the permanent amount against us, without “infringing in any way upon the new firm’s operations.” We hope to be enabled by the exercise of the strictest economy in all depart- “ments of our business, and losing no opportunity of realizing “locks up,” to “liquidate the amount at the rate of £50,000 per annum; in naming this sum “we have had considerable hesitation, and can assure you, it is the utmost we “can expect to do under ordinary circumstances.” It should be remarked, that this letter is in reply to one from Cockerell & Co., of London, dated 2d October, 1846, informing the Calcutta house of the intended new partnership of Cockerell, Larpent, & Co., and requesting from them some terms of liquidation for the balance due to the old firm of Cockerell & Co., thereby shewing that the house in Calcutta at this period, felt confident of being able to meet all their engagements. After the suspension of the London house on 27th September, 1847, and with a view to the statement afterwards submitted to the creditors, Mr. Martin was requested & { viii APPENDIX. to go over all his statements, and the following is the result of his investigations as primarily founded on the last balance-sheet, and which formed the basis of the esti- mate in the statement of October, 1847. That the LIABILITIEs of the Calcutta house are therein taken as follows:— Balances to sundries . . . . . . . . . . . . s e º e º ºs e e s e º e º ºs e º e º ºs s e º e e s a e e Rs. 7,61,183 Balances to London house (without security,) except the surplus on the mortgages to the estate of R. H. Cockerell . . . . . . . . . . . . . . . . . . 30,60,000 Balances to London house (with security) . . . . . . . . . . . . . . . . . . . . . . . . 12,95,000 Balance to R. H. Cockerell’s estate (with security) . . . . . . . . . . . . . . . . 9,00,000 Balance to Mr. Martin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,00,000 Aggregate . . . . . . . . . . . . . . Rs. 66,16,183 Or say. . . . . . . . . . . . . . . . . . . . £661,600 To these liabilities Mr. Martin added the acceptances of the London house . . . . . © º e º e o e º s e º 'º e s is e e º e º is e e to e º e º e s a s = e s is e º e s w = * * * * * 345,000 £1,006,600 That the ASSETs of the Calcutta house are taken as follows:— Balances, civil and military (good) . . . . . . . . . . . . . . . . . . . . . . . . . . . Rs. 1,26,000 Indigo and sugar factories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,30,199 Planters' balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,98,178 Pelletreau and Even (Mirzapore advances). . . . . . . . . . . . . . . . . . . . . . . . 15,25,835 Advances on indigo outstanding at that date . . . . . . . . . . . . . . . . . . . . . . 2,00,000 Natmoo estate, Moulmein . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,50,000 Shares in the Bengal Indigo Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,00,000 Miscellaneous accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,88,472 Shares in Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,85,130 Ships sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rs. 1,60,000 Timber at Natmoo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,80,000 — 4,40,000 Indigo season, 1847, 11,411 maunds at Rs. 100 . . . . . . . . . . . . . . . . . 15,40,000 Sugar, 2,500 maunds at Rs. 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,00,000 Goods and produce in godowns, 15,000 maunds, sugars, and sundries . 2,05,000 Glasgow goods. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,89,430 Ships building at Natmoo, 1820 tons, at £15 per ton. . . . . . . . . . . . . . . . 2,73,000 Freight by the same between Moulmein and Calcutta . . . . . . . . . . . . . . 1,00,000 Total . . . . . . . . . . . . . . . . Rs. 1,26,51,244 Or say . . . . . . . . . . . . . . . . £1,265,100 From these Mr. Martin took miscellaneous balances. Pad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £12,000 Loss on shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,840 Loss on Pelletreau and Even’s balance . . . . . . . . . . . . . . . . 70,000 Loss on factories . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . . . * * 100,000 Loss on planters’ balances . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 369,800 £895,300 Balance, being deficiency. . . . . . 111,300 £1,006,600 It was upon these data that the London house believed not only that there would be provision for the liabilities outstanding, say £339,118 on account of Cockerell, Larpent, and Co., but ultimate provision for the debt of the old firm of Cockerell and Co. Mr. Martin proceeded to Calcutta shortly after the suspension of the London house, with a power of attorney to himself and Mr. McKenzie, to act on their behalf. . APPENDIX. ix The following Memorandum has been sent home by Mr. Martin. “Memorandum by Mr. Martin, 16th December, 1847.” “On my arrival in Calcutta, I was surprised to find the assets of the Calcutta “house so much below what, from the information in possession of the London “house, and from the balance-sheet to 30th April, 1846, (which was the latest “in possession of the London house) I and others had supposed they would “turn out to be, and I have given as much of my time as possible to look into “accounts for the information of the creditors of the London house.” “The following will shew the difference between the estimates in London, and the “real result in Calcutta.” “1st. The heavy loss in the indigo season, 1845-46, “amounting to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . “It was supposed that there was a loss upon a portion of the “factories, and a memorandum was down in the London “house’s statement to that effect, but nothing more was “known in London.” “2nd. The London estimate of the present “season’s indigo crop was made up in the “latest letters from Calcutta, it gave . . . Mds. 11,411 “Whereas so great a change has taken place, Rs. 7,61,000 “that the quantity is now supposed to be 7,600 Difference . . . . . . 3,811 at 140 Rs. Per Maund . . . . . . . . 5,52,000 “3rd. I find a mortgage of old date on “sundry factories still remaining with the “ Union Bank, it formed part of several, “all the rest having been paid off . . . . . . Rs. 6,00,000 “New Loan . . . . . . . . . . . . . . . . . . . . . . . . . . 5,00,000 Rs. 11,00,000 “of which a large portion was remitted to “the London house, for which have been “assigned 5,138 Mds. indigo, valued at “140 Rupees. . . . . . . . . . . . . . . . . . . . . . . . 7,19,000 “Indigo factories of the value of 6 Lacs 6,00,000 13,19,000 Carried forward “4th. Shares deposited with sundry parties:— “60 shares Bengal Indigo Company .... Rs. 2,40,000 “155 bonded warehouse shares . . . . . . . . 38,750 “30 Union Bank shares ... . . . . . . . . . . . 24,000 Rs. 26,32,000 3,02,750 Rs. 29,34,750 “There are several other accounts where differences are shewn, but it has been im- “possible to estimate them all. Then there are heavy charges for interest, &c., “the state of the Money-market here and in London, during these last two “years, and the constantly recurring panics, and the extreme depression of “prices for all produce, and the succession of unfavorable indigo seasons, and “the high rates of interest and charges paid, have altogether been the cause of “the heavy losses the Calcutta house has sustained.” The above mentioned causes would thus increase the deficiency £111,300 293,500 Total deficiency £404,800 895,300 which was estimated in October, 1847, at . . . . . . . . . . . . . . . . . . . . And increase as above Rs. 29,34,750 . . . . . . . . . . . . . . . e ‘º e o e º m Or say reducing the assets of . . . . . . . . . . e e e s s e e s e º e º 'º e s - * * By losses on indigo . . . . . . . . . . . . . . . . . . . . . . . . . . 76,100 and . . . . . . . . . . . . . . . . . . . . . . . . . . 55,100 Carried over . . . . . . 131,200 895,300 X APPENDIX. Brought over. . . . . . . . . . . . . . . . . . . . £131,200 £895,300 Pledges of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,270 Ditto of indigo, &c., to Union Bank . . . . . . . . . . . . 132,000 — 293,500 £601,800 to pay Liabilities of £1,006,600 Of which the claims of Cockerell, Larpent, & Co., are . . . . . . . . £345,000 And Cockerell & Co., old account . . . . . . . . . . . . . . . . . . . . . . . . 435,000 £780,000 To what extent the special securities will cover the special liabilities charged thereon is uncertain. The charge of 9 Lacs, say £90,000 on mortgages to the estate of R. H. Cockerell, is supposed to be fully covered by the Natmoo property alone, taking therefore from the given liabilities say . . . . . . . . . . £1,006,600 that claim say . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 It reduces the amount of liabilities to £916,600 and from the assets of . . . . . . . . . . . . . . . . . . . . . . . . . £601,800 The valuation of that property therein, say . . . . . . 90,000 It reduces the amount of assets to . . . . . . . . . . . . . . . . . . . . . . . . £511,800 Whether the factories held by Cockerell, Larpent, & Co., under special mort- gages will give them advantage over the general creditors, it is impossible to say; nor can any judgment be formed upon the imperfect information hitherto obtained of the value of those factories, or of the planters’ balances; but the last advices dated March 8th, 1848, from Calcutta (from Mr. Martin and Mr. Mackenzie), report more favorably on these two items than general circumstances would have allowed us to expect, and they look forward to some considerable assets from them at the end of the year: and a question exists as to the ranking between the two firms in respect of the outstanding acceptances. More recent and specific information is looked for from Calcutta, and in the meantime no estimate of what may be forthcoming from thence can be relied on. The assets immediately available for division are calculated by Mr. Beckwith, and by Messrs. Martin and Mackenzie, at Rs. 13,32,300, or £133,000; and it is stated loosely that the estate of Cockerell & Co., of Calcutta, may pay 16 to 20 per cent. after allowing for specialties. The Natmoo estate, which yields a vast quantity of teak and other timber, is to be carried on by the assignees, and nearly all the several indigo factories are also to continue working during the current season, in order that the proceeds of the crop may be made available for the benefit of the estate. One of the great causes of the difference between the estimate in October last, of the estate of Cockerell & Co., of Calcutta, compared with that now laid before the creditors, arises from the balance due to the Union Bank and the securities pledged to that establishment. The only items in the balance-sheet of Cockerell & Co., of Calcutta, 30th April, 1846, which can be traced as apparently connected with the Union Bank, are as follows:— Cutchoa and Burragang Bank advance . . . . . . . . . . . . . . . . . . . . Rs. 93,930 Union Bank . . . . . . . . . . . . . . . . . © e e a tº e º º g º e º e º e º e s tº e s 6 c & 69,407 {Jnion Bank cash credit account. . . . . . . . . . . . . . . . . . . . . . . e = e 4,597 Rs. 1,67,934 No intimation either direct or indirect, except the above, is given in any of the accounts or correspondence of any debt to the Union Bank. In the statement received since the failure, and purporting to be the unfinished balance-sheet, 30th April, 1847, the Union Bank appears Dr. . . . . . . . . . . . . . . . . . . . . Rs. 11,757 And creditor post bill account . . . . . . . . . . . . . . . . . . . . . . . . . . 7,60,000 And in a paper annexed to the list of liabilities of the Calcutta firm, which has also been recently sent over, the Union Bank stands thus:– APPENDIX. xi Cash credit account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rs. 10,90,000 Discounts on securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,48,138 Ditto on acceptances . . . . . . . . . . . . . . . . Rs. 2,23,000 Ditto on indorsers . . . . . . . . . . . . . . . . . . . . 93,500 **** 3,16,500 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 Rs. 21,04,638 And against this balance the bank is stated to hold mortgages on Indigo factories— Of 6 Lacs; now valued at . . . . . . . . . . . . . . . . . . . . . . Rs. 4,50,000 5,138 maunds indigo, at 130 Rupees per maund . . . . 6,67,940 60 shares in the Bengal Indigo Company. . . . . . . . . . 3,00,000 Rs. 14,17,940 Claim on Cockerell, Larpent, & Co., for their credits. . . . . . . . . . . . . . . . . . . . . . Rs. 3,50,000 And bills discounted to be taken up by others . . . . . . . . . . . . . . . . . . . . . . . . . . 2,35,000 g===mºmºmºmºsºme 5,85,000 Rs. 20,02,940 N.B. These claims on Cockerell, Larpent, and Co., are for letters of credit, which were sent to Cockerell & Co., of Calcutta, sanctioning their drafts for produce and other operations, and which were lodged with the Union Bank by the Calcutta firm. It is quite impossible to reconcile the foregoing statements, and application has been made to the parties in Calcutta, to furnish an account of all the transactions between the Calcutta house and the Union Bank, from 1st May, 1845, to the latest period, stating likewise, the dates of the several securities pledged, and the particu- lars thereof. During the period from 1839 to the stoppage, it becomes not unimportant to report the respective positions of the members of the firm. In January, 1839, the firm of Cockerell & Co., London, consisted of Mr. I. S. Brownrigg, Mr. John Cockerell, and Sir George Larpent, and their united capital was £203,351 16s. 9d., the firm continued without alteration until December, 1846, when Mr. Brownrigg retired, and Mr. John Noble, (who had been for some time a salaried partner) with Mr. I. S. Stopford, and Mr. C. E. Newcomen, were admitted partners. It was arranged that Mr. Stopford and Mr. Newcomen should each bring in a capital of £20,000, and that they should also place a like amount in the hands of the house, to be as a loan, and for which they were to receive interest; Mr. Newcomen did not bring in any capital whatever, but Mr. Stopford had up to the time of the sus- pension, paid £20,000. From January, 1839, to the date of suspension, the amount of profits of the house, was £219,182 15s. 8d., which was passed in equal proportions to credit of the several partners, except in the years 1845 and 1846, when Mr. Brownrigg had a sum of £3,000 for each of those years, and the remaining amount of profit was equally divided between Mr. Cockerell and Sir George Larpent. In the last year, viz. 1847, the profits were divided in the following proportions, Mr. John Cockerell, two-eighths; Sir George Larpent, two-eighths; Mr. I. Noble, one-eighth; Mr. I. S. Stopford, one-eighth; and Mr. C. E. Newcomen, one-eighth; and the remaining one-eighth was passed to the credit of an account opened as a reserved fund. The drawings of the several partners during the period in question were as follows: Mr. I. S. Brownrigg . . . . . . . . . . . . . . . . . . . . . . £53,849 12 10 Mr. John Cockerell . . . . . . . . . . . . . . . . . . . . . . 42,030 7 10 Sir George Larpent . . . . . . . . . . . . . . . . . . . . . . 36,339 6 2 Mr. John Noble . . . . . . . . . . . . . . . . . . . . . . . . . . 392 19 5 Mr. I. S. Stopford . . . . . . . . . . . . . . . . . . . . . . . . 886 14 5 Mr. C. E. Newcomen . . . . . . . . . . . . . . . . . . . . e 1,623 8 10 £135,122 9 6 xii APPENDIX. Thus shewing a surplus balance between profits and drawings, amounting to £84,060 6s. 2d., at present represented in their several credit balances, which stand as follows:— Mr. John Cockerell . . . . . . . . . . . . . . . . . . . . . . £130,379 9 0 Sir George Larpent . . . . . . . . . . . . . . . . . . . . . . 59,992 0 2 Mr. John Noble. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,659 14 5 Mr. C. E. Newcomen. . . . . . . . . . . . . . . . . . . . . . 2,588 13 6 Mr. I. Stopford. . . . . . . . . . . . . . . . . . . . . . . . . . 21,745 2 11 £221,365 0 0 To the above must be added the amount standing at Mr. Brownrigg’s credit, and which amount was under agreement to remain until the balance due from Cockerell & Co. of Calcutta, to Cockerell & Co. of London, was reduced to £100,000, say . . . . . . . . . . . . . . . . . . . & w a c e s - e s e e 33,727 17 4 £255,092 17 4 Thus the capital standing at the date of suspension 27th September, 1847, in all was £255,992 17s. 4d., shewing an excess of capital since 1839, of £51,741 0s. 7d. The 5th item in the statement of October last, is the Mauritius estates, taken at £50,000. These estates consist of 3,787 acres of land, of which 1,500 are under cultivation, the value was taken in 1844-45 by the manager, at dols. 490,000, reduced in 1846, by dols. 50,000, say dols. 440,000 or £90,000. The last year's produce was about 1,000 to 1,100 tons, and the expectation of the manager makes the future produce 1,500 tons. The position of the Sugar-market is a matter of notoriety, and it is impossible, under existing circumstances, to state any value to these properties. They are legally (it is understood) the property of Mr. Cockerell and Sir George Larpent, and are mortgaged primarily to pay a bond given by them and Mr. Brown- rigg to the late Lord Metcalfe. If the sale of the estates, or the profit on the pro- duce, should give a surplus, after paying the prior charge, that surplus would be applicable to the debt to the house of Cockerell, Larpent, and Co., amounting to £117,655, which now stands at the debit of the said estates. The losses on these pro- perties written off, amount to £95,000. Of the produce of the season just past, part has been retained in the island in consequence of bills having been returned, and part, which had heen secured to the bankers, has been delivered to them under their security. * The 6th item in the statement of October last.—Miscellaneous property taken at £10,000, now taken at £4,000. The 7th item in the statement of October last.—Amount of various claims secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £335,380 Amount of property given in security . . . . . * e º s e e º 'º e º e s s - e s tº e º ſº tº e º e - 352,099 Leaving as an available asset a surplus of . . . . . . . . . . . . . . . . . . . . £16,719 It now appears that the above claims of £335,380 have been reduced to £249,764 partly secured, And 25,110 wholly secured. £274,874 And the securities taken at £352,099 And now worth . . . . . . . . . . 178,044 178,044 £174,055 96,830 difference in claim. {#. in security, which is to be accounted for by the loss on the shares in the Bengal Indigo Company, say £60,000 now consi- dered all but valueless, (though having cost that sum,) and by the various bills lodged with bill-holders and the Bank of England, on houses which have since failed. The result, as it at present stands, is therefore nearly as follows:— APPENDIX. xiii LIABILITIES. On open accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £196,594 Acceptances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 402,765 Bills discounted; bills drawn on Calcutta; and Union . Bank acceptances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,303 Excess of liabilities to parties holding securities, the por- tion thereof, in shares, &c., being considered valueless 96,830 — £853,492 The assets are all comprised under five denominations, viz.:- 1st. Estimated dividend of 3s. 3d. on claim of Cockerell & Co. of Calcutta, would produce . £102,881 11 1 2nd. Surplus on sale of estates beyond the claims of the representatives of Mr. R. H. Cockerell, who hold the first mortgage on Same . . . . . . . . 25,000 0 0 — 127,881 11 1 3rd. Balance due to the firm of Cockerell, Lar- pent, and Co., now in course of collection, esti- mated to produce . . . . . . . . . . . . . . . . . . . . . . . . 40,000 0 0 4th. Sundry suspense accounts, dividends on old estates, &c., also in course of settlement . . . . . . 4,000 0 0 5th. Bills and cash . . . . . . * G → * * * * * * * * * * * * * * * * 12,974 19 2 — £184,856 10 3 In regard to the first and second items, Mr. Martin and Mr Mackenzie, who are acting under the power of attorney of Cockerell, Larpent, and Co., have taken all necessary preparatory measures for enforcing all their rights, and are also urging the liquidation of the estate of Cockerell and Co., of Calcutta, with as much speed as cir- cumstances and prudence as to forced sales, will allow. Some of the estates have been sold, others are under offer, and some will be carried on as before-mentioned, (under the authorities of the Insolvent Court of Calcutta and the assignees appointed to act with them,) to give the estate the benefit of the next forthcomin indigo crop. * - Negociations were also in treaty for the sale of some of the mortgaged estates, and should they be carried out, the item of £25,000 will be shortly forthcoming. In regard to the third item, viz. the book-debts, the greater portion of them are due from correspondents in various parts of the globe, and in ordinary times, goods or remittances would be coming forward for a great portion of them, without much delay, and it is anticipated the usual course will be adopted. The fourth item will necessarily be delayed some time, depending upon the reali- zation of some sales which cannot be made until the year 1849. The fifth and last item is in the hands of the bankers, and will become cash as the bills mature. Under all the circumstances connected with this matter, and after a full investiga- tion of the accounts by their accountant, the inspectors have come to the conclusion, that this estate being now rendered a mere matter of receipt and distribution, it must remain with the creditors to decide whether they will avail themselves of the services of some of the partners to realize the assets under the deed, which is already signed to a considerable extent, or to adopt such other course as they may deem more con- ducive to their interests. The whole of the establishment, with the exception of one or two clerks, has been broken up, and it is intended so soon as an occupant can be found for the extensive premises in Austin Friars, to remove the books and necessary documents to some convenient and less expensive office. AUSTIN FRIARs, London, 1st May, 1848. In forwarding the within report prepared by order of the inspectors under whom we have acted in the management of our affairs since our suspension in Sep- tember last, we have to express our regret that the ultimate result will be far less favorable than, from the representations made to us, we had reason to expect, and that it does not hold out better prospects of immediate realization. This is partly xiv APPENDIX. to be attributed to the unfortunate state of all mercantile affairs in Bengal, and to the absorption of the available funds of Messrs. Cockerell & Co., of Calcutta, our prin- cipal debtors, by their assignees having applied them in carrying through the present season the cultivation of the indigo and sugar factories, and in supporting the valuable property at Natmoo. - We are informed by our attornies in Calcutta that “these arrangements are consi- “dered by every person possessing the slightest acquaintance with such concerns as “very advantageous to all parties, and that they have been adopted to recover the “large advances already made for the season 1847-48, and to prevent these proper- “ties becoming valueless.” We trust that this opinion will be confirmed by enabling the assignees to declare a much larger dividend at the close of the season than could otherwise have been realized, and that our estate will thereby receive a corresponding benefit. We beg respectfully to call your attention to the concluding paragraph of the report, and to assure you that should you adopt the suggestion therein made, two members of our late firm, Sir George Larpent and Mr. Noble, will willingly devote themselves to the winding up of our affairs, under the conviction that by so doing, not only will considerable expense be saved to the estate, but from their knowledge of its complicated concerns, and the nature and value of the assets, they may be ren- dered more productive than by any other course of management. To carry this suggestion into effect, it will be necessary for you to signify your consent by returning the accompanying paper with your signature, which will not be binding upon you, unless adopted by the general body of creditors. We venture further to state that, irrespective of the balance due to us, by the Calcutta house, we confidently rely on realizations from other sources of more than sufficient for an early dividend of 5 per cent. on the total amount of every possible liability as stated in the report. We remain, Your very obedient servants, COCKERELL, LARPENT & CO. In liquidation. MESSRs. REID, IRVING, & Co., EAST AND WEST INDIA TRADE. A meeting of creditors, numerously attended, took place on the 9th October, 1847, under the estate of MESSRs. REID, IRVING, & Co., to receive the following state- ment of their affairs, prepared by Mr. J. E. Coleman, the accountant called in upon the occasion. September 17, 1847. DEBTOR. f s. d. £ s. d. To sundry creditors . . . . . . . . . . . . . . . . . . . . . . . . . . 633,239 11 5 Total amount of acceptances outstanding on the 17th of September, 1847. . . . . . . . . . . . . . . . . . . . . . . . . . 793,782 7 5 Of these there were in the hands of Messrs. Reid, Irving, & Co. (having been remitted to them for their own account). . . . . . . . . . . . . . . . . . . . . . . . . . 103,967 12 0 With the public . . . . . . . . 689,814 15 5 Of these there are included in the above sum of £633,239 11s. 5d. . . . . . . . . . . . . . . . . . . . . . . . . . . 341,885 0 10 Leaving amount of acceptances which ought to be taken up by other parties than Reid, Irving, & Co. . . . . . . . . . . . . . . 347,929 14 7 (The liabilities which may attach to Messrs. Reid, Irving, and Co. from these acceptances cannot be estimated) . . . . . . . . . . . . . . . . . . . tº º ſº e º g & Carried up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 633,239 11 5 APPENDIX. XV Brought up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £633,239 11 5 To sundry creditors holding securities 229,522 17 5 Amount of cost of securities held by them . . . . . . . . . . 348,966 5 2 Estimated to produce 261,827 0 0 261,827 0 0 Surplus carried to credit side of state- ment . . . . . . . . . . . . . . . . . . . . . . . 32,304 2 7 To liabilities on bills receivable . . . . . . . . . . . . . . . . 493,869 7 1 Of which it is expected there will be duly honoured as they arrive at maturity . . . . . . . . . . . . . . . . . . . . 461,185 7 6 32,683 19 7 Balance at the Bank of England and at the bankers’ (as per contra), which will be retained against liabilities . . . . . . . . . . . . . . . . . . . . . . • * * * * * * * * * * * 5,491 8 11 — 27,192 10 8 27,192 10 8— £660,432 2 1 CREDITOR. Amount to which Amount which they stand to it is estimated debit or cost. they will pro- duce. £ 3. d. £ s. d. By sundry debtors (good) . . . . . . . . . . . . . . . . . . . . . . 9,153 8 6 9,153 8 6 Ditto, partly secured and partly doubtful . . . . . . . . 125,634 1 10 56,200 0 0 Ditto, in the West Indies, partly secured by mortgage and otherwise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,797 4 10 39,939 16 7 By various estates in Trinidad, Tortola, Nevis, and St. Kitts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,496 15 7 109,833 8 1 By sundry debtors in the Mauritius . . . . . . . . . . . . . . 465,964 1 4 465,964 1 4 By various estates in the Mauritius, and shares in the Mauritius Bank. . . . . . . . . . . . . . . . . . . . . . . . . . 91,184 18 10 91,184 18 10 By Sundry assets of produce, &c. . . . . . . . . . . . . . . . . 13,176 16 11 13,176 16 11 By value of premises in Tokenhouse-yard (less mortgage upon it) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 0 0 4,000 0 0 By surplus of property deposited with creditors as per contra. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,443 7 9 32,304 2 7 By cash balance at the Bank of England, and at the bankers, which will be retained against liabilities as per contra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,491 8 11 By surplus from the separate estates . . . . . . . . . . . . 25,000 0 0 25,000 0 0 £1,121,342 4 6 £846,756 12 10 [NOTE.—The above item of £465,964. 1s. 4d. is subject to a deduction for the cost of cultivation of estates in the Mauritius, the accounts of which are not yet received. Up to the time of their suspension, Messrs. Reid, Irving, & Co. had reason to expect that the property in the Mauritius might substantially realize what it stands at. The failure of houses in the Mauritius trade will no doubt injuriously affect this property, but to what extent cannot be estimated. Messrs. Reid, Irving, & Co. sent a special agent to the Mauritius in August last, to press the liquidation of their accounts there, and from him they will receive detailed information on all points connected with it.] From this statement there would appear a surplus of £186,324, but it will be observed that owing to the absence of any precise or recent estimate of what the Mauritius debts and estates are likely to yield, the total of those assets (£557,149) is put down without deduction. Upon this total it may be feared, looking at the xvi. APPENDIX. results of such realizations of property as have lately been made in the island, the ultimate difference will prove enormous, and it must also be noticed that a liability of £347,929 exists on the part of Reid, Irving, & Co., on bills of exchange, which, although the firm are not primarily responsible for them, may, through the default of other parties whose names they bear, involve considerable loss. The liabilities on “bills receivable * are, moreover, extremely large, and it is to be apprehended that the loss on that head (£32,683) may, from the disasters now continually occurring, ultimately prove to have been under-estimated. “In explanation of the accounts” says a report of the proceedings, “Mr. Freshfield entered into a variety of details, showing, that with the assets at present available, and expected remittances, there will be sufficient funds to pay a dividend, before any considerable period shall elapse, of 5s. in the pound, in addition to the proceeds remaining to be realized from the properties belonging to the firm in the West Indies and the Mauritius. With reference to these it was mentioned, that although the estimates of their value had been made upon the best information that could be obtained, still their value, when submitted for sale, would depend upon contingencies, especially in the case of the Mauritius estates, as other large failures had occurred in connexion with that island. It appeared that the West India property was estimated on the information supplied by an agent who visited it last year. That gentleman was now at the Mauritius, where his presence, with the instructions he held, would, it was believed, operate beneficially for the interests of all parties con- cerned. Mr. Freshfield also stated, that in consequence of the requirements of the firm, both in the shape of advances and securities to creditors, the private property of the partners had latterly undergone considerable reduction.” A feeling being unanimously expressed in favour of winding up the estate by the partners under inspection, the annexed resolutions were proposed by Mr. Turner, of the firm of Sands, Turner, and Co., Liverpool, and Mr. Warren, of D. and J. K. Warren, & Co., London, and at once adopted and embodied in the following form for circulation :- “At a meeting of the creditors of Messrs. Reid, Irving, & Co., held at Moorgate- street, in the city of London, this 9th day of October, 1847, Mr. W. Cotton in the chair, an account of the debts and assets of the house was submitted to the creditors. “Resolved,—That it is the opinion of the creditors that it will be for the benefit of all parties interested in the estate of Messrs. Reid, Irving, & Co., that the property should be for the present administered by the partners, under inspection. “That Mr. Baring, Mr. Blyth, and Mr. M'Chlery, be requested to act as inspectors of the affairs of Messrs. Reid, Irving, & Co., with power to employ an accountant if they shall see fit, and to report from time to time to the creditors as they shall see occasion, and further, that a monthly account shall be made out for the inspection of the creditors during the liquidation.—Carried unanimously. W. COTTON, Chairman.” Early in the month of June, 1848, the firm in a review on affairs issued the annexed circular. - - London, 6th June, 1848. Sir, Under the sanction of our inspectors, Thomas Baring, Esq. M.P., James Blyth, Esq., and M. M'Chlery, Esq., we propose to make an immediate dividend of 1s. in the pound upon our debts, and we take the opportunity of offering some explanations upon the state of our affairs. At the time of the meeting of our creditors on the 9th of October last, it was uncertain what might be the result upon our Mauritius assets of the failure of our own and other houses connected with that Island; but Mr. Comrie had then recently gone out to that Island, and we expected from him a report upon that subject. This gentleman having returned to England by the last Overland Mail, we take the earliest opportunity of laying before you the information we have obtained through him. You are aware, that the news of our failure caused the suspension of Messrs. Henry Adam & Co., our correspondents in the Mauritius. We had hoped that those gentlemen, having the greater part of the crop in their hands at the time the intelli- gence reached them, would have been enabled to withstand the pressure upon them; but the general want of confidence, occasioned by the simultaneous failure of so many houses connected with the Island, rendered this impossible. Messrs. Henry Adam & Co., in the first instance, offered to their creditors a composition of 30 per cent., payable by instalments, and they proposed that our claim should be postponed APPENDIX, xvii till the other creditors had received their composition. This proposition was nega- tived. Messrs. Henry Adam & Co. then put their affairs into trust, and Mr. Comrie thought it for our interest to take estates and debts in payment of a considerable part of our claim; and having done this, Messrs. Henry Adam & Co.'s debt to us is reduced to about £110,000, on which we have to claim dividends from their estate. Mr. Comrie obtained cash for some of these debts to the amount of about £6000, i. beyond this the probable recoveries from the Mauritius may be estimated as OILOWS :- Presumed dividend from H. Adam & Co. . . . . . . . . . . £28,000 Mortgages taken over estimated at their present reduced value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 Seven sugar estates in our own name, producing 5,000,000lbs. of sugar, and estimated at . . . . . . . . . . . . . . . . . . . . . . £155,000 Less claims on them existing before they came into our hands . . . . . . . . . . . . . . . . 37,000 — 118,000 — £181,000 independently of various minor items, the value of which cannot be exactly specified. In the present state of Mauritius, paralysed by the low price of sugar and the failure of the houses there and here who sustained the greater part of its cultivation, there are no buyers for estates, and it becomes therefore necessary to wait for a time when they may become realizable. Sufficient funds exist in the island, without aid from hence, to sustain the cultivation until the next crop shall become available for that purpose. The preservation of this large asset, therefore, will not cost anything to our general estate, while it will be maintained in a position for sale, for the benefit thereof, whenever circumstances admit. While Mr. Comrie holds out the most con- fident expectation that we may expect to receive the proceeds of the Mauritius asset if our affairs are left under our own administration, he expresses the most unqualified conviction that if our house were to become bankrupt the creditors would not receive one shilling from our estates in that island, as the prior liens would immediately be exacted, and would, by the properties being brought to a forced sale, swallow up the whole. The same observation applies in its degree to the property in the West Indies, where there is the same necessity of present preservation for the purpose of ultimate benefit. There is no immediate means of converting the property into money, and the alternative is, the maintaining it in the way we have pointed out, or abandoning it. All the Mauritius, and the most important West India estates, are in the highest order and condition, and would some years ago have readily fetched very large sums in the open market; but successive governments have, by their negligence, way- wardness, and legislation, brought colonial property to the condition which we have to deplore at the present day. If however there be, by any means, a revival of colonial affairs, they will become saleable at a price proportioned to such improve- ment. Under these circumstances, it is so obvious that a liquidation under inspection is the best mode of obtaining the most from the estate for the benefit of our creditors, that we have not felt at liberty to contemplate any other course. In the collection of our general assets we regret to say we have met with much disappointment and delay, as may be supposed in such disastrous times. They may be stated in round numbers as follows:— Funds in hand or nearly collected, about . . . . . . . . . . . . £45,000 Collections to be made hereafter, estimated at . . . . . . 60,000 Mauritius asset, as above . . . . . . . . . . . . . . . . . . . . . . . . 181,000 West India ditto, estimated . . . . . . . . . . . . . . . . . . . . . . 90,000 £376,000 While our liabilities have diminished, in some instances, by more favourable results than we calculated on, they have increased in others by depreciation of property and other unforeseen causes, and principally by the Mauritius bills now becoming a charge against our estate. b xviii APPENDIX. Amount of liabilities assumed 9th October, 1847 . . . . . . . . . . . . . . £660,000 Deduct loss on bills receivable less than then supposed ... £3,000 Acceptances which will be met by special funds under legal advice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,000 36,000 - 624,000 Add Mauritius acceptances, as explained above. . . . . . . . . . 96,000 Claims arising from deficiencies in proceeds of produce and securities held by creditors . . . . . . . . . . . . . . . . . . . . . . . . 36,000 132,000 - £756,000 besides some further claims undecided. — We have made arrangements for payment of a first dividend of 1s. in the pound on the 1st July, upon signature of our deed of inspection. The dividend will be paid at our Counting-house, Tokenhouse-yard, between the hours of 12 and 3 o'clock, on the 1st July or any subsequent day to the creditors on production of their securities. Forms of Powers of Attorney will be delivered to creditors who are unable to attend. We are, respectfully, SIR, Your most obedient servants, REID, IRVING, & CO. MESSRs. BARCLAY, BROTHERS, & Co., MAURITIUs TRADE. A meeting was held on the 2nd of November, 1847, of the creditors of Messrs. BARCLAY, BROTHERs, & Co., whose failure took place on the 13th October. Mr. J. A. Arbuthnot was in the chair, and the following is the statement of the debts and assets:— TOTAL LIABILITIES. £ s. d. Total amount of acceptances £244,678 6s. 2d., of which secured specially, £60,120, total to claim upon the estate . . . . . . . . . . . . 184,558 6 2 Sundry creditors uncovered ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,684 5 0 Sundry creditors partially secured; deficit in value of security .. 34,262 4 11 Liability in respect of bills on third parties, bearing our endorse- ments.--Total amount of such bills £158,259 6s. 10d., of which, bad, £3000; doubtful, £3,000. . . . . . . . . . . . . . . . . . . .... 6,000 0 0 387,504 16 1 0 Sundry small accounts to be paid in full . . . . . . . . . . . . . . . . . . . . . 2,000 0 £389,504 16 1 TOTAL ASSETS. wº-mºmº-ºm- Bills of exchange £11,491 7s. 4d. of which doubtful value, say £2,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,491 7 4 Produce and shipping documents in hand . . . . . . . . . . . . . . . . . . . . 9,000 0 0 Sugar expected to have been shipped from Mauritius before re- ceipt of news of failure, say. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 0 0 Bills of exchange upon houses that have failed £11,881 13s. 9d., valued at . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 0 0 Balance of account with correspondents in India. . . . . . . . . . . . . . . 7,000 0 0 Surplus of securities in the hands of certain creditors, say . . . . . . 3,000 0 0 Remittances expected from Mauritius in next five months, say.. 5,000 0 0 Balance at bankers’, who are creditors for an unsecured loan £1,900. Sundry debtors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 0 0 Carried up £76,491 7 4. APPENDIX. xix Brought up £76,491 7 4 MAURITIUS Account. f 3. d. - Total of debit of agents . . . . . . . . . . . . . . . . . . . . 420,200 0 0 Ditto of sundry planters and others . . . . . . . . . . 110,000 0 0 Cost of one-half share in three estates . . . . . . . . 88,000 0 0 £618,200 0 0 This item is now represented by the following properties :— . Seven estates in the island, which, by agreement with the Mau- ritius agents, made on the 1st of June last, are now Barclay, Brothers, & Co.'s property; these have been taken at the value I of about £340,000. Estimated to realize, at 50 per cent. . . . . 170,000 0 0 2. Sundry claims, good, but not immediately realizable, amounting to about £58,000. Estimated value at 80 per cent. . . . . . . . . . . 46,000 0 0 3. Claims still held in joint accounts with agents, standing at about £77,000. Estimated value . . . . . . . . . . . . . . . . . . . . . . . . 5,000 0 0 4. Proximate balance to be accounted for according to the terms of the agreement of the 1st June . . . . . . . . . . . . . . . . . . . . . . . 98,000 0 0 £395,491 7 4 “The above account,” says a report of the proceedings, “exhibits a nominal surplus of £8,987, but explanations were given which showed that the liquida- tion would be a very unfavourable one. It appears that in June, 1847, Messrs. Barclay, Brothers, & Co. entered into an arrangement with their agents in the Mauritius to divide the estates in which they were interested, and which, up to that time, had been held equally by the two firms. By that means the items in the above “Mauritius account,’ came into their possession. There are creditors, however, who hold draughts of the Mauritius agents upon the London firm to the amount of about £100,000, (and it does not appear certain but that that sum may be increased,) who will, of course, not permit the transfer to be completed without provision being made for the satisfaction of their claims. To secure that object it was accordingly suggested to the meeting that all the estates, &c., which, prior to the said agreement, belonged to the two firms should be conveyed to trustees, subject to the payment of the Mauritius bill-holders, and afterwards that the property should be disposed of on the basis of the contemplated plan. On the other hand, as a consideration to the general creditors of Barclay, Brothers, & Co., for this step, it was agreed that the Mauritius bill-holders should be required to allow the sugars of the crop of the present year, and all the other assets of Barclay, Bro- thers, & Co., except the Mauritius assets, to be realized, and that they should forego all participation in the proceeds. The scheme was suggested in order to prevent unnecessary law proceedings in the island, and it was agreed by the meeting that it would be desirable, if possible, to carry it out.” “The settlement of the claims thus described would reduce the assets of the estate to about 14s. in the pound, and when the contingencies connected with the future prospects of realizations in the Mauritius are taken into account, the dividend that will be ultimately obtained must be expected to fall considerably below that amount. “At the conclusion of the meeting, it was agreed that the affairs of the house should be wound up under inspection, Messrs. John Gurney Hoare, John Henry Pelly, and Rirkman Daniel Hodgson being the parties appointed. It is proper to add, that with regard to the item in the list of liabilities of “sundry creditors uncovered,’ amounting to £162,684, it was explained that nearly the whole of this total consists of debts to various branches of Mr. Barclay's family.” Messrs. A. A. GOWER, NEPHEWS, & Co. MAURITIUs TRADE. A meeting of the creditors of Messrs. Gower, NEPHEws, & Co., whose failure took place on the 11th of September, was held the 23rd of October, 1847. Mr. L. P. Wilson, the Governor of the London Assurance Company, took the chair, and the following statement, prepared by Quilter, Ball, & Co., was submitted for consi- deration:— - - b 2 XX . APPENDIX. - IDEBTOR. £ s. d. To creditors uncovered . . . . . . . . . . º ºr * * * * * * * * * * * e º & sº º is a e º 'º 300,982 18 6 To creditors partially covered £85,798. 7s. 8d. - The amount by which the claim exceeds the estimated value of the securities . . . . . . . . . . . . . . . tº e º e º e s a s ºr e s is e s e º s sº e º 's e e s s s 10,768 2 4 Total claims which ought to come against the estate . . . . . . . . . . 311,751 0 10 To sundry liabilities, viz.:-- On our aeceptances, which should be retired by the drawers, as per statement, fo. —, £248,720 3 11 Of which it is estimated there will be claimed upon this estate . . . . . . . . . . . . . . . . . . . . . . 129,911 0 0 On bills receivable . . . . . . . . 257,765 0 1 Of which it is estimated there will be claimed upon this estate . . . . . . . . . . . . . . . . . . . . . . 17,817 1 5 147,728 1 5 Deduct sundry balances due from surplus securi- ties in the hands of persons holding the above bills, which they claim to retain . . . . . . . . . . . . 8,646 13 139,081 8 1 Probable amount which will be claimed on the estate . . . . . . . . . . £450,832 8 11. CREDITOR. Ledger balances. Present valuation. By bills receivable on hand— £ 8. d. f S. d. Considered good. . . . . . . . . . . . . . . . . . . . . . . . 1,373 3 4 1,373 3 4 Considered doubtful . . . . . . . . . . . . . . . . . . . . 4,074 19 8 3,100 0 0 Considered bad . . . . . . . . . . . . . . . . . . . . . . . . 222 12 0. By sundry debtors— Considered good. . . . . . . . . . . . . . . . . . . . . . . . 32,848 19 5 32,848 19 5 Considered doubtful . . . . . . . . . . . . . . . . . . . . 212,003 11 11 37,000 0 0 Considered bad . . . . . . . . . . . . . . . . . . . . . . . . 42,727 8 9 By sundry property . . . . . . . . . . . . . . . . . . . . . . 15,907 2 2 15,907 2 2 Surplus value of property in the hands of cre- ditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616 0 4 (316 () 4 By Henry Barlow & Co., Mauritius— Eor the amount of cash advances at the debit of this account . . . . . . . . . . . . . . . . . . . . . . 246,456 7 4 Ditto, Giguel & Co.'s account. . . . . . . . . . . . 20,285 6 0 In addition, A. A. G. & Co. are under accept- ances for account of H. Barlow & Co., in- cluded in liabilities per contra £76,925 9 1 N.B. It has not been deemed prudent to make an estimate of what may be forthcoming from the Mauritius beyond the estimated value (after deducting a lien thereon) of the portion of the sugar crop which, it is believed, will be shipped before the stoppage of the house is known in the Mauritius . . . . . . . . . . . . . . tº & 25,000 0 0 Deduct— 576,515 10 11 115,845 5 3 Sundry creditors in full. . . . £1,013 12 4 Estimated expenses of liquida- tion . . . . . . . . . . . . . . . . . . . . 2,000 0 0 *====s=sºº 3,013 12 4 3,013 12 4 £573,501 18 7 £112,331 12 11 Quoting a report of the proceedings, it is stated “that the assets, according to present estimate, are equal to a dividend of 5s. in the pound, exclusive of the pro- ceeds that may be derived from the realization of the Mauritius estates. On the subject of these properties it transpired, that the direct ownership of four plantations APPENDIX. xxi has been transferred by Messrs. Barlow & Co. to Messrs. Gower & Co., as the result of the progress of the heavy advances made by the latter firm on their account. “In reference to one considerable item of assets, viz., £25,000, calculated as likely to be derived from sugar, it was stated that Messrs. Gower & Co., previous to their stoppage, with the view of taking the necessary measures for providing, in some degree, against the liabilities incurred by their Mauritius connexion, sent out several vessels to take in cargoes of the new crop. As these vessels would arrive before the month of December, the period at which at the earliest the intelligence of the failure could be received there, and as orders had been given to ship sugar with all possible despatch, it was reasonably concluded that at the lowest estimate the quantity thus secured would produce the amount named. With respect to the ultimate disposal of the Mauritius properties themselves, it was stated that much will depend upon the position of affairs when the announcement of the late severe disasters shall reach the island, and that, under these circumstances, it had been deemed most prudent not to put a value upon them. A special agent, despatched some time since by Gower & Co. to arrange their concerns in that place, would pay due regard to the interests of the creditors, as he was fully empowered to act in any emergency that might occur. Were it possible to hope that property would not be seriously depre- ciated by what had taken place on this side, then a reasonable prospect might be entertained that these estates would, on the data of recent sales, have reimbursed nearly, if not the whole of the advances. “Several of the creditors, anxious to obtain full information respecting the ship- ments of sugar, suggested that in every probability they had already been drawn against—in that case they would constitute “specialty debts.” In reply, it was remarked, that the firm possessed every assurance that such was not the case. In answer to other questions, it was stated that the partners’ private property had been completely absorbed in supporting the house, even to the extent of an insufficiency remaining to provide for certain annuities stipulated by the terms of the will under which they became entitled to it; and that, as regarded the transactions of the firm in railways, these having been chiefly in foreign undertakings had produced a profit, which, instead of injuring, had benefited the estate. The reason of so large an amount of doubtful debt being valued at so small a sum was said to result from the condition of several other firms with whom Gower & Co. held dealings. For instance, the three following cases were cited in illustration of the kind of accounts included in the estimate:—Alison, Cumberlege, & Co., £33,404; a claim upon a house at Naples for nearly £70,000; and another upon a house in Glasgow for £18,000; neither of which, it was believed, would yield scarcely anything. It was also further explained that the absence of a cash balance at the bankers’ from the face of the accounts was occasioned by the bankers having in their own right retained the £3,000 or £4,000 in their hands, to cover, as far as it would go, loans they had advanced to the house; and that the bills accepted by the partners subsequently to their suspension on account of a New York incorporated company were accepted by them under the advice of Mr. Maynard, who considered himself justified in recom- mending such a course, to save the credit of the company, by preventing the return of protested paper, as it was known that arrangements had been made for the provision of its bills by remittances, and that it was in a perfectly solvent state. A fact which came out in the course of the proceedings, and which seemed to take the creditors by surprise, was the extensive drawings made on the Mauritius account, especially within the last few years, seeing that so lately as 1840 they stood at the moderate amount of £11,000. “At the termination of the discussion a proposal was made to allow the partners to wind up the firm under the management of inspectors, the three gentlemen named to act in the latter capacity being Mr. Gruning, of Messrs. Huth & Co., Mr. R. Grant, of Messrs. Bell and Grant, and Mr. C. Joyce, of Messrs. Joyce, Thur- burn & Co., which was agreed to ; Mr. M'Clelland, who represented the Scotch banks, supporting the proposition.” Messrs. Barlow & Co. having since failed, and Mauritius property having experienced great depreciation, the creditors will not it is anticipated realize the estimate presented by the accounts. xxii APPENDIX. MESSRs. LYALL, BROTHERS, & Co. EAST INDIA TRADE. A meeting of the creditors of MESSRs. LYALL, BROTHERs, & Co., whose stoppage took place on the 30th September, was held 17th October, 1847, when the following statement of affairs, prepared by Messrs. Quilter, Ball, & Co., was submitted for consideration:— DEBTOR. f s. d. To sundry creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,837 14 6 To sundry creditors, partially secured, £122,414 13s. 7d., less the estimated value of securities held by them, £86,324 11s. 7d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,090 2 2 Total amount due to creditors . . . . . . . . . . . . . . . . . . . . . . . . . . 156,927 16 6 To liabilities on bills payable, which include the draughts of Lyall, Matheson, & Co., amounting to £107,422 1s. 1d. and which may be claimed on this estate by the holders, £125,635 1s. 6d. ; to liabilities on bills receivable, amount- ing to £447,029 8s. 3d., of which are estimated to prove claims on the estate, £57,824 17s. 4d. . . . . . . . . . . . . . . . . . 183,459 18 10 £340,387 15 4 Ledger balances. Estimated to realize. CREDITOR. £ S. S. Cº. By bills receivable on hand . . . . . . . . . . . . . . 1,056 10 11 1,056 10 11 By book debts—Considered good . . . . . . . . 40,834 15 2 40,000 0 0 Considered doubtful . . . . . . 57,112 19 3 5,000 0 0 Considered bad . . . . . . . . . . 5,409 19 9 By counting-house furniture . . . . . . . . . . . • 845 16 7 500 0 0 By Lyall, Matheson, & Co., Calcutta— Balance due from them on cash account, £33,753 5s. 9d.; for our liability on their draughts, £107,422 1s. 1d. ; for our liability on bills received from them, £12,500; for our capital in that house, £50,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,675 6 10 60,000 0 0 By private property belonging to partners. . 50,000 0 0 45,000 0 0 Total amount estimated to be realized . . . . - «» & © 151,556 10 11 By liabilities—For amount estimated to be claimed on the estate per contra, £183,459 18s. 10d. ; less, on account of Lyall, Matheson, & Co., included above, £119,922 1s. 1d. . . . . . . . . . . . . . . . . . . . . 63,537 17 9 £422,473 6 3 #2151,556 10 11 [Messrs. Lyall, Brothers, & Co. have not thought it prudent to make an estimate of what may be forthcoming from Calcutta beyond the actual amount of remit- tances already received, and what will come to hand by the three following direct mails—viz., £60,000, as it is impossible to form anything like a correct opinion of what may be realized from this source, although it is hoped that Messrs. Lyall, Matheson & Co. will be able to meet all their engagements by the sacrifice of the partners’ capital in that house, which amounted at last stock- taking to about £110,000.] “These accounts” says the report of the meeting, “show a deficiency of £188,831, and a dividend of not quite 9s. in the pound; but it will be observed, that, with commendable care to guard against expectations that may prove fallacious, the firm have excluded all estimate of the sums that may be received from the estate of Lyall, Matheson, & Co., except such as are actually looked for by the next three APPENDIX. xxiii mails. Hence a claim of £203,675 figures in the assets at only £60,000. Messrs. Lyall appear to think that the Indian house “will be able to meet all their engage- ments by the sacrifice of the partners’ capital,” in which case the dividend would be increased to about 17s.; but, taking the much more probable supposition, that that house will not pay more than 10s, or 15s. in the pound, the dividend from the pre- sent estate would then range from about 11s. to 14s. The concern is to be wound up under inspection.” Commenting on the balance-sheet, The Times remarks—“The most striking features in the foregoing statement are the large proportion of bad and doubtful debts, the lock-up of capital in India, the amount of acceptances, the enormous total of indirect liabilities, and the complete unpreparedness of the firm, as regards the amount of its capital, to meet the slightest casualty. We have here another illustration of the description of business which would have been bolstered up for a short period only to spread wider ruin ultimately if the cry for “relief,” always raised in every time of pressure, had in the present instance been attended to.” MR. G. T. BRAINE, EAST INDIA TRADE. A meeting of the creditors of this house was held at their offices, in New Exchange- buildings, on the 6th of July, 1848. Mr. Horsley Palmer, of the firm of Palmer, M*Killop, Dent, & Co., 11, King's Arms-yard, merchants, was called to the chair. The chairman said that it was not necessary for him to say more than a few words. They all knew the disasters of 1846 and 1847, and also what passed in the early part of the present year, and the disastrous state of trade during these years was the cause of the stoppage of this respectable house. Mr. Braine started with a large capital, but what capital could withstand the calamitous events that occurred—events which baffled all foresight, and which no man could guard against. The recent occurrences on the continent, too, had paralysed our export trade—the silk trade, the indigo trade, and those other articles in which East India merchants traded. However, the house, though obliged to stop, from the pressure of circumstances, was not only solvent, but would, he thought, have a large surplus after paying all their creditors principal and interest. The accounts were the clearest that could possibly be presented, and, indeed, nothing could be more creditable to the house, or more satisfactory to the creditors, than the balance-sheet which he would submit to them. The Bank had been requested to assist Mr. Braine with an advance of £170,000, but, although the most unexceptionable security had been offered, it had refused to do so. The Bank of England had, however, assisted one or two large houses, and had not been successful in doing so, which was perhaps the reason of its refusal in this instance. For his own part, he must say that he thought the conduct of the Bank was unwise in this refusal; there could have been no sort of risk in making this advance, from the unquestionable nature of the guarantees, and had it com- plied, it would haye been the means of retrieving an honest and respectable house from its temporary embarrassments, without , its being subjected to the humiliation of the present proceeding. He thought the Bank ought to take an interest in the maintenance of such sound establishments, and not suffer them to fall for want of a little aid which might be afforded without any risk. Mr. Braine, finding that the Bank would not assist, called in the accountant and arranged for bringing his creditors together. He would read for the meeting the statement of the affairs of the house, which had been drawn up by the accountant. I) EBTOR. To total amount of acceptances out . . . . . . . . . . . . . . . . . . . . . £300,205 17 2 Of which part are drawn agains goods hypothecated. . . . . . . . . . * The firm of Lyall, Matheson, & Co. stopped with the majority of the other Calcutta houses. xxiv. APPENDIX. Invoice amount of goods hypo- thecated. . . . . . . . . . . . . . . . . . $73,374 0 0 Acceptances held against same 56,399 0 1 56,399 0 1 Surplus carried to credit side. . . . . . . . . . . . . . . . . £16,974 19 11 Acceptances to Messrs. Dent & Co. against goods shipped to Mr. Braine. These parties hold property of Mr. Braine's to a large amount - .. 54,527 10 5 Acceptances uncovered. . . . . . . . . . . . . . . . . . . . . . 189,279 6 8 189,279 6 8 £300,205 17 2 To sundry creditors on open accounts . . . . . . . . . ... • * * * * * * * * * * * * 32,632 18 7 To sundry creditors holding security on goods arrived and to arrive— Estimated value of securities held . . . . . . . . . . . . 179,388 0 0 Amount of claims . . . . . . . . . . . . . . . . . . . . . . . . . . 134,979 0 0 Surplus carried to credit side . . . . . . . . . . £44,409 0 0 To liability on bills receivable under discount . . 43,009 1 5 Of which it is expected there will be duly honoured 41,009 1 5 2,000 0 0 To shipments to Dent & Co. . . . . . . . . . . . . . . . . 66,630 8 10 Balance of capital and proceeds of goods to come from China. . . . . . . . . . . . . . . . . . . . . . . . 71,000 0 0 137,630 8 10 Less advances on same . . . . . . ..f31,206 11 Acceptances of G. T. Braine to the drafts of Dent & Co. which the latter will deduct 54,527 10 5 *-* 85,734 1 11 Surplus carried to credit side . . . . . . . . . . £51,896 6 11 To sundry ships and tradesmen's bills about . . . . . . . . . . . . . . . . 2,500 0 0 £226,412 5 3 CREDITOR. By bills receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,869 10 9 Sundry debts and proceeds of goods in course of remittance from Mauritius, Madras, and Bombay . . . . . . . . . . . . . ... • * * * * * * * * * * * * * 51,842 8 1 By amount to be recovered on policies of insurance . . . . . . . . . . . . 11,500 0 0 By shipments outwards to Bombay and Madras . . . . . . . . . . . . . . . 13,362 19 6 By surplus from hypothecated goods, as per contraß16,974 19 11 By do. from goods upon which advances have been made . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,409 0 0 — 61,383 19 11 By surplus from capital and shipments to China, as per contra .. 51,896 6 11 By goods on hand . . . . . . . . . . tº e º s ºr e º e < * * * * * * * * * £6,438 0 0 By goods to arrive. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,582 0 0 By goods in Havre . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 0 0 — 18,020 0 0 By ships afloat, and securities in Calcutta . . . . . . . . . . . . . . . . . . . . 27,224 1 11 By debts in Calcutta, secured on indigo estates and blocks . . . . . 21,750 0 0 By debts in England (good) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 0 0 By debts secured on estates in the Mauritius . . . . . . . . . . . . . . . . . 5,400 0 0 Sundry dividends to be received on dishonoured acceptances of various parties . . . . . . . . . . . . . . e e º e e º ºr w e * * * * * * * * * * * e s s s e e 1,500 0 0 Balance at bankers . . . . . . . . . . . . . . . . . . . . . . . . . £1,293 4 11 Carried up £273,749 7 1 APPENDIX. XXV By debts in Calcutta, estimated to be good— Brought up £273,749 7 1 Mutty Loll Seal . . . . . . . . . . . . . . . . . . . . . . . . . . . £7,000 0 0 T. Mookerjee & J. Ferguson . . . . . . . . . . . . . . . . 4,500 0 0 Rockaldan Mookerjee . . . . . . . . . . . . . . . . . . . . . . . 2,200 0 0 J. Collee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 0 0 15,600 0 0 By debts from Oswald, Seal, & Co., and sundry persons in Cal- cutta & Ceylon, about . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,000 0 0 £411,349 7 1 The chairman, commenting on the statement, said that a portion of the unrealized assets consisted of silk, and he apprehended that there would be no loss whatever in the realization of it, and, in confirmation of what he stated, appealed to a creditor who was present. Mr. Durrant fully confirmed the chairman’s statement, but observed that there was a small portion of the silk that had not yet arrived. The chairman next observed that there was another asset, £5,400, secured upon an estate in the Mauritius. They all knew what a deplorable state the Mauritius was in. However, if the estate in question was good for anything, it was good for £5,400. He thought it right to add that £7,400 was the sum originally advanced upon it. £1,800 had been paid, but another instalment, which was due, had not yet been paid. The chairman finally observed that the total of the assets of the house, exclusive of a claim upon the house of Oswald, Seal, & Co., of Calcutta, was £273,000. He did not think there would be much depreciation upon this sum, and if not, there would be a clear surplus, after paying 20s. in the pound, of £61,000. Supposing even they were to allow £10,000 or £11,000 loss by realization, there would still be a considerable surplus after paying the creditors in full. There was a claim of £122,000 upon the house of Oswald, Seal, & Co., of Calcutta, which was in jeopardy. The sum of £15,000 upon the same house was secured. In conclusion, Mr. Palmer again observed that it was a very hard thing this house should have been obliged to stop for want of that aid which the Bank of England could have well afforded. Mr. Dewhurst said, he considered the proceeding of the Bank to have been most iniquitous. Here was certainly 20s. in the pound, with a large surplus shewn, and yet the house was allowed to drop, and call its creditors together. Resolutions were then put to the meeting and carried, having the following objects in view:— That the affairs of Mr. Braine should be wound up under a deed of inspection; that persons should be appointed by the inspectors to conduct the affairs of the house at home, whilst Mr. Braine proceeded to India for the purpose of doing what he could to recover the debts due to him there, and that a dividend should be paid at the earliest time the inspectors thought suitable; the first dividend not to be less than five per cent. In reply to questions, the chairman said that by letters recently received from India it appeared that the house of Oswald, Seal, & Co., was upon the verge of insolvency, and about to betake itself to the Insolvent Court there. Mr. Braine's bookkeeper was present, and also the accountant, who would answer any questions which the creditors might wish to put. Mr. Freshfield stated that the assets offered peculiar facilities for realization, con- sisting mostly of money, and goods easily converted into money. The greater pro- portion of it would be realized in six months; the whole of it certainly realized within twelve months. - Mr. Thomas Dent, of the firm of Palmer, M*Killop, & Co., of King's Arms-yard, inquired if the chairman meant to state that there would be a surplus, after paying all creditors in full, of £60,000, exclusive of the claim of £122,000, which Mr. Braine had upon the house of Oswald, Seal, & Co., in Calcutta ? - The chairman replied that was the case. It was then agreed that the following gentlemen should be appointed inspectors:– Mr. Thomas Dent, of the firm of Palmer & Co.; Mr. E. W. Daniels, who repre- sented a large interest in Bombay; and Mr. W. Bowman, of the firm of Horrocks, Miller, and Co., who represented the Manchester creditors. Mr. Dewhurst, as a large creditor, felt bound to say, that the accounts were most xxvi APPENDIX. satisfactory, and reflected great credit upon Mr. Braine, whose conduct throughout had been unexceptionable. He believed that when the accountant was called in, the books of the house were in a most clear and perfect state. But the accountant himself could best answer that question. Mr. Coleman, the accountant, said it was impossible that any books could be in a more perfect state than Mr. Braine's were, and not merely the books, but the whole correspondence of the house was laid before him, enabling him to see how it stood almost at a glance. Mr. Dent.—I believe that in one day you were enabled to get up a perfect state- ment of Mr. Braine’s affairs for the Bank of England, in consequence of the accurate manner in which the books were kept. Mr. Coleman.—That is so, sir. Mr. Dent.—Then I would venture to say that no other house in London could have done the same thing. A resolution of the high approval of the creditors at the conduct of Mr. Braine and their entire confidence in him was then passed, after which the meeting separated. Mr. Coleman, of Coleman-street, the eminent accountant, prepared the “state- ment.” Mr. J. Freshfield was Mr. Braine’s solicitor. MEssRs. RICKARDS, LITTLE, & Co. EAST INDIA TRADE. A meeting of the creditors of MESSRS. RICKARDs, LITTLE & Co., whose stoppage occurred on the 9th October, was held on the 3rd November, Mr. K. D. Hodgson in the chair. The subjoined figures show the state of their affairs:— DEBTOR. £ s. d. To sundry creditors unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,283 18 2 To sundry creditors fully secured. Value of securities, £35,510 8s. 11d., less amount of claims £29,762 12s. 1d. ; taken as an asset per contra, £5,747 16s. 10d. To sundry creditors, partially secured; amount of claims, £14,101 9s. 9d.—Less value of securities, £11,510 . . . . . . . . 2,631 9 9 To liabilities on acceptances £32,222 14s. 8d., of which it is tº estimated there will be claimed on this estate . . . . . . . . . . . . . . 9,211 7 7 To liabilities on endorsements £51,886 18s. 4d., of which it is estimated there will be claimed on this estate . . . . . . . . . . . . . . 3,500 0 0 £144,626 15 6 CREDITOR. By bills receivable on hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,845 8 10 By sundry debtors: considered good £31,677 15s. 7d. ; Doubful, £51,110 12s. 9d. : estimated at £7,000 . . . . . . . . . ... 38,677 15 7 (Bad, £17,939 16s. 1d.) By losses on produce, and by bad debts written off since the 1st of January, 1845, £50,552 2s. 9d. By sundry property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,164 15 8 By sundry consignments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,338 18 8 By surplus securities in the hands of creditors, per contra . . . . . . 5,747 16 10 By litigated claims, about £20,000, not valued. £50,774 15 7 Deduct sundries, to be paid in full . . . . . . . . . . . . . . . . . . . . . 344 5 5 £50,430 10 2 With reference to the large amount of losses exhibited in the above statement, it was explained, in answer to a creditor, that of that sum £10,000 arose from losses in Ceylon coffee in the years 1845, 1846, and 1847, and £15,000 from speculations APPENDIX xxvii in iron; the remainder being made up “by bad debts, &c.” It was further stated that the house had suffered losses to the extent of £50,000 within the last eighteen months, irrespective of recently accruing liabilities. Connected with the establish- ment of Messrs. Ford & Co., of Calcutta, engaged in transactions with Rickards & Co., it was said that the partners in that firm had some property, but at the same time it was recommended that the holders of such acceptances should temporarily retain them, as it was desirable to prevent Messrs. Ford & Co. from being forced into the Insolvent Court, to the injury of the general body of claimants. It was then finally proposed, and carried, that the partners should be allowed to liquidate the affairs of the estate under an inspectorship, composed of Mr. J. Gurney Hoare, Mr. J. J. Cummins, and Mr. W. Prinsep. MESSRs. PERKINS, SCHLUSSER, & MULLENS, EAST INDIA TRADE. A meeting of the creditors of Messrs. PERKINS, SCHLUSSER, & MULLENs, whose stoppage took place on the 28th of September, was held on the 20th October, 1847, Mr. Joseph Tritton was in the chair, when the annexed statement was submitted for consideration :- DEBTOR. £ s. d. To sundry creditors uncovered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,513 1 11 To creditors partially covered, £27,094 3s. 1d. ; less, recoverable from third parties, £10,248 15s. 7d., and value of goods held by them on their account, £377 17s. 9d. 16,467 9 9 To creditors wholly covered:—Walue of goods con- signed to them, or held on their account, £28,545 8s. 4d. ; recoverable by them from third parties, £40,199 2s. 4d. . . . . . . . . . . . . . . £68,744 10 8 Amount of claims . . . . . . . . . . . . . . . . . . . . . . . . . . 65,727 0 1 3,017 10 7 Retained against liabilities . . . . . . . . . . . . . . . . . . . 739 13 7 Taken as an asset per contra ... . . . . . . . . . . . . . . . . 2,277 17 0 To liabilities on acceptances outstanding in respect of Shearman & Co.'s drafts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,013 17 1 Ditto expected to be honoured by the drawers ... £76,554 11 2 To liabilities on bills receivable:— Considered good, £172,577 9s. 10d, Considered bad . . . . . . . . . . . . . . . . . . . . . . . . . . 4,526 19 4 Deduct amount retained by Bank of England, and Barclay, Bevan, & Co. . . . . . . . . . . . . . . . . 1,193 11 8 — 3,333 7 8 To liabilities on bills negotiated— Considered good .......... … 26,994 9 9 £127,327 16 5 - CREDITOR. By cash on hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,011 18 4 By bills on hand, considered good . . . . . . . . . . . . • * * * * * * * * * * 22,646 14 4 By sundry debtors, considered good, £30,029 3s. 5d. ; doubtful, - £5,6172s. 0d.; estimated at 5s. in the pound, £1,404 5s. 6d... 31,433 8 11 Bad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . #2,584 9s. 1d. By stock of goods:—In England, £7,461 7s. 1d. ; in Calcutta, £6,400 0s. 10d. . . . . . . . . . . . . . . . . . . . . . . . . . . tº s e e s a e s a e º e º 13,861 7 11: Carried over £69,953 9 6 xxviii APPENDIX. Brought over £69,953 9 6 By surplus securities—per contra . . . . . . . . . . . . . . . . . . . . . . . . . . 2,277 17 0 By shares in ships:—for one-quarter share in Unicorn, £750; for ditto in Hamlet, £1,250 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 0 0 By capital:—In the house of Perkins, Smith, & Mullens, estimated to realize . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 0 0 By freights, interest, commission, paid for or chargeable to sundry parties in account current, not made up . . . . . . . . . . . . . . . . . . . . 11,133 0 0 By Shearman & Co., Calcutta :—For claim on balance of account, £3,546 11s. 5d.; on liability, per contra, £64,013 17s. 1d. £67,560 8s. 6d. Estimated to arrive in remittances and consignments, £30,000; at 10s. in the pound, on E37,560 8s. 6d., fig,780 is 3d. 48,780 4 3 £139,144 10 9 Deduct, sundry creditors to be paid in full, £595 12s. 4d.; ex- penses of liquidation, £2,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,095 12 4 - £136,048 18 5 Realized since :—Bills become due about . . . . . . . . . . . . . . . . . . . £7,500 0 0 A report of the meeting says—“A surplus is here shown, after deducting all estimated amounts of loss, of £8,721; and thus far, therefore, the expectations held out at the date of suspension bid fair to be realized. At the same time, it will be perceived that the liabilities on bills receivable are very large, and that much will consequently depend upon the absence of any casualties that may bring the holders of them as claimants on the estate. After some discussion, from which it was evident that the communications made to the meeting were considered, on the whole, to be very satisfactory, it was resolved, that the estate should be wound up by the firm, under inspection; Mr. Joseph Tritton, Mr. W. E. Few, and Mr. Edmund Brandt (of whom the two latter represent foreign creditors), being the parties named.” It has since transpired that the liquidation will not prove so satisfactory as was at first anticipated. MESSRs. SAMUEL PHILLIPS & Co. EAST INDIA TRADE. A meeting of the creditors of MESSRS. SAMUEL PHILLIPs & Co., whose failure took place on the 30th September, was held on the 4th November, 1847, Mr. Gouger in the chair. The following statement prepared by Mr. Samuel Notley, was sub- mitted for consideration:— IDEBTOR. £ s. d. To Creditors unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,756 10 0 Ditto partly secured:— Claims . . . . . . . . . . . . . . . . . . . . . . . . . . £88,594 9 4 Securities held by them . . . . . . . . . . . . 63,454 18 1 -— 25,139 11 3 Ditto wholly secured:— Securities held by them . . . . . . . . . . . . 19,374 8 0 Claims . . . . . . . . . . . . . . . . . . . . . . . . . . 8,030 0 9 Surplus carried as asset, per contrà.. 11,344 7 3 Liabilities on account:— Bills payable . . . . . . . . . . . . . . . . . . . . 136,828 19 9 Deduct to be provided for by other parties . . . . . . . . . . . . . . . . . . . . . . . . 93,250 11 3 - - a-mºº- 43,578 8 6 £101,474 9 9 APPENDIX. xxix CREDITOR. By sundry debtors:— - f. 8. d. Considered good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,896 3 10 Considered doubtful and bad, £5,353 14s. 8d. . . . . . . . . . . Estimated at . . . . . . . . . . . . . . . . . . . . . . . . .* * * * * * * * * * * * * * 478 4 8 By surplus securities in the hands of creditors, as per contra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . * * * * 11,344 7 3 By property as per statement . . . . . . . . . . . . . . . . . . . . . . 54,936 0 0 Deduct sundry debts to be in full as per - 102,654 15 9 Statement . . . . . . . . . . . . . . . . . . . . . . . . £79 3 5 Expenses of management . . . . . . . . . . . . 2,500 0 (0 2,579 3 5 £100,075 12 4 N.B. The contingent liabilities through bills receivable discounted, amount to £133,286 7s. 7d., and although several of the above bills are on firms that have suspended payment, still, through other parties to the bills, it is confidently expected that the whole amount will be provided for. At the present date (November 4th) upwards of £46,000 of the above amount will have run . supposing all the bills on India to be paid, of which there is no reason to oubt. “The above statement,” says the report, “ shows nearly 20s. in the pound. At the same time it transpired in the subsequent discussion, that among the assets stated as “good,” one item of £23,000 is a litigated claim at Madras (the reco- very of which, although a verdict is certain, will depend upon the ultimate position of the house from which it is to be collected); while it was also mentioned that among the liabilities, bills to the amount of £28,000 will possibly have to be paid in full, a lien in connexion with them existing upon the Santipore sugar estate. “At the close of the proceedings, it was agreed that the estate should be liquidated by the partners under inspectorship, five gentlemen being selected from the body of creditors present to fill that office. These were, Mr. Gouger, Mr. Dent, Mr. Bag- shaw, Mr. Davis, and Mr. Cowell, the services of the latter being secured with the view of obtaining his attention to the realization of the property in India on his return to that country in the course of the next few months. “The principal heads of this schedule are as follow :- Goods consigned to foreign parts in safe hands . . . . . . . . . . . . £6,761 Moiety of a sugar estate at Santipore, viz. original cost £14,850 Estimated value of rum and sugar in course of con- signment and on hand at Santipore . . . . . . . . . . . . 16,700 - - *-*- 31,550 Sundries, consisting of ships’ charters, commission to receive from Sundries on consignment, &c. . . . . . . . . . . . . . . . . . . . . . . 7,625 Private property of Mr. Samuel Phillips . . . . . . . . . . . . . . . . . . 9,000 £54,936 “The Santipore estate is put down at its original cost, from its having been greatly improved by increased outlay, and particularly from the circumstance of the pro- posed railway communication with the part of the country in which it is situated, which will tend materially to enhance its value, rendering it one of the most desirable properties of the kind in India.” - MEssRs. LAURENCE PHILLIPS & SONS, EAST INDIA TRADE. The creditors of Messrs. L. PHILLIPs AND SoNs met on the 10th of November, when the subjoined statement, prepared by Mr. J. E. Coleman, was submitted :- XXX. APPENDIX. DEBTOR. £ s. d. £ s. d. To sundry creditors on account current, provided they take up the acceptances of Laurence Phil- lips & Sons, which are drawn for their account to the extent of £15,551. 8s. 10d. . . . . . . . . . . - e. 8,824 1 8 To sundry creditors partly secured . . . . . . . . . . . . 10,594 8 5 Estimated value of securities in their hands 5,732 10 0 To sundry creditors wholly secured— 4,861 18 5 Estimated value of securities in their hands 32,689 0 5 Claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,338 16 8 Surplus to credit as per contra 2,350 3 9 ºs- To amount of acceptances outstanding on the 15th October, 1847 . . . . . . tº º a sº tº e e s a • * * * * * * * * * * * * 71,136 11 11 Of which there are on account of creditors as above . . . . . . . . . . 15,551 8 10 Of this amount it is estimated there will come against this - estate £4,000 13s. 3d. . . . . . . e e - - 4,000 13 3 And credit is given for accept- ances of Laurence Phillips and Sons, to various parties who are debtors (and which such debtors ought to meet) to the extent of 55,585 3 1 — 71,136 II 11 To liabilities on bills receivable . . . . . . . . . . . . . . 46,291 5 11 Of which it is expected there will claim against this estate . . . . . . . . . . . . . . . . . . . . tº º 682 3 0 To liabilities on acceptances given for the account of correspondents which are covered by real securities, and therefore will not rank on this estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 0 0 £18,368 16 4 CREDITOR. Amount to which Amount which it is they stand to debit expected they will Or COSt. produce. f s. d £. s. d. By sundry debtors, (good) . . . . . . . . . . . . . . . . . . 17,855 17 1 17,855 17 1 Ditto debtors (doubtful). . . . . . . . . . . . . . . . . . 7,344 6 4 2,337 0 1 By bills receivable. . . . . . . . . . . . . . . . . . . . . . . . . . 10,994 3 8 10,781 5 0 Of this amount £7,105 11s. 1d. is secured by bills of lading (and policies of insurance on same) and other good securities. By produce on hand, and bills of lading of pro- duce to arrive, estimated to yield. . . . . . . . . . . . 4,210 0 0 4,210 0 0 By consignments to Calcutta, Madras, Colombo, New York, and other parts . . . . . . . . . . . . . . . . 8,038 0 7 6,000 0 0 By surplus of securities held by creditors as - per contra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,350 3 9 2,350 3 9 By coffee plantation at Ceylon, known as “The Raataboola estate” . . . . . . . . . . . . . . . . . . . . . . 8,698 11 7 8,698 11 7 By debt due from the Concessionaires of the Brillon Spelter Mines, in Prussia . . . . . . . . . . 12,607 2 9 12,607 2 9 A company for the carrying out the working of these mines has lately been formed, the necessary authority of the Prussian Go- vernment is in course of completion, and it is expected the whole of this amount will be paid. - Carried up £72,098 5 9 £64,840 0 3 APPENDIX. xxxi Brought up £72,098 5 9 £64,840 0 3 There is a balance of debt from the late firm of Barrow & Co., (which is now in course of li- quidation) of . . . . . . . . . . . . . . 5,000 0 0 There is also some property, con- sisting of land and houses in AImerica, of the estimated va- lue of . . . . . . . . . . . . . . . . . . . . 5,000 0 0 £10,000 0 0 £72,098 5 9 £64,840 0 3 The above two items form the residue of the outstanding estate of the late firm of Jonas Phillips and Sons, and whatever proceeds are derived therefrom, will be divisible equally between Mr. Laurence Phillips and his brother, Mr. Samuel Phillips. Mr. Barnet Phillips has London Dock stock of the value of £1,000. “All that was stated at the time of the suspension with respect to the solvency of Messrs. Laurence Phillips, and the extreme hardness of their case, is fully borne out,” says the report of the proceedings, “by the facts detailed, without reserve or exception to the parties interested, and which were to the effect that against liabilities of £18,000, there are assets valued at £64,000. The acceptances out amount to £71,000, but only £4,000 are expected to come upon the estate. The chairman, Mr Bonar, represented friends in India, and expressed himself in high terms in favour of the statement submitted, which was the most creditable he had seen during his experience. There would probably be £20,000 to £23,000 available for a dividend within a few months; and if the parties indebted to the estate conti- nued solvent, and met the claims upon them, there would be even within that short period, one-third of the assets got in, equal to 20s. in the pound upon the assumed liabilities, and leaving a handsome surplus for subsequent collection. There was a contingency, however, as regarded the amounts due from two houses in India. Mr. Coleman, entered into various explanations, and remarked that there was produce coming forward, that the coffee plantation was excellently situated, having been selected by Captain Galway, the government commissioner, who superintended its cultivation; that the merchandize sent out was expected to realize its value. “A creditor suggested that the bills coming forward should be accepted by Messrs. Phillips, in order to protect the Indian houses indebted to them, and upon whose solvency the partial realization of the assets must depend. Strong objections were, however, very fairly urged to such a course, even supposing it to be practicable, for it was considered that no one would take the acceptance of a suspended firm, and as to the houses in India, if so inclined, they would stop the shipment of produce from their side, whether the bills were accepted by Messrs. Phillips or not. Mr. Cotterill, the solicitor to the estate, explained the difficulty of any arrangement of the kind proposed, and the danger of the assets of the firm becoming depreciated if further liabilities were incurred. Eventually the matter dropped, and Mr. Haes, Mr. E. H. Palmer, and Mr. Bonar, accepted the office of inspectors, to wind up the estate, after some very complimentary remarks had been made relative to the proceedings and position of Messrs. Phillips, whose suspension appears to have been the result of the mistrust abroad, and not of inherent weakness.” MESSRs. LACKERSTEEN. EAST INDIA TRADE. When Messrs. Lackersteen & Co. first failed, which was in November, 1847, an attempt was made to “wind up” under inspection, but that process not proving successful, their estate was placed under the administration of bankruptcy. Annexed is the balance-sheet of AUGUSTUS ALEXANDER LACKERSTEEN, one of the partners of Lackersteen, Crake, & Co., bankrupts, on which he passed his final examination before Mr. Commissioner Fane. The Fiat was dated the 10th day of April, 1848. xxxii APPENDIX. Commencing the 1st January, 1843 and ending the 10th day of April, 1848. IXEBTOR. f s. d. To creditors ....... . . . . . . . . . . . . . . . . . . . . . . . gº tº gº tº gº º ... ... 78,720 15 10 To liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,550 14 5 To creditors holding security ........ tº tº $ & © tº º & © tº gº e º e º 'º - ºg º e 40,259 9 2 To capital . . . . . . . . . . . . . . . . tº e º ºs º ºs º º tº tº e º is a e e s tº e º 'º dº ſº º e º a º 9,034 2 6 In addition to the amount of capital inserted, A. A. Lacker- steen possesses letters of credit from Messrs. John Lacker- steen & Brothers, of Calcutta, on bankers and mercantile houses in England, to the extent of from £30,000 to £40,000. To profits . . . . . . . . . . . . . . . & e º e e s e º e s a tº e s is s e s tº a s e s = e º e º 'º' 14,486 3 2 £209,051 5 1 CREDITOR. By sundry debtors, Good . . . . . . . . . . . . . . . . . . tº ºi º te e s is e s e º e 4,112 1 4 Doubtful . . . . . . . . . . . . . . . . . . . . . . . . . . 15,336 17 4 Bad. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,567 13 5 By cash balance handed to the official assignee . . . . . . . . . . . . 72 5 8 By property given up to the assignees . . . . . . . . . . . . . . . . . . 2,882 18 3 By property in the hands of consignees abroad ........ & º º is 10,479 7 4 By property in the hands of creditors holding security per contra 59,909 17 1 By liabilities per contra . . . . . . . . . . . . . º º ſº e º ºs e º e º e º e e sº g tº 66,550 14 5 By losses on merchandize . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,770 19 9 By charges of trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . • e º ſº ºn e 3,422 13 7 By expenses, domestic and personal . . . . . . . . . . . . . . . © tº e º & 8,945 16 11 £209,051 5 1 MESSRs. LACKERSTEEN, CRAKE, & Co. EAST INDIA TRADE. The balance sheet of the estate of MESSRs, LACKERSTEEN, CRAKE, & Co., was as follows:— Commencing 1st day of July, 1847, and ending the 10th day of April, 1848. DEBTOR. #. s. d. To creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,865 6 10 To liabilities . . . . . . . . . . . . . . . . tº tº $ in e º e = e s is a sº e s m e º e º ºs e º e e e 103,826 12 10 To creditors holding security . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 0 0 £133,091 19 8 CREDITOR. By sundry debtors, Good. . . . . . . . . . . . . . . . . . . . . . . . . . . . • * * = 19 4 9 Doubtful . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 18 6 Bad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,626 19 10 By Bills of Exchange, given up to the official assignee, viz:— Good. . . . . . . ë e º e s e º e º e < * * * * * e s m º e º ºs e e 13,099 18 9 Bad . . . . . . . . . . . . . . . . . . . * * * * * * * g e e g º ºs 3,500 0 0 By property in the hands of consignees abroad . . . . . . . . . . . . 538 10 10 By property in the hands of creditors holding security ... . . g 400 0 0 By property claimed and in dispute . . . . . . . . . . . . . . . . Q & º ºs e e 1,475 0 0 By liabilities per contra . . . . . . . . . . . . . . $ in º º is a s = e s s e s a s e is a 103,826 12 10 By losses . . . . . . . . . é e º e º ºs e e s e s e s a s tº e s = e s s s a e º e s , a e e s a e ã86 14 2 £133,091 19 8 Both of the partners subsequently applied for and obtained their certificates. APPENDIX. xxxiii MESSRs. THURBURN & Co., EAST INDIA TRADE. The creditors of MESSRS. THURBURN & Co., East India merchants, whose failure was announced on the 8th March, 1847, held a meeting on the 29th, Mr. Thomas Dent in the chair, when the following statement of affairs was submitted for con- sideration :- IDEBTS. £ S. d. f S. d. The house is under acceptances for . . . . . . . . . . • * 252,807 0 0 Part of these acceptances are against consign- ments of produce, of which the bills of lading - are in the hands of the holders to the amount of 65,734 0 0 Further part of these are against sundry secu- . rities, either held by the holders of the accep- tances, or by their correspondent in Calcutta, - to the amount of . . . . . . . . . . . . . . . . . . . . . . . . 66,254 0 0 —— 131,988 0 0 Balance uncovered. . . . . . . . . . . . . . . . £120,819 0 0 N.B. Of the above amount of £65,734 against produce, it is moreover probable that the sum of £47,116 will be provided for by third parties Of the above uncovered acceptances it is expected that there will be retired by third parties the sum of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,380 0 0 104,439 0 0 Liability on bills receivable bearing Thurburn & - Co.'s endorsement, É86,000, of which there will be claims on their estate . . . . . . . . . . . . . . . . . . * * 4,700 0 0 Total debts. . . . . . . . . . . . . . . . . . . . . . 109,139 0 0 [The house has no book debts with the exception of small sums amounting together to £25.] ASSETS. £ S. d. 5. S. d. Amount due by the correspondents of the house in Calcutta to Thurburn & Co. upon the various accounts is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,016 0 0 A further sum due by them for funds remitted to Calcutta, for returns in bills unconnected with Thurburn & Co.'s general account, about . . . . 4,000 0 0 167,016 0 0 Deduct amount of acceptances upon securities other than produce per contra . . . . . . . . . . . . . . 66,254 0 0 — 100,672 0 0 Amount of balance at banker's and due by various debtors, all good and in the course of early realization . . . . . . . . . . . . . . . tº º e º 'º º & e s e s ∈ e is 7,074 0 0 Amount of bills receivable . . . . . . . . . . . . . . . . . . 30,893 0 0 Deduct amount of loan. . . . . . . . . . . . . . . . . . . . . . 27,966 0 0 —— 2,927 0 0 Balance of account due by another firm in Cal- * . . . . . . . . . . . . . . . . . . . . . . . . . . . * c e s a e e g e 7,000 0 0 Remittances to Calcutta to other parties ...... * = 4,431 0 0 Balance due on consignments to France about .. tº º 17,500 0 0 N.B. It is probable that there will be a heavy deficit on this sum, in which case the difference would have to go to the debit of the shippers in Calcutta, *=ºmºs Total assets . . . . . . . . • Q t w e e s a s * * £139,604 0 0 *-*. C xxxiv. APPENDIX. The separate estates of the partners will be available, subject to the payment of the private debts. It is also stated that there will be a further alteration in the debit of the current accounts, and an increase of the above assets for interest and commission not charged. It is likewise stated that Thurburn & Co. hold a deed of assignment of the indigo properties of the Calcutta house, executed by one of the partners while in this country, and which are valued at £90,000. A special agent of Thurburn & Co. proceeded to Calcutta with full powers by the steamer of the 20th of October, to protect the interests of the firm, and was furnished with the deed of assignment of the properties in question. - Thurburn & Co. have a right also to receive, in the course of the season, the surplus over outlay of the indigo crop of the season, which at a very low estimate would be about £25,000. They may also naturally expect, in the usual course of business, to receive in remittances from Calcutta before their failure could be known there, about £55,000. Of this sum they have received by last mail £10,000, and £5,000 is expected by next. The Times, analyzing the accounts remarked—“It will be noticed that the above account shews a surplus of £30,465, but as the assets chiefly consist of the large claim upon the Calcutta firm of Hickey, Bailey, & Co., it must be ascertained in what posi- tion that establishment stands before any just estimate can be formed of the ultimate liquidation.* The assets immediately available, and which it is said can be collected and divided within three or four months, amount to between £35,000 and £40,000. “In the course of the explanations which followed, mainly on trivial points, it appeared to be the general feeling that the liquidation of the estate would be best effected under the superintendence of inspectors, and on the motion of Mr. J. A. Smith, M.P., supported by the unanimous voice of the creditors present, the annexed resolution was passed. “That it is expedient that the affairs should be liquidated under the direction of inspectors, and that the following gentlemen be requested to act as such inspectors: Mr. Alexander Matheson, M.P., Mr. Thomas Dent, and Mr. C. Joyce; and that a dividend be paid as soon as funds can be realized, and that a proper deed be pre- pared under the direction of the inspectors, containing such clauses and provisions as are usual, to be submitted to the creditors for signature. That Mr. Thurburn, sen., having come over only temporarily from Egypt, and having hitherto taken no active part in the business, be allowed to return to Egypt, and that the liquidation be con- ducted by Mr. Thurburn, jun.” MESSRs. JOHNSON, COLE, & Co. EAST INDIA TRADE. A meeting of the creditors of MESSRs. JoHNson, CoLE & Co., East India merchants, of Great Winchester-street, was held on the 20th November, 1847, when the following statement of their affairs was submitted. “It will be observed,” said The Times, “that the liabilities were stated at £112,666, while the probable assets amount to £71,844 only, from which, unless the realization of the latter should turn out more than usually fortunate, the creditors can hardly expect a larger dividend than 10s. in the pound. It will be observed, however, that the Mauritius property is estimated at less than half its cost, and the debts due to Mr. John Johnson are valued at a little more than a third their actual amount. After some discussion the creditors considered it advisable to wind up the estate under inspection; and Messrs. G. H. de Russett and D. Davidson were appointed in- spectors.” TOTAL LIABILITIES. £ S. d. Total amount of acceptances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,301 19 3 Of which secured specially, £18,327 18s. 10d. ; secured par- tially, £5,806 16s. 9d., say to the extent of £2,900 . . . . . . 21,227 18 10 Carried up £111,074 0 5 * The firm of Hickey, Bailey, & Co., of Calcutta, subsequently failed. APPENDIX. " XXXV Brought up £111,074 0 5 Sundry creditors in open account uncovered . . . . . . . . . . . . . . 1,592 2 8 £112,666 1 Sundry creditors fully covered:— Amount of claims. . . . . . . . . . . . tº e º 'º e s s a £ 91,145 8 0 Amount of securities . . . . . . . . . . . 6 * * * * a s 106,821 0 0 Surplus of securities credited per contra . . $15,675 12 0 Liability in respect of bills receivable endorsed by us:— Total amount of such bills due in London £184,119 12s. Of which upon fallen houses £41,096 0 8 Less amount detained by the holders. . . . . . . . . . . . . . . . $850 0 0 e-a-mºº-sºm-mºº 40,246 0 8 £152,912 3 9 Several of these bills have good endorsements, and it is therefore hoped that they will not be proved against the estate. Bills upon India purchased and resold by us with our endorsement, equivalent to £19,300, all of which it is expected will prove eventually to be good. TOTAL ASSETS. Sundry debtors . . . . . . . . . . . . . . * * * * * * * * * ~ e a º a tº s & © tº $ tº $ tº a 5,168 10 5 Bstimated balances due by correspondents in India, supposed to be safe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,800 0 0 [This amount may be subject to reduction to the extent of £14,000, owing to our acceptances going back to our cor- respondents, and being set off by them against our property in their hands.] Surplus securities in the hands of certain creditors, estimated as per contra . . . . . . . . . . . . . . . . . tº e º a s e a e s a • * * * * * * * * * * 15,675 12 0 º of exchange in our hands upon houses that have failed, 6,000. Balances to John Johnson, old account, viz.:- Sundry debtors £31,011 14s., estimated to produce about £11,200; mortgage on sugar refining machinery in the Mauritius, £22,884,-estimated to yield, £10,000 . . . . . . 21,200 0 0 £71,844 2 5 -*mº The deed of inspectorship breaking through, the partners subsequently sought the Court of Bankruptcy, where they filed fresh accounts, which are annexed— The balance-sheet, commences Jan. 1, 1846, and ends Dec. 31, 1847. DEBTOR. £ S. d. Creditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,501 16 6 Capital of Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,904 17 0 Profit and loss in 1846. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,096 16 5 Ditto in 1847. . . . . . . . . . . . . . . . . . . . . . . . tº e º e s e º e º 'º e º e º 'º e 4,992 3 3 £173,495 13 2 CREDITOR. By debts due, estimated to produce . . . . . . . . . . . . . . . . . . . . 55,988 0 8 Ditto due to John Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,904 17 0 Expenses 1846, 1847 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,219 9 7 J. W. Cole . . . . . . . . . . . . . . . . . . . . . . . . . * * * * * * * * * * * * * * * * º 1,698 4 1 John Johnson (private debts of). . . . . . . . . . . . . . . . . . . . . . . . 54,838 7 0 Losses in 1846 . . . . . . . . . . . . . . . . . e º e s e º 'º e s s a s n e º e s e º e 846 14 10 - £173,495 13 2 The bankrupts have since obtained their certificates. ———- c 2 xxxvi APPENDIX. MR. WILLIAM TULLOH FRASER, EAST INDIA TRADE. A meeting of the creditors of Mr. WILLIAM TULLOH FRASER was held on 5th of November 1847, when the annexed statement of his affairs was submitted. After a preliminary discussion, it was agreed to wind up the estate under inspection in the usual form, and the following gentlemen were appointed as inspectors, Mr. Mackay, Mr. Felgate, and Mr. Blackmore :— IDEBTOR. £. 8. d. To bills payable, partially secured, £37,390 6s. 6d. ; to open ac- counts, £13,874 15s. 10d. Total £51,265 2s. 4d.—Less the value of the securities held by the auditors, £26,248 19s. 8d. 25,016 2 8 To bills accepted by Mr. Fraser for the accommodation of parties who cannot pay them . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,750 0 0 To bills receivable, discounted, amounting to £24,133 9s. 10d., of which it is supposed will be dishonoured and claimed on this estate, about . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 0 0 To liability on bills endorsed by Mr. Fraser, amounting to £10,400; secured by shipping documents deposited by him. valued at £9,000 9s. 11d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,399 10 1 To liability upon a bill accepted by Mr. Fraser for the accom- modation of a party who it is presumed will pay it when due £400. * £33,665 12 9 CREDITOR. - By shipments to India, £36,885 18s. 10d. ; less claims thereon £26,248 19s. 8d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,636 19 2 By book-debts amounting to £34,646 3s. 9d., valued at . . . . . . 22,216 11 6 By bills of exchange on hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,069 7 7 By shares in insurance companies, &c. . . . . . . . . . . . . . . . . . . . . . . 3,760 0 0 By household and counting-house property, cost £3,600, valued at £2,000; less lien thereon, £500 . . . . . . . . . . . . . . . . . . . . . . 1,500 0 0 By interest in a shipment to China, assigned to Mr. Fraser by a debtor. . . . . . . . . . . . . . . . . . . . . . • * * * * * * * * * * tº a º e < * * * * * * * * * * 1,500 0 0 By policy on the life of L. H. Bodelio, Esq., of Calcutta, for £3,000; one premium paid of £118; age 43. Held as security against his debt of £9,445 10s. 9d. tºm-mºm-mº. 40,682 18 3 Less rent, salaries, &c. . . . . . . . . . . . . 375 0 0 £40,307 18 3 MESSRs. RYDER, WIENHOLT, & Co., EAST INDIA TRADE. At the meeting of creditors held in the month of November, 1847, of Ryper, WIENHOLT., & Co., whose failure took place on the 29th October, it was resolved that the affairs of the estate should be liquidated under an inspectorship composed of Mr. F. Newsam (a director of the National Bank of Ireland, who accepted office, not as a party interested, but simply to oblige the creditors,) Mr. J. Skilbeck, and Mr. L. Roussel. It was distinctly asserted that the difficulties of the house were solely attributable to the receipt of remittances on fallen establishments and the depreciation of produce. According to the subjoined statement prepared by Mr. W. C. Wryghte, the accountant employed in the case, it would appear that the assets show about 14s, in the pound. APPENDIX. xxxvii - CLAIMS. £. S. d. f, s. d. To sundry creditors unsecured... . . . . . . . . . . . . . tº gº 24,768 10 11 To sundry creditors partly secured . . . . . . . . . . . . 7,299 11 2 Present estimated value of securities . . . . . . tº e º sº 5,981 12 3 1,317 18 11 To sundry creditors, fully secured,— Value of securities in their hands . . . . . . . . . . . . 9,149 4 4 Subject to the claims of creditors, amounting to 8,792 0 10 Surplus securities, carried as an asset per contra 357 3 6 To liabilities on bills receivable— Total amount unpaid, £47,617 5s. 1d. Of which it is expected the claims on this estate Will be. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000 0 0 On bills for which other parties have engaged to Provide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,501 5 7 - 8,501 5 7 £34,587 15 5 Estimated to Ledger balances. realize. By total amount of cash, bills of exchange, and remittances in hand . . . . . . . . . . . . . . . . . . . . {y & 9,865 0 9 7,865 0 9 By book debts— ood . . . . . . . . . . . . . . . . . . . . * Qº 13,918 17 11 13,918 17 11 Doubtful. . . . . . . . . . . . . . . . . . 430 10 10 Bad . . . . . . . . . . . . . . . . . . . . . . 6,685 0 9 — 7,115 11 7 By property, merchandise, and counting-house furniture .... * * 1,529 3 4 1,529 3 4 By surplus securities per contra tº º 357 3 6 357 3 6 £32,785 17 1 23,670 5 6 MEssRs. LYSAGHT, SMITHETT, & Co. EAST INDIA TRADE. The creditors of MESSRs. LYsAGHT, SMITHETT, & Co., who failed on the 9th of December 1847, held their meeting the 18th of February 1848. An arrange- ment for a composition would have been accepted if Messrs. Lysaght & Co. could have offered 12s. 6d. in the pound with security, but as they did not feel themselves justified in proposing more than 10s. in the pound, owing to the uncertain value of debts due by parties abroad, it was agreed that they should wind up under inspection. The subjoined statement laid before the creditors was prepared by Mr. J. Jackson, the accountant:— IIABILITIES. f S. d. f S. d. Acceptances of Messrs. Lysaght, Smithett, & Co. 45,289 5 8 Deduct, specially secured by shipping documents 7,997 11 3 Deduct, to be paid by the drawers . . . . . . . . . . 17,513 9 4 25,511 0 7 5 1 Amount to be claimed upon this estate . . . . . . (Carried over) 19,778 xxxviii APPENDIX. - Brought over £19,778 5 1 Securities held by creditors, valued at . . . . . . . . 16,262 8 9 Deduct their claims thereon . . . . . . . . . . . . . . . . 13,670 0 0 Surplus taken as an asset . . . . . . . . . . . . . . . . . . 2,592 8 9 Creditors who are partly secured . . . . . . . . . . . . 9,000 0 0 Deduct estimated value of their securities . . . . 6,915 16 11 Amount to be claimed upon this estate . . . . . . e Q 2,084 3 1 Creditors who do not hold securities . . . . . . . . © º 4,537 14 9 Bills receivable in circulation, £20,540 8s. 4d., of which the amount expected to claim on this estate is. . . . . . . . . . . . . . . . . . . . . . . . . . . . e - 2,958 9 0 £29,358 11 11 ASSETS. Cash in the house . . . . . . . . . . . . . . . . . . . . . . . . tº e 342 0 9 Bills receivable in the hands of Messrs. Lysaght, Smithett, & Co. . . . . . . . . . . . . . . . . . . . . . . . . 3,127 11 9 Deduct bills on Messrs. C. de Bruyn & Co., which since the 9th of December have been delivered to the persons for whom they were received by Messrs. Lysaght, Smithett, & Co. 1,797 5 1 Bills remaining in their hands . . . . . . . . . . . . . . 2,030 6 8 Of these bills, £1,401 10s. 11d. are on Messrs. T. & H. Murray, of Liverpool, and £200 on A. A. Lackersteen; the whole are estimated to produce to this estate. . . . . . . . . . . . . . . . . . º e 1,335 19 5 Sundry debtors, considered good . . . . . . . . . . . . tº º 10,556 19 1 Sundry debtors, badanddoubtful, £8,243 11s. 4d. estimated value . . . . . . . . . . . . . . . . . . . . . . . . • * 2,158 7 5 Surplus securities in the hands of creditors . . . . tº º 2,592 8 9 Estimated proceeds of produce of which shipping documents are in hand . . . . . . . . . . . . . . . . . . • 5,412 19 0 Consignments to India and other places, for part of which it is expected remittances are now in transmission, estimated value . . . . . . tº º 2,470 12 11 Office furniture and sundries . . . . . * * * * * * * * * * * • - 162 14 0 Total assets . . . . . . . . . . . . . . . . tº e 25,032 1 4 Deduct rent and sundries to be paid in full . . . . - - 1,331 9 2 £23,700 12 2 MEssRs. BIRLEY, CORRIE & Co. EAST INDIA TRADE. When MESSRs. BIRLEY, CoRRIE, & Co., of Manchester, suspended in April, 1848, in asking the consent of their creditors to a liquidation by inspection, which it is understood was granted, they issued the subjoined statement of their affairs in the shape of a circular. APPENDIX. xxxix “Liaºnities. £ Acceptances . . . . . . . . . . . . . . . ... e. e. e º sº tº g º ºs e º e º 'º tº e º t t e º 'º & G is e º & 4 35,919 Ditto secured . . . . . . • * * * * * * * * * * * * * * * * * * * * * * * £14,184 7 6 By securities estimated at present value . . . . . . . . 14,694 7 6 Excess, carried below to “surplus of securities' . . $510 0 0 Creditors secured . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,923 12 10 By securities, estimated at . . . . . . . . . . . . . . . . . . . . 12,065 12 6 Excess, carried below to “surplus of securities’. . 4,141 19 8 Sundry creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,333 9 9 Less secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 0 0 30,333 Liabilities on bills on failed houses, expected eventually to claim . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,118 Liabilities in respect of which no claim is expected to be made on our estate, £23,837 0s. 6d. Balance of accounts due from Calcutta house to correspondents ... 15,462 Bills on failed houses, remitted to ditto, expected eventually to claim . . . . . . . . . . . . . . . . . . " * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 6,725 Bills bought and resold with Calcutta house endorsement, expected eventually to claim. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,375 Ledger accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... • e º e 7.58 £96,692 ASSETS. Cash and bills • e º e º v e s a s a e s e e s a • * s e e º 'º e º s s tº e e e º 'º " & © e º te e º e e 2,131 Bills of lading, &c. present value . . . . . . . . . . . . e e s tº e º s e e º 'º ..... 3,865 Stock of goods in Calcutta, as per invoices . . . . . . . . . . . . . . . . . ... 32,576 Surplus of securities from above . . . . . . © e º O e º a • e º ºs e º te e s e e º e e . 4,651 Estimated dividends on failed houses . . . . . . . . . . . . . . . . . . ... ... 10,324 Ledger accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,257 Sundry assets in Calcutta, but which are chiefly of doubtful reali- zation, £32,455 7s. 4d. Surplus of private estates, estimated at . . . . . . © & © 4 º º º º - e. . . . . . . 4,500 £59,307 “The inference to be drawn from this statement,” remarked Messrs. S. d. 2 8 9 9 7 8 9 0 0 0 0 0 19 1 8 2 14 9 9 8 5 5 19 8 18 6 10 5 0 0 18 5” Birley, Corrie, & Co., “is that our present unfortunate position is attributable to the severe losses we have sustained upon our East India trade, to the present difficulty of finding a market for our large stock remaining there on hand, and, above all, to the dishonour of a very large proportion of our remittances; and it will be observed that our means of satisfying our creditors substantially depend upon our ship- ments not being sacrificed by forced sales, and upon the amount of dividend we may receive from the dishonoured remittances.” Messrs. THOMAS, SON, AND LEFEVRE, RUSSIA TRADE. A meeting of the creditors of Messrs. THoMAs, SoN, AND LEFEVRE, was held 20th of October, 1847, Mr. Bonamy Dobree in the chair, at which the following state- ment was submitted :-- xl APPENDIX. DEBTOR. £. s. d. To sundry creditors ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,751 2 5 To acceptances, viz. – On account of De Jersey & Co. . . . . . . . . . . . . 180,099 l 8 On account of J.Thomas & Co., St. Petersburgh, viz., their, draughts.” . . . . . . 26,057 17 10 De Jersey & Co.'s draughts .. 74,610 7 0 Draughts of other parties . . . . 15,329 5 8 —— 115,997 10 6 On account of sundries . . . . . . . . . . . . . . . . . . . . . . 49,912 14 9 346,009 6 11 401,760 9 4 To balance,—surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,212 10 0 £441,972 19 4 CREDITOR. By cash in hand and at bankers’ . . . . . . . . . . . . . . . . . . . . . . . . . . 2,892 18 5 By bills receivable, in hand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,064 19 4 By De Jersey & Co., debtor on balance, provided we pay our acceptances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... 183,129 1 9 By John Thomas & Co., of St. Petersburgh, debtor on balance, provided we pay our acceptances . . . . . . . . . . . . . . . . . . © tº & e e º e 180,766 18 3 By sundry debtors, good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,119 1 7 By ditto, doubtful and bad . . . . . . . . . . . . . . . . . . £6,589 8 6 £441,972 19 4 “In connexion with the above,” says a report of the proceedings, “the meeting were informed that remittances to the amount of about £40,000 have been received from the St. Petersburgh house since the 4th instant, (the date of suspension, and to which the account is made up), thus forming a total of £67,000 in bills receivable, &c., which will shortly be applicable for a dividend. The ultimate liquidation in full will depend, it will be observed, upon the ability of De Jersey & Co., of Manchester, and of the St. Petersburgh firm, who figure jointly for £363,000, to meet their en- gagements; but as it is known that De Jersey & Co. have made arrangements by which they are likely to sustain themselves, and as it is believed also that the St. Petersburgh house (from whom a balance-sheet was received about March last, show- ing a surplus of £80,000,) will be able to hold its ground, the prospect is certainly much more favourable than had been anticipated. . No accounts have yet arrived from St. Petersburgh of the effect produced by the news of the stoppage on this side, and hence, as it is too early to form a definite calculation, the meeting was adjourned for a few weeks. The debt of the St. Petersburgh house, it should be mentioned, ap- pears to be for goods which were chiefly shipped in July and August last, and which, it may be presumed, are in course of realization.” At a subsequent meeting, the accounts were fully tested, and found to be correct, since which period a gradual liquidation is being carried out. MESSRs. H. CASTELLAIN, SONS, & Co., GENERAL MERCHANTs. A meeting of the creditors of MESSRs. CASTELLAIN, SONS, & Co., whose suspension took place on the 23d of August, 1847, was held on the 18th of October, when the following statement prepared by Messrs. Quilter, Ball, & Co., was submitted by Mr. Maynard, of the firm of Crowder & Maynard, solicitors to the estate. APPENDIX. xli The failure of the house was mainly attributable to the default of Messrs. Frazer's, of Antwerp, indebted to them for about £30,000. £ s. d. 53,294 3 7 . 16,357 11 0 £69,651 14 7 3,635 11 1 8 8,234 15 11 7 - DEBTOR. s. d. To sundry creditors, on accounts current . . . . . . 37,001 2 3 To holders of H. C. S. and Co.'s acceptances, of Fraser & Co.'s drafts. . . . . . . * * * * * * * * * * * * * * * £17,225 17 10 Less balances due by sundry hold- Crs . . . . . . . . . . . . . . . . . . . . . . . . 932 16 6 — 16,293 l 4 Estimated as Liabilities. claims. To liabilities on acceptances to be retired by the drawers . . . . . . 57,680 13 0 Estimated as probable claims . . . . 4,000 0 0 To liabilities on bills receivable, - discounted . . . . . . . . . . . . . . . . . . 214,052 3 1 Estimated to prove claims . . . . . . - 3,000 0 0 To liabilities on foreign bills ne- gociated. . . . . . . . . . . . . . . . . . . . 248,740 13 3 Estimated to prove claims . . . . . . 10,606 16 10 Total . . . . . . 520,473 9 4 17,606 16 10 Deduct— - Cash and bill at Bank of Eng- land held against liabilities .. 819 9 6 Balances due by Sundry holders . . 429 16 4 —— 1,249 5 10 To liabilities on confirmed credits (disputed) £4,000. CREDITOR, By cash in hand, viz. In the house. . . . . . . . . © m e a e s tº e s m e º e e s - e. e. e. e. e. 156 11 6 At Robarts & Co.'s . . . . . . . . . . . . . . . . . . . . . . . . 3,478 19 7 By bills receivable, on hand, considered good .... 7,297 0 1 Ditto doubtful . . . . . . . . . . . . £34 9 4 Estimated at . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 11 4 Remitted for collection for other parties . . . . . . . . . . . . . . . . . . . . 6,376 13 4 Subject to this amount due by the parties to H. C. S. & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 919 3 By sundry debtors, considered good . . . . . . tº a e < * * 20,756 17 Do. doubtful. . . . . . . . . . 17,579 0 2 Probable value at 5 per cent. . . . . . . . . . . . . . . 878 19 Considered bad. . . . . . . . . . . . . . 55,485 13 2 By sundry property. . . . . . . . . . . . . . . . . . . . . . . . . . By sundry foreign (good) debts attached by parties having doubtful claims on this estate; if the attachments are sustained this amount will go in reduction of liabilities per contra; if not, they become available as assets . . . . . . . . . . . . . . . . . . 1,419 7 9 By H. Castellain, Sons, & Co., of Liverpool— Amount at our credit as capital in that firm .. 6,600 0 0 Balance in our favour on account current . . . . 2,605 2 9 9,205 2 9 21,635 16 7 2,100 0 0 Carried over £35,606 3 7 xlii APPENDIX. Deduct:— Brought over £35,606 3 7 Clerks’ salaries, rent, taxes, and small creditors, to be paid in full . . . . . . . . © e º e º 'º e s e s a e s s e e º a 503 2 7 Expenses of liquidation, say . . . . . . . . . . . . . . . . . . 1,500 0 0 — 2,003 2 7 £33,603 1 0 “We have here” says The Times, “a deficiency of £36,048, and a probable dividend of 9s. 8d. in the pound. In connexion with the large amount of indirect liabilities running upon the firm at the time of their suspension, and which appear in the above statement, Mr. Maynard informed the meeting that a total of about £300,000 had already run off, and that under these circumstances there was every reason for confi- dence that the estimates now given would be fully borne out. Of the assets about £24,000 have been realized and invested in Exchequer-bills. Much considerate feeling was expressed for the members of the house, and a proposition to wind up under inspection met with general approval. The inspectors named were Mr. Furse, Mr. Meinertzhagen, and Mr. Bordier, all of whom represent foreign creditors.” MESSRS. SANDERSON & Co. BILL BROKERs. A meeting of parties interested in the affairs of MESSRS. SANDERSON & Co., was held on the 20th September, 1847.-Present, Mr. S. Jones Lloyd, in the chair; Pres- cott & Co., per Mr. Prescott; Masterman & Co., per Mr. John Masterman; Lon- don Joint Stock Bank, per Mr. Pollard; Barnard, Dimsdale, & Co., per Mr. Bar- nard; Lubbock & Co., per Mr. Forster; Union Bank of London, per Mr. Scrim- geour; Contts & Co., per Mr. Robinson; Dennison & Co., per Mr. Kennard; Provincial Bank of Ireland, per Mr. Hewat, when the following statement was submitted to the meeting:— Total amount of bills running on the evening of the 13th inst., for which Sander- son and Co. were responsible . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £1,725,000 Amount paid up to this evening, the 18th of September, £194,400; still running, £1,530,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £1,725,000 Money held at call, and for which securities are lodged with the par- ties, £622,569; money at call, and for which the parties have no security, £168,420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790,989 Total amount owing by Sanderson & Co., not covered by equivalent security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £168,420 Against this uncovered debt, and also the general responsibility on the bills running, the following assets are held by Sanderson & Co. (as per schedule submitted to the meeting), viz. . . . . . . . . . . . . . . . £259,000 In addition to the above, the separate property of the partners amounts (as per schedule submitted to the meeting), to . . . . . . . . . . . 188,000 After the above statement had been fully examined, it was resolved unanimously,– “1. That from the statements laid before this meeting, and the explanations afforded by Mr. Sanderson, it appears that there is sufficient ground for confidence in the solvency of the concern, and that the resumption of its operations may be prac- ticable at no distant period. “2. That, with the view of watching the progressive realization of the bills, and the collection of the other assets of the partnership, and thus being prepared to deter- mine with more confidence on the propriety of resuming the business, this meeting be adjourned to Tuesday, the 28th inst., at one precisely, at the office of Messrs. San- derson & Co., 83, King William-street. APPENDIX. xliii “3. That a copy of these resolutions be transmitted to every creditor accompa- nied with the assurance that the statements and explanatious afforded by Mr. Sander- son, as well as his general conduct in the present emergency, so far as it has come under the knowledge of the meeting, has been correct, and highly satisfactory in all respects.” “It will be seen,” remarked The Times, “that the total amount of assets to meet the unsecured debts of the firm (£168,420,) and the contingencies upon the bills bearing their endorsement, is £447,000. The valuation of these assets, it is to be mentioned, has been made with great care, and it is likewise stated that a large proportion of the bills on which the house is liable are of the most unquestionable description, while at the same time the amount of those which are bad is less than has been generally supposed. Under these circumstances, there can be little doubt of an early resumption.” Business by the house, has since been resumed, a new partnership having been arranged. MESSRs. TRUEMAN & COOK, CoLONIAL BROKERs. The meeting of creditors of MESSRS. TRUEMAN & Cook, whose failure took place on the 15th of November was held on the 23rd of December, 1847. Mr. Henry Kings- cote was called to the chair, when the following report of Mr. Coleman, the accountant appointed by the Bank of England to investigate the affairs of the house, together with the annexed balance-sheet, was laid before the meeting. The report of Mr. Coleman is addressed to the Bank’s solicitors, and from its import- ance we give it without abridgment, as follows:— “Having, agreeably to the instructions that I respectively received from you, inves- tigated and ascertained the state of the affairs of Messrs. Trueman & Cook, of Min- cing-lane, on behalf of the governor and directors of the Bank of England, I now have the honour to hand you the result of my inquiry. “My examination has been directed to the various points that I considered requi- site from the 1st January, 1844, to the day that the house suspended payment, viz., the 16th November last, and I must here observe that the suspension so promptly determined on was an act of great discretion, and one of infinite benefit to the cre- ditors generally; for, although the resources of the house would have enabled them to have struggled on for a month or two, yet if such a course had heen adopted, it would have been attended with material loss to all parties interested. “I find that the capital of the firm on the 1st of January, 1844, was £127,755 15s. 11d., and at the date of suspension it amounted to £156,4639s. 11d., showing an increase amounting to £28,707 14s. on this item. The drawings of the several partners throughout the whole period have been very moderate, but the losses sustained each year as against the gross profits have been heavy. “As the termination of my inquiry presents so favourable a view for all parties concerned, it precludes the necessity of my entering into such details, that otherwise might have been deemed requisite. I will, therefore, now turn to the general state- ment of the liabilities and assets of the house, and offer some suggestions which bear upon the subject of liquidation. “The total amount of liabilities is £379,104 16s. 5d., and the joint assets I estimate to realize (after payment of charges attendant upon the liquidation) £381,835 8s. 8d., and which in my opinion may be marshalled and converted for distribution as follows: one-fourth in cash within three weeks from this time, one fourth by the 1st of May next, one-fourth by the 1st of October next, one-eighth by the 1st January, 1849, and the remaining eighth by the 1st March in the same year. In order to meet the first instalment, it will be requisite to obtain an advance of 75 per cent. on about £50,000 produce, which is valued at the present low market prices, and I think such an advance would be extremely beneficial, both as regards the interests of the estate as well as the interests of all parties connected with colonial xliv APPENDIX. produce, as it would prevent the pressure of too much commodity on the market at one time, and thus probably enhance its value. - “The contingencies upon the realization of the assets of this estate are very limited, and they can only be effected to any extent by the account with Messrs. Reid, Irving, & Co., and the securities held by Messrs. Trueman and Cook, for their debt against the firm of Messrs. Cruickshank, Melville, & Co. As regards the first, it is now ascertained beyond doubt, that sugars have been shipped, and are coming for- ward to the extent of one-half of the whole sum dependent upon the balance; and as to the latter, should it only realize one-half of the amount the securities are estimated to produce, that deficiency is amply provided for by the assets that will arise from the separate estate of Mr. Cook, and which are not included in the before-mentioned sum of £381,835 8s. 8d. “Should you think proper to advise any suggestions as to the liquidation, the same can be carried out under such supervision as you may think proper to recommend. “The books and accounts have been kept in the most correct manner, and all losses incurred within each year have been regularly passed off to the debit of profit and loss prior to the balances being carried to each partner’s accounts, and the losses, amounting in all to nearly £154,000 (made and estimated), have been incurred in the present year. “The transactions between Messrs. Trueman and Cook, and Mr. A. A. Lacker- steen, having formed a subject for public comment, I have directed particular atten- tion to the same. The facts of which are as follows:— “Mr. Lackersteen called upon Messrs. Trueman and Cook with a letter of intro- duction from a house of great respectability, in January last. The object he had in view was to get them to make some speculative purchases of Sugar and coffee. Messrs. Trueman and Cook having satisfied themselves, by inquiry, as to the respectability of Mr. Lackersteen, consented to execute his orders, and to make pur- chases for him. Mr. Lackersteen was not in a position to pay the cash at the time the prompt became due ; viz., on the 6th of March, upon which Messrs. Trueman and Cook gave to him their acceptances for £16,000; and Mr. Lackersteen handed to them a like amount on the 5th and 6th of March, to cover the payments made by them for the produce purchased, amounting in all to £16,236 19s. 8d. “The value of the produce that had been purchased having declined considerably, Messrs. Trueman and Cook called upon Mr. Lackersteen to pay a further deposit; he did so by handing to them two acceptances amounting to £2,000, one of which for £800 has been honoured, but the remaining one is accepted by a firm since suspended, “A further purchase, amounting to £4,109 15s. 4d., was made by Messrs. True- man and Cook on account of Mr. Lackersteen, the prompt of which was due on the 19th of June, and for which Mr. Lackersteen paid them £3,600 cash on the 14th. Some minor transaction took place, which brought the cash matters to nearly a balance. “The acceptances of Messrs. Trueman and Cook became due on the 18th of August, and as Mr. Lackersteen was still desirous of holding on his produce, Messrs. Trueman and Cook assented to again give their acceptances, which they accordingly did on the 16th of August, to the amount of £18,000, for which Mr. Lackersteen handed them cash on the 16th and 17th, amounting to £13,500, towards meeting the acceptances for £16,000 which fell due on the 18th, and on the 27th of August Mr. Lackersteen paid Messrs. Trueman and Cook £5,000 to cover the remaining amount of the £18,000 acceptances. “Interviews took place from time to time after this date, and Mr. Lackersteen, with much persuasion, assented to some sales being made. Accordingly two sales of coffee were made on the 2d and 4th of October amounting to £5,178 18s. 6d., the prompts of which fell due on the 23d and 30th of October. “Immediately after these sales prices of produce further gave way to a consider- able extent, and rumours were abroad that Mr. Lackersteen was in difficulties. Messrs. Trueman and Cook became extremely desirous of closing the account, in order to protect themselves against their acceptances for £18,000 which were ap- proaching maturity (viz., the 19th of November.) and after several interviews and conversations between all parties, at which times Messrs. Trueman and Cook strongly urged, the necessity of the sales being made, the following letter was addressed by Messrs. Trueman and Cook to Mr. Lackersteen :- APPENDIX. xly “‘Dear Sir, “‘Mincing-lane, October 28th, 1847. “‘With reference to our interviews respecting the sale of your Java sugar, and to your desire to limit the price to 45s. per cwt., we beg to inform you, that we be- lieve that price to be quite unobtainable; and as your bill upon us will become due next month, it is necessary that an immediate course of action should be adopted. Of course it is our desire that the sale should be conducted without undue precipita- tion, as it would be if driven to the last moment. A sale effected to-day would scarcely be available by the maturity of the bill, as time is required for the payment of the duty, for the delivery of the sugar, and for the regulation of the accounts of the buyers (to whom we continue to give every facility which we know insures an offer on the best terms,) while if the matter is protracted a forced sale for cash would entail further serious loss upon you. “‘To show our readiness to afford you every opportunity to realize the full market price, we are quite ready to permit any other broker to procure a purchaser, and we will further even allow him # per cent. of our brokerage upon the sale; but this must be done at once, or we shall proceed to protect our own interest by effecting a sale upon the best obtainable terms. It is much to be regretted that you declined selling when we could have obtained 48s. per cwt. and when we urged you to allow us to go on ; but in the present position of affairs, we cannot submit to any further delay, and therefore must beg your reply to this by to-morrow morning, when we shall feel it our duty to place the cargo on the market for sale. “‘We are, dear sir, your obedient servants, (Signed) “‘TRUEMAN AND Cook.’ “‘To A. Lackersteen, Esq.’” “After the receipt of this letter, Mr. Lackersteen consented to the disposal of the remainder of the sugars, and accordingly Messrs. Trueman and Cook passed a con- tract on the 1st of November, of which the following is a copy:— “‘London, 1st November, 1847.-Sold for account of Mr. A. A. Lackersteen, per Maria Jacoba Cornelia (D V K N M); 1,205 baskets Java Sugar, at 43s. per cwt., duty paid or allowed, prompt 13th January, 1848.—Usual conditions.’” “It so happened, that the buyers required delivery of the goods, prior to which they, in the ordinary course of dealing, would have to pay the amount of purchase ; and accordingly they did (voluntarily and without any application) pay to Messrs. Trueman and Cook the following amounts:—On the 2d November, É3,500; 9th No- vember, £1,150; 12th November, £1,770. “It will therefore be seen that the whole course of these transactions was in ac- cordance with the customary proceedings of the trade, and the moneys so received merged into the general assets of Trueman and Cook in the same manner as other receipts of precisely the like nature did (on that very day, and in fact almost every succeeding one, up to the time of their suspension being made known.) “The state of account between Messrs. Trueman and Cook and Mr. Lackersteen, on the day of the suspension of the former firm, was as follows:—Provided Messrs. Trueman and Cook paid their acceptances, amounting in all to £20,000 (one of £2,000 being out, in respect of some indigo sold for account of Mr. Lackersteen,) there was a balance in their favour of £1,492 17s. 8d., by having given him credit for various bills paid by him to Messrs. Trueman and Cook; but as a portion of those bills, amounting to £2,136 10s 9d., are upon houses since suspended, and which will not be honoured at maturity, the balance against Mr. Lackersteen will be increased to the sum of £3,629 8s. 5d. “I cannot conclude this report without expressing my obligations to the several partners and their establishment for the proffered and full information given to me, as well as the assistance that they have rendered during my investigation. “Should there be any other points which I have not noticed, where further infor- mation is required, I will most cheerfully furnish it. “I am, gentlemen, “Yours very faithfully and much obliged, “JAS. EDw. CoIEMAN. “36, Coleman-street, Dec. 14, 1847.” xlvi APPENDIX. Statement of affairs of Messrs. Trueman and Cook, 15th of November, 1847– LIABILITIES. £. s. d. £. 8. d. To amount of acceptances out . . . . . . . . . . . . . . . . 360,835 13 2 Less a sum of £500 off one bill for £3,500 with the London Joint Stock Bank, upon which they advanced only £3,000 . . . . . . . . . . . . . & e < * * * * 500 0 0 £360,335 13 2 360,335 13 2 To sundry creditors on open balances. . . . . . . . . . * - 18,769 3 3 To sundry creditors for produce sold, the pro- ceeds of which will be paid to them so soon as it is received by Trueman and Cook . . . . . . . . 42,330 18 8 To sundry creditors holding security:— Estimated value of securities held by them ... , 90,500 0 0 Amount of their claims . . . . . . . . . . . º e º ºs º a 4 e a 68,749 5 0 Amount available to the estate, as per contra .. 21,750 15 0 To liabilities on bills receivable under discount .. 87,362 10 0 Ditto guarantee . . . . . . . . . . . . . tº e º " - a tº a • * @ 1,000 0 0 88,362 10 0 The whole of these bills will be duly honoured by the acceptors, and proceeds are expected to cover the guarantee, in which case there will be no claim on the estate in respect of the above sum of £88,362 10s. *-*mm- £379,104 16 5 Amount which ASSETS. *º tººl. debit. produce. By sundry debtors (good). . . . . . £112,420 0 4 Less amount to be paid over to creditors as per contra . . . . . . 42,330 18 8 70,089 1 8 70,089 1 8 70,089 1 8 By ditto, partly secured . . . . . . tº e s tº e º e º 'º tº e e 360,519 19 6 220,609 6 3 By ditto, doubtful unsecured . . . . . . . . . . . . . © - e. 9,899 14 3 4,650 10 1 By bills receivable in hand . . . . . . . . . . . . . . . . . . 15,157 12 11 13,561 6 6 By cash, balance at bankers. . . . £1,048 17 3 Ditto, in hand . . . . . . . . . . . . . . 1,300 0 0 - — 2,348 17 3 2,348 17 3 By produce in hand . . . . . . . © º ºs e a e º e s - a tº * * * ... 52,825 11 11 52,825 11 11 By surplus balance of securities, as per contra .. 21,750 15 0 21,750 15 0 £532,591 12 6 385,835 8 8 Less salaries and charges to be paid 1,500 0 Charges of sending an efficient per- son to the West Indies, and other expenses of liquidation . . . . . . . . 2,500 0 0 4,000 0 0 £381,835 8 8 Estimated proceeds of Mr. Cook’s separate estate £22,000. The balance at the bankers was £11,048 17s. 3d., but they wrote off a sum of £10,000 to the loan account, which has increased the surplus balance arising from securities, upon which advances were made, to the sum of £21,750 15s., as stated above. APPENDIX. xlvii In addition to the preceding, showing the debts and assets as existing on the day of the stoppage, a supplemental statement was presented, showing the amount at the present time, which, upon the result of these statements, appeared as follows:– LIABILITIES. Total acceptances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £297,435 13 2 Creditors on open balances . . . . . . . . . . . . . . . * - s e º s e e s e s e e s e º a 22,345 2 0 Creditors secured fully. . . . . . . . . . . . . . . . . . . . . . £68,449 5 0 With surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,750 15 0 Liabilities on bills under discount and on gua- rantee, all good . . . . . . . . . . . . . . . . . . . . . . . . . . 89,362 10 0 Total liabilities. . . . . . . . . . . . . . . . . . . . £319,780 15 2 ASSETS. Good debts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G. s. s - © e º 'º s £70,089 1 8 Debts secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,815 5 10 Cash balance in hand and at bankers. . . . . . . . . . . . . . . . . . . . . . . . 2,348 17 3 * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,108 11 11 Doubtful debts, valued at . . . . . . . . . . * Q = e e s > • e s - is e º 'º a tº º e e s e º e 4,650 10 1 Bills on hand. . . . . . . . . . . . . . & © & © e s tº a ſe sº º ſº s º 0 e º 6 g º a v e < e < e < * * 13,561 6 6 Surplus balance of securities ... . . . . . . e tº e º 'º & e e - e º e º e º 'º e º tº ... 21,750 15 0 Total assets . . . . . . . . . . . . . . . . . . . . . . £326,324 8 3 The surplus of the private property, after payment of the private liabilities, would be also available. It was then stated to the meeting that the house would be prepared to pay 20s. in the pound, by three instalments of 5s. each, and two of 2s. 6d. each, as follows:— The first instalment of 5s. in the pound to be paid on the 18th day of January, 1848; the second on the 18th day of May, 1848; and the third on the 18th day of Sep- tember, 1848. The two instalments of 2s. 6d. in the pound each to be paid on the 18th day of January, and the 18th day of April, 1849. After this statement had been discussed, the following resolutions were agreed to :— “1. That it is expedient for the creditors to concur in allowing the house to pro- ceed with the administration of its affairs under inspectors, and that the following gentlemen be requested to act as such inspectors—Mr. Joshua Bates, Mr. Henry D. Blyth, Mr. Erie Erickson. “2. That the house be authorized to pay small debts not exceeding in the aggre- gate £1,500. “3. That a deed be forthwith prepared by which the partners shall covenant to pay 20s. in the pound, according to the proposals, viz.-5s. in the pound on the 18th January, 1848; 5s. in the pound on the 18th May, 1848; 5s. in the pound on the 18th September, 1848; 2s. 6d. in the pound on the 18th of January, 1849; and 2s. 6d. on the 18th April, 1849. “4. That such deed shall contain covenants by the creditors not to sue, and an ultimate release on payment of the instalments, but with such provisions as the inspectors shall deem necessary for assigning all the outstanding assets to trustees, in case there shall be any default in payment of the instalments, or in case they shall otherwise deem it necessary. - “5. That the deed shall in other respects be prepared in such manner as the inspectors on behalf of the creditors shall approve, and with such clauses as are usual in deeds of inspectorship. - “6. That the house shall be at liberty to give its promissory notes or acceptances for the several instalments, such notes or acceptances when paid being in satis- faction of the instalments for which they are given, and the parties taking the same being bound by the terms of the deed of inspectorship. “7. That creditors acceding to this arrangement shall not be prejudiced as to their rights against third parties, or upon their securities. “8. That the private property of the partners, after payment of their separate liabilities, be made available for the payment of the instalments, or otherwise applied in the administration as the inspectors may direct. xlviii APPENDIX. “9. That Mr. Trueman, sen., and Mr. Trueman. jun., and Mr. William Cook, be relieved from attending to the administration, and that the same be conducted by Mr. Cook and Mr. Windsor, under the inspectors.” It having been stated to the meeting that the partners would require no allowance during the liquidation— - -- “It was further resolved, That any of the partners should be at liberty to transact business as brokers on their covenanting not to use either directly or indirectly any of the existing assets of the firm, and to incur no new engagements, which could by any possibility be thrown on the existing, assets. But such business shall be dis- continued if the inspectors shall certify that it ought not to be continued.” MESSRs. FRY, GRIFFITHS, & Co. CoLoRIAL BROKERs. A meeting of the creditors of FRY, GRIFFITHs, & Co., the colonial brokers, whose failure took place in September, was held on the 28th of October, 1847. The chair was taken by Mr. Chambers, and the annexed statement prepared by Messrs. Quilter, Ball, & Co., the accountants, was submitted for consideration. - IDEBTOR. . #. S. d. To creditors unsecured. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,309 14 3 To creditors partially secured, amount of claims £100,869 3s. 5d. ; less value of securities held, £78,657 16s. 8d. . . . . . . . . . . . . . . 22,211 7 2 To creditors fully secured—value of securities held, £12,025; amount of claims thereon, £10,635 13s. 11d. ; surplus, taken as an asset per contra, £1,389 6s. 1d. . . . . . . . . . . . . . . . . . . . . To liabilities on acceptances expected to be provided for by the drawers, £126,361 15s. 7d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To liabilities on bills receivable, £30,872 2s. 2d., of which the amount estimated to prove claims on the estate is . . . . . . . . . . 6,458 4 4 £90,979 5 9 CREDITOR. By sundry debtors considered good, £7,564 1s. 4d.; ditto doubt- ful, £15,8919s. 8d.: estimated as 5s, in the pound, £3,972 15s.; (ditto bad £49,762 6s. 9d.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,536 16 4 By sundry property, viz., surplus securities in the hands of cre- ditors as per contra, £1,389 6s. 1d. ; surplus securities, £3,632 5,021 6 1 By estimated surplus of separate estates . . . . . . . . . . . . . . . . . . . . 3,000 0 0 - 19,558 2 5 Deduct many payments in full, rent, salaries, &c. . . . . . . . . 326 16 3 19,231 6 2 sm-sº [This account shewed about 4s. 3d. in the pound.] At an adjourned meeting of creditors, a report on the affairs of the suspended firm was read, accompanied by a case laid before Sir Fitzroy Kelly and Mr. Lloyd relating to the exchange of securities with Messrs. Overend, Gurney, & Co., respect- ing which the creditors required explanation. These documents as they throw much light on the transactions of Messrs. Fry, Griffiths, & Co. are subjoined:— “The report of James Alexander Simpson, of No. 62, Moorgate-street, London, solicitor, who was appointed at a meeting of the creditors of Messrs. Fry, Griffiths, & Co., held on the 28th day of October, 1847, to investigate the accounts and affairs of the insolvents, and report the result of his inquiries to a meeting of creditors, to be held by way of adjournment, on Thursday, the 11th of November.” APPENDIX. xlix “In pursuance of the resolution of the creditors, I have proceeded to inquire into the accounts and affairs of Messrs. Fry, Griffiths, & Co., and in doing so every facility has been most readily afforded to me by Mr. M'Leod and Mr. Jay, the books and papers of the firm have been laid before me, and the parties themselves have readily answered all my inquiries. - “I have directed my attention in the first instance to the state of their cash account for a fortnight previous to their stoppage of payment, and it appears to me that their books have been regularly kept; and I find that they kept daily balances of their banker's account. Upon going through their cash transactions, I observe nothing worthy of notice until the 25th of September, on which day I find that Messrs. Fry, Griffiths, & Co., paid Messrs. Overend, Gurney, & Co. a check for £3,905, dated the 27th of September, being in repayment of advances made by the latter to them on the deposit of certain securities which Messrs. Overend, Gurney, & Co. had permitted Messrs. Fry, Griffiths, & Co. to withdraw during the course of that week, it being their custom to allow Messrs. Fry, Griffiths, & Co. to pay at the end of each week the amount of advances made to them on the securities taken away during that week, instead of paying the advance on each security at the time of taking them out of their hands. On the 27th of September Messrs. Fry, Griffiths, & Co. had not the means of meeting their checks, and on being informed of that fact, Messrs. Overend, Gurney, & Co., on the same day, gave them a check for £4,000, to meet the one they held for £3,905, which was never afterwards repaid. “I find, also, that on the morning of the 28th of September, Messrs. Fry, Griffiths, & Co. had a balance to their credit with their bankers of £847 19s. 5d., and that in the course of the day they paid in various sums, which appear to have been received in the ordinary course of their business, amounting to £831 17s., making in all £1,679 16s. 5d. ; and that on the other side they paid an acceptance in favour of Messrs. Lyall, Brothers, for £1,500, and another sum of £100, in favour of the same parties, though, as it appears to me, Messrs. Fry, Griffiths, & Co. must have known on the morning of the 28th of September that their situation was hope- less, and that stoppage of payment was inevitable. “I also find, that on the 28th of September, Messrs. Fry, Griffiths, & Co. (having previously obtained from a party certain bills of lading, or warrants, on which the same party had advanced a sum of £1,600) executed in favour of that creditor a security for the same sum of £1,600 and upwards; the exact particulars and circumstances of which I have not been able to ascertain, nor have I thought it material to do so, as I am led to believe that the share assigned will not prove of any considerable value. “I then proceeded to inquire into the history of the transaction which took place between Messrs. Fry, Griffiths, & Co. and Messrs. Overend, Gurney, & Co. on the 29th of September, and, as the facts of it are detailed in the case laid before Sir Fitzroy Relly and Mr. Lloyd, I refer to the case submitted to them without recapitulating them here. I have had an interview with Messrs. Overend, Gurney, & Co. upon the subject; and these gentlemen offered me, on behalf of the creditors, every information which it was in their power to supply. They laid before me all the securities which they held, and expressed their desire to retain nothing to which they had not both a legal and a moral right. It appears to me that nothing can be more regular and straightforward than have been the whole of their dealings with Messrs. Fry, Griffiths, & Co. Every transaction is kept distinct; and whenever an advance was made, a separate memorandum was taken from Messrs. Fry, Griffiths, & Co., signed by them, specifying the particulars and value of the property pledged, and the amount advanced upon it. These memoranda speak for themselves. At the end of every week the accounts were balanced; and, as may be expected, in most cases there was a balance due to Messrs. Overend, Gurney, & Co., which was carried on. “I have further to report, that having made myself acquainted with the transaction, I deemed it advisable to take the opinion of Sir Fitzroy Kelly and Mr. Lloyd as to whether the transaction can be considered as a preference, and whether the securities could be recovered for the benefit of the creditors. That case, and the opinion of the learned counsel upon the subject, will be read to the meeting. - “I have further to report that, in the event of the creditors acceding to any arrangement, I think that they must not calculate on receiving as large a dividend as 4s. in the pound, for certain liabilities which, at the time of preparing the state- l APPENDIX. ment, were considered good, have since turned out to be bad, and the amount of such extra claims will be between £9,000 and £10,000. “NOV. 10. “J. A. SIMPSON.” “CASE. “The firm of Fry, Griffiths, & Co., colonial brokers of Fenchurch-street, which consisted of Joseph Fry, Rhys Barker Griffiths, Thomas Gouger Merridew, and — Fry, junior, stopped payment on the 29th of September last, or rather it may be more properly said, that they did not pay after the 28th of September. “This firm possessed but small capital, but it was well known from Mr. Fry’s connexion with Mr. Gurney, of the firm of Overend, Gurney, & Co., that they had great command of means through that firm, and thus carried on a very extensive business. “Previously to the 28th of September, Messrs. Fry, Griffiths, & Co., had been in expectation of receiving from a gentleman of the name of Stewart, and other parties, a sum of money amounting to about £12,000, but being disappointed in the receipt of it on that day, they became pretty sure that they could not continue their pay- meents. They accordingly on the morning of the 29th of September sent for their solicitor to consult with him as to the best course to pursue. Upon his arrival, and making inquiry into their affairs, he discovered that they had pledged with Messrs. Overend, Gurney, & Co., certain securities which had been intrusted to their care by parties who were not indebted to them, to cover loans to the amount of £11,462. Upon their solicitor being made acquainted with this fact he pointed out to them that, although the pledge might be good in law as against the owners of the securities, the transaction might subject them to an indictment for a misdemeanour under the Factors’ Act, and in consequence of this intimation an application was made to Messrs. Overend, Gurney, & Co., to exchange those securities for others. At this time, viz. the 29th of September, Messrs. Fry, Griffiths, & Co. had in their possession other securities to the amount of £22,594. Upon some of these latter securities Messrs. Fry, Griffiths, and Co., had either made no advance, or, at all events, had not advanced to their full value. Messrs. Fry, Griffiths, and Co. accordingly made application to Messrs. Overend, Gurney, & Co. to deliver up the securities for £11,462, and to receive in exchange for them those for £22,594, it being distinctly understood that the latter gentlemen were only to hold the sceurities for £22,594 for the amount of the £11,462, and no more, or whatever the latter might realize. Messrs. Overend, Gurney, & Co., thinking that they had not been well used by Messrs. Fry, Griffiths, and Co. at first declined to accede to the proposal, but ulti- mately, upon being advised by their solicitors that they could do so with safety, determined to accede to the proposal, and the securities for £11,462 were on the 29th of September returned to Messrs. Fry, Griffiths, and Co., who in their stead delivered over to them the securities for £22,594, which Messrs. Overend, Gurney, & Co. now retain. Upon the occasion of this arrangement being made a memoran- dum, of which the following is a copy, was signed:— “‘Messrs. Overend, Gurney, & Co., in consideration of your delivering up to us the warrants mentioned in the first schedule hereunder, and on which you have advanced us sums of money amounting to £11,462, we hereby lodge and deposit with you, as security for that amount and interest, the bills of exchange, promissory notes, policies of insurance, and other securities named in the second schedule, and also agree to make all necessary transfers for perfecting such securities.” [Here follow the schedules mentioned.] “The securities £11,462, when received by Messrs. Fry, Griffiths, & Co, were by them returned to the parties to whom they belonged. It is not pretended by any one that by this arrangement Messrs. Overend, Gurney, & Co. were placed in any better position than they were in before the exchange, for the probability is that they could have retained the securities for £11,462 against all the world; so that what they did was in reality an act of kindness towards their connexion, which would save him from a prosecution; but the effect of the arrangement is a damage to the estate to the extent of £11,462, or in round numbers of 1s. 9d. in the pound to the creditors. “Supposing Messrs. Overend, Gurney, & Co. to be entitled to the securities for £22,594, and they should all prove good, they will retain their £11,462. £7,500 will have to be accounted for by the estate to the owners of the securities, and the remaining £3,632 will be assets for the creditors; whereas had Messrs. Overend, Gurney, & Co. retained the securities for the £11,462, the owners of them would have been creditors of the estate for the amount, and the debts due by the firm would have APPENDIX. - li been increased so much; but the amount of the £22,594 (deducting the £7,500 short advanced upon them) would have been assets for the creditors. “Messrs. Fry, Griffiths, and Co. did not pay after the 28th of September; indeed, one of their checks for £4,000, which they had given to a customer, and which was dated that day, was not presented for payment, at their request, there not being assets to meet it. “It may not be unimportant to state, that when Messrs. Fry, Griffiths, & Co., handed over the securities for £22,594, they left themselves without anything excepting certain debts due to them, the surplus of certain securities held by a class of creditors, and their small private property. “By the statement submitted to the creditors, it is estimated that the estate may pay rather more than 4s. in the pound. “Under the circumstances stated, you are requested to advise the creditors of Messrs. Fry, Griffiths, & Co. whether, in the event of their affairs being driven into bankruptcy, the exchange of securities with Messrs. Overend, Gurney, and Co. would be considered a preference 2 and whether, in the same event, the assignees of Messrs. Fry, Griffiths, and Co., would be entitled to recover back the securities for £22,594, for the benefit of the general creditors 2 - “OPINION. “We are of opinion that the exchange of one set of securities for another, whereby Messrs. Overend, Gurney, & Co. obtained no advantage whatever, is not such a transaction as could be impeached by the general creditors in the event of a bankruptcy. It was a bond fide contract, founded on a present and sufficient con- sideration, which, no act of bankruptcy having then taken place, could not be disturbed. It has nothing in it of the character of a fraudulent preference of a creditor by an insolvent trader on the eve of bankruptcy, because here the creditor relinquishes what was to him an exact equivalent for the new securities deposited. We think, therefore, that, under any circumstances, Messrs. Overend, Gurney, & Co. can retain these new securities against the general creditors to the extent of their original lien for £11,462. - “FITZROY KELLY. “Temple, Nov. 8. ** S. H. LLOYD.” “In the course of the proceedings,” says The Times, “Mr. D. Chapman, who repre- sented the firm of Messrs. Overend, Gurney, & Co., entered into explanations concern- ing the dealings of that house with Fry, Griffiths, & Co., in all of which he was supported by the statement made by Mr. Simpson. He at the same time volunteered to go into any detail that the creditors might desire, as it was his object to dispel any impression of his firm having acted mysteriously, or of having availed themselves of more than they had morally and legally a right to possess. Although the creditors generally appeared to regard the result of the investigation as completely satisfactory so far as Messrs. Overend, Gurney, & Co. were concerned, especially when Mr. Chap- man positively asserted that they were really unacquainted with the true position of Fry, Griffiths, & Co., and that they had considered them, up to the latest moment, a thriving and prosperous establishment, not in any way likely to deposit securities which were not their own, still, the conduct of the insolvent firm was again severely animadverted upon, and it was strongly contended, that an estate of this description ought properly to be subjected to the rigour of the law as administered in bank- ruptcy. One professional gentleman present, while acquitting Messrs. Overend, Gurney, & Co. from all charge of seeking a preference, and expressing his conviction of their desire to deal in a thoroughly straightforward manner, questioned much the policy of advancing extensively on warrants. Finally, it was attempted to pass a resolution exonerating not only Messrs. Overend, Gurney, & Co. from blame in the transaction, but also Messrs. Fry, Griffiths, & Co., but it was suggested that it would not be prudent to adopt any such step. At length a further adjournment was consented to, with the view of affording Fry, Griffiths, & Co. an opportunity of coming forward with an offer for a composition.” At the subsequent meeting no offer of composition was made, and the creditors then consented to the liquidation of the estate under inspection, the assets to be realized for the best amount they would bring. d 2 lii APPENDIX. ROUGEMONT BROTHERS, GENERAL MERCHANTs. MR. George Rougemont, the surviving partner in the firm of RougeMonT, BROTHERS, passed his final examination in the Bankruptcy Court on the 26th of January, 1848, and the subjoined is an abstract of the balance-sheet presented. The balance-sheet of George Rougemont (trading as Rougemont, Brothers), as to the partnership transactions of himself and his brother, Francis Frederick Rougemont (who died on the 26th of July, 1847), and also of the subsequent transactions of George Rougemont in continuing the business under the same firm. From the 1st of January, 1847, to the 30th of November, 1847 (date of fiat). DEBTOR. £ s. d. To creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • * * * * * * * * 28,042 18 1 Creditors (private) of George Rougemont . . . . . . . . . . . . . . . . 136 8 5 Creditors holding security. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,540 3 0 Liabilities, as per contra . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,658 8 9 £89,377 18 3 To surplus on the 1st of January, 1847, as per statement of affairs 20,073 13 8 Money received, dividend on property of George Rougemont’s creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 0 0 Profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,549 12 7 £114,234 4 6 ÇREDITOR. By debtors— Good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £11,077 6 8 Doubtful, £7,882 16s. 0d., valued at . . . . . . . . 4,882 16 0 — 15,960 2 8 Bad, carried to losses below. , £14,919 17 7 By Liabilities, as per contra . . . . . . . . . . . . . . . . . . gº is 30,658 8 9 Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . * g. 7,096 6 5 Property in the hands of creditors . . . . . . . . . . tº º 14,579 16 7 Cash and bills given up to official assignee— Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,757 7 7 Bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,938 3 11 £8,695 11 6 Deduct bill considered bad, carried to Iosses below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290 0 0 8,405 11 6 Private property of George Rougemont . . . . £6,904 2 9 In hands of creditor. . . . . . . . . . . . . . . . . . . . 5,700 0 0 sºmºmºsºmºsºsºsºsº 1,204 2 9 £77,904 8 8 By trade expenses . . . . . . . . . . . . . . . . . . . . . gº tº º tº g 2,409 15 6 Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,727 14 3 On bills receivable, taken as bad £290 0 0 On doubtful debts above. . . . . . 3,000 0 0 Bad debts. . . . . . . . . . . . . . . . . . 14,919 17 7 £18,209 17 7 Less, taken as bad Dec. 30, 1846 . . . . . . . . . . . . . . . . . . . . 1,168 0 4 — 17,041 17 3 31,769 11 6 Carried up £112,083 15 8 APPENDIX. liii Brought up £112,083 15 8 By amounts drawn out by partners— George Rougemont . . . . . . . . . . . . . . . . . . . . . . 1,007 17 11 F. F. Rougemont. . . . . . . . . . . . . . . . . . . . . . . . 1,142 10 11 gºssmº-nºmmºnsº 2,150 8 10 * £114,234 4 6 Mr. George Rougemont subsequently obtained his certificate without the least opposition. MESSRs. LESLEY ALEXANDER, & Co., Corn TRADE. The proceedings in the Court of Bankruptcy before Mr. Commissioner Goulbourn, when these bankrupts applied for their certificates, April 8th, 1848, furnishes a succinct history of their failure. Mr. Lawrence appeared for the bankrupts. The solicitor for the assignees said he had no opposition to offer. The Commissioner asked Mr. Follett, the official assignee, if he had anything to say respecting the conduct of Messrs. Alexander and Bardgett Mr. Follett replied, that he was perfectly satisfied with their conduct since the issue of the fiat. Mr. Bardgett was most unremitting in attendance at his office, and had spared no pains in making up his accounts and assisting the creditors. He then presented the following report, in which the whole facts of the case are clearly stated:— “The fiat is dated January 12th, 1848. “The house suspended payment on the 7th of August, 1847, and on the 28th of that month a general meeting of thc creditors having been called, it was resolved to wind up the affairs under a deed of inspection. Messrs. J. G. Hubbard, J. Pittman, and J. Ashlin, were appointed inspectors, and these three gentlemen are the creditors’ assignees under the fiat. “The proceedings of the inspectors appear to have been conducted with great regularity, distinct accounts of the receipts and expenses kept, the assets invested from time to time in exchequer bills, and on the fiat being issued I consequently received from the bankers upwards of £40,000 in cash and securities. “ Up to the period of the stoppage of the house it does not appear that any profit and loss account had been taken since the year 1840, although trial balances were regularly made each year, and as the object of the inspectors was liquidation they took notice of claims and assets alone. “An account from the books as set out in the proceedings was made subsequently to the 1st of July, 1846, when the balance-sheet commences, showing the then situa- tion of the house; this presents a deficiency of £21,613 12s. with a marginal note that Mr. Alexander’s private property estimated at £93,509 1s. 1d. was liable to make it good. “A profit and loss account has now been taken to July 1, 1847, which shows a balance in favour of the house £38,914 9s. 6d. thereby redeeming the deficiency of the former year. “The balance-sheet now presents— - £ s. d. Creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,388 14 4 Creditors fully secured . . . . . . . . . . . . . . . . . . £59,740 2 6 Deduct securities . . . . . . . . . . . . . . . . . . . . . . 24,906 4 0 34,833 18 6 Creditors fully secured, £2,991 15s. 1d., the estimated value of the property being £7,019 3s. 2d., the difference £4,027 8s. 1d., being taken as an asset. sº-º-mmº-ºsmº Carried over £225,222 12 10 liv APPENDIX. Brought over £225,222 12 10 Liabilities on acceptances by the firm . . . . . . . . . . . . . ... ... . . . 227,132 10, 2 Liabilities upon the draughts of the firm upon persons who failed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,833 4 8 Total claims upon the estate . . . . . . . . . . . . . . £573,188 7 8 “The assets disclosed are— Good debts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £29,504 8 3 Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,042 3 10 Property,+-surplus in the hands of secured cre- ditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,028 8 1 —— 113,575 0 2 Deficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,613 7 6 “To which must be added— Net profits from July 1, 1846, to July 1, 1847 . . . . . . . . . . . . . 38,914 9 5 “To be accounted for . . . . . . . . . . . . . . . . . £498,527 16 11 Which is thus explained— - Liabilities upon acceptances . . . . . . . . . . . . £218,754 11 8 Liabilities upon bills drawn upon other Parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,048 17 9 Losses between July 1, 1847, & 12, 1848 . . 107,561 7 2 - Bad debts between July 1, 1847, and Jan. 12, 1848 . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,683 10 10 — 440,048 7 5 “Depreciation between the cost price and value of corn at the date of the fiat, as estimated. . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,453 17 5 Drawn out by Mr. Alexander to pay mortgage . . . . . . . . . . . . . . 5,000 0 0 Personal expenses since the 1st of July, 1846 . . . . . . . . . . . . . . . 2,159 15 11 Payment to creditors since June 1, 1846 . . . . . . . . . . . . . . . . . . 2,000 0 0 Repairs of premises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 619 6 9 Personal expenses since July 1, 1846 . . . . . . . . . . . . . . . . . . . . . . 1,632 17 5 Deficiency July 1, 1847 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,613 12 0 £498,527 16 11 “The losses on this estate involve so large an amount that I have thought it right to investigate their character, and I find they have arisen in a great measure as follow:—1. Upon goods shipped by the house for parties who have since been unable to pay for them. 2. On sales of produce for which Alexander and Co. accepted bills at its then value, but the net proceeds fell far short of that sum. 3. On acceptances in part payment of cargoes contracted for, but which contracts the foreign house declined to complete. 4. On grain shipped from London to foreign parts, and, from bad weather, not arriving at the stipulated period—then thrown on the market and sold at a ruinous loss, in some cases not paying freights and charges. 5. On cargoes shipped to outports by parties, on whose account remittances were promised, but the consignees retained the proceeds. 6. On shipment to foreign ports, the pro- ceeds of which were absorbed by the failure of the parties, and the holders of Alex- ander and Co.'s acceptances having proved there, now seek to obtain the balance from this estate. - “In justice to the house, I beg to add, that by far the greater proportion of the above-mentioned losses have arisen on account of correspondents, who, by the sudden and unforeseen depreciation in the corn trade, have been unable to meet their engagements.” The Commissioner then gave judgment, he said—“This is a case of considerable importance, from its intrinsic nature as well as from circumstances connected with it. I therefore propose to say a few words upon it, not only regarding the application im- mediately before the Court, but also with reference to the conduct of this case from the issue of the fiat up to the present moment. I think this case is a very fair illus- tration of the benefits which result from the administration of the bankruptcy laws, APPENDIX. ly when worked in the efficient way in which it has been done by those who have had the management of this case. It appears that the fiat against the bankrupts is dated so recently as January in the present year—the 12th of January, so that not quite three months have elapsed from the first stage to the last. It appears that both the bankrupts assisted the official assignee to the utmost, and laboured with unceasing diligence at their accounts, so as to have them ready on the day fixed for the last examination—an unusual occurrence, especially where, as in this case, their accounts were necessarily so complicated and extensive, and the failure so large. The debts and liabilities of this firm amount to more than half a million of money, and the assets to between £120,000 and £130,000. All the accounts are made out with great regularity and clearness, indeed so much so as not to call for oppo- sition from a single creditor on the day fixed for the last examination, and they passed without a single objection being raised. The affairs of this estate could never have been wound up so rapidly if the books of the house had not been most regularly kept; and I must be permitted to say that this case completely demonstrates the use and value of book-keeping, for it shows that concerns, however vast and intricate, may be by it accurately and truthfully delineated, and it satisfies the creditors who go away without entertaining any ill-feeling or doubts against the bankrupts. There seems to me to have been another peculiarity about this case. It was this; that on the day fixed for passing the last examination—the earliest which the present state of the law permitted—a dividend was declared; not perhaps a very large one; but still a dividend of about £40,000 or £50,000, or 2s. 2d. in the pound upon all the debts proved; and I understand there will be a yet further dividend of the same amount or something more. The official assignee is unwilling to pledge himself to the exact amount, as a good deal depends upon the sum which Mr. Alexander’s private property may realize; but I should say at a rough estimate the estate will pay 5s. in the pound. In the course of the short period which intervened between the issue of the fiat and the last examination meeting, proofs of debts were placed upon the files of this court amounting to between £400,000 and £500,000. I will now make two observations upon the bankruptcy law of a general nature. The one is, that it gives the creditors a prompt and immediate remedy, and distributes the assets at as early a period as possible; the other is, that it gives the bankrupts the opportunity of having their conduct immediately inquired into and protection extended if their conduct be, as it is on this occasion, honest and honourable. These gentlemen seem to have been the victims of misfortune, and to have been borne down by events over which they could not have any control, and which the most prudent man alive could not have foreseen or guarded against. It would therefore be hard if they could not obtain that protection from this Court which their conduct as traders eminently entitled them to. They stand acquitted in the face of the commercial world of all misconduct, and their position so far from deserving any blame attracts sympathy and kindly feeling, as I am sure will be extended towards them. (His honour then went into the circumstances of the case, and the course of trading pursued by this house since the date at which the balance-sheet commences, attributing their misfortunes wholly to the sudden fluctuations which took place in the price of corn in 1846 and 1847, and concluded by saying)—I do not see what steps the bankrupts could have taken to prevent the great misfortune which has befallen them. I do not see anything culpable in their conduct: I think it is one of those visitations which often occur in extensive trading which is greatly to be lamented, but which it would be cruel to punish the bankrupts for. I feel deeply for these gentlemen; they are suddenly reduced from the high position of British merchants in affluenced eminence to one in which they have nothing left but their good name and their spotless reputation. They leave this court without the slightest reproach of any kind. They carry with them my sincere sympathy, and I believe I may add, the sympathy, the kind feeling, and the good wishes of the whole body of their creditors. I have great pleasure in granting to these gentlemen their certi- ficates.” Mr. Lawrence.—“On behalf of my clients I desire to return to your honour my sincere gratitude, and they wish me to assure you that they prize most highly this expression of your honour’s opinion, and that they will entertain a warm sense of your kindness to the end of their lives.” lyi APPENDIX. MEssRs. W. R. ROBINSON & Co., Corn TRADE. A meeting of the creditors of MEssRs. W. R. RoBINsoN & Co., was held to receive the report of Messrs. Quilter & Co., the accountants appointed at the former meeting to investigate the books, and the following very satisfactory statement of affairs was exhibited:— DEBTOR. #. S. d. To sundry creditors, unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . 71,123 14 11 To sundry creditors, partially secured £33,253 13s. 9d., less estimated value of securities £22,839 9s. 10d. . . . . . . . . . . . . 10,414 3 11 To sundry creditors, wholly secured: estimated value of securities £59,150 3s. 1d., less amount of claims £42,464 4s. 3d. ; taken as an asset per contra, £16,685 18s. 10d. To liabilities on bills receivable, £60,420 9s. 4d., of which those estimated bad, amount to £13,695 10s., less balance with Messrs. Prescott & Co. £3,920 18s. 6d. . . . . . . . . . . . . 9,774 11 6 To Sundry liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,050 0 0 £94,362 10 4 CREDITOR. By cash and bills in hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,996 10 8 By sundry debtors considered good £7,092 7s. 6d. ; doubtful, £2,178 15s. 4d., estimated at 6s. 8d., £726; bad, £8,135 8s. 11d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,818 7 6 By stock on hand, £19,720 9s. 10d. ; add surplus security in the hands of creditors, as per contra, £16,685 18s. 10d.... 36,406 8 8 By probable dividends, recoverable from liabilities . . . . . . . . . . 5,000 0 0 By surplus, from the private estates of W. R. Robinson, after paying all claims, £43,000; T. M. Robinson, £1,000; M. G. Cotton, £1,500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,500 0 0 100,721 6 10 Deduct sundry creditors to be paid in full . . . . . . 330 17 5 £100,390 9 5 [Here a surplus is shown to the amount of £6,000.*] This estate it was agreed should be liquidated under inspection. MESSRS. GILES, SON, & Co., CORN TRADE. The following is the statement of affairs of MESSRs. GILEs, SoN & Co. presented at the meeting of their creditors:–They suspended on the 13th of August, 1847. * It may be here mentioned that the majority of estates in the corn trade, with the exception #: ºney Alexander & Co. realized the estimates formed of their asSetS at the ; IlSIOI). APPENDIX. lvii DEBTOR. f S. d. To sundry creditors, £215,616 18s. 9d. ; of which the amount unsecured is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,659 16 10 To liabilities on bills receivable; of which those considered bad amount to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,164 18 7 To sundry liabilities ... . . . . . . . * * * * * * * * * * * * * * * * * * * * * * * . . 3,000 0 0 £152,824 15 5 CREDITOR. By sundry debtors—considered good, £35,694 .16s. 8d. ; considered doubtful, £7,277 16s., and estimated at 5s. in the pound, £1,819 9s. . . . . . . . . . . . . - - - - - - - - - - - - - - - - - - 37,514 5 8 By stock in hand, estimated at £44,936 .3s. 4d. ; surplus stock, &c., in the hands of creditors, £5,076 12s. 5d. . . . . 50,012 15 9 By sundry property, valued at . . . . . . . . . . . . . . . . . . . . . . . . . º 8,975 12 1 £96,502 13 6 Deduct—sundry creditors, payable in full . . . . . . . . . . . . . . . º 5,591 11 8 £90,911 1 10 Inspeetors were immediately chosen to liquidate the estate. MESSRs. W. & J. WOODLEY, CORN TRADE. The following is the statement of affairs of MESSRS. W. & J. WooDLEY, whose suspension took place on the 27th August, 1847. The assets fell short of the liabi- lities to the extent only of £9,000, and it was resolved to wind up affairs under inspection. IDEBTOR. £ s. d. To sundry creditors, unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,139 19 4 To creditors, partially secured, £26,210 16s. 9d. ; deduct esti- mated value of securities, £18,000 16s. 6d. . . . . . . . . . . . . . u e e 8,210 0 3 To creditors wholly secured—estimated value of securities, £14,986 19s. 5d.; deducting amount of claims, £6,526 7s. ; taken as assets per contra, £8,460 12s. 5d. To liabilities on contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,159 3 11 To liabilities on bills receivable, considered good, £11,703 2s. 1d. — £99,509 3 6 CREDITOR. By cash on hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,089 3 4 By bills on hand—considered good . . . . . . . . . . . . . . . . . . . . . . . . ... 2,285 13 7 Doubtful, £1,157 14s. 2d.; and estimated to produce . . . . . . . . 578 17 1 By sundry debtors—considered good, £18,874 15s. 11d. ; and - considered doubtful, estimated at £356 10s. 10d. . . . . . . . . . . . . 19,231 6 9 By stock of Américan and other wheat, flour, &c. . . . . . . . . . . . . . . 54,292 9 11 By sundry property . . . . . . . . . . . . . . . . . º, e = * * * * * * * * * * * * * * * g e º 9,418 18 11 By surplus securities per contra . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,460 12 5 By life’s policies—amount insured on J. W.’s own life £4,000. tº-sº-sº- 95,357 2 0 Deduct—Creditors to be paid in full, and expenses of liquidation 4,511 15 0 By amount expected to be paid by J. Fuller towards his share of loss on the American, £5,000. *-**m-mm-mm- £90,845 7 0 * lviii APPENDIX. MESSRS. THOMAS USBORNE & SON, CORN TRADE. ; At a meeting of the creditors of MESSRS. THoMAs Usborne & Son, whose sus- º took place at the end of August, the following was the statement pre- Sented :- - - DEBTOR. f S. d. To sundry creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,543 2 0 To liability on acceptances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 0 0 To T. M. Usborne, £18,346 4s. 3d. ; less securities, £16,681 10s. 1,664 14 3 To liabilities on bills receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 0 0 £59,457 16 3 - CREDITOR. f S. d. By cash on hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,714 14 5 By bills on hand, viz. –Good, £2,232 8s. 5d. ; doubtful, estimated at £2,904 10s. 9d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,136 19 2 By sundry debtors : — Good, £9,112 19s. 11d; doubtful, £8,842 7s. 2d., estimated at £2,210 11d. 9d. tº a 11,323 11 8 Py stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,549 12 0 By Sundry property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,526 9 0 35,251 6 3 Deduct—Creditors in full, and expenses of liquidation . . . . . . . . 1,723 7 5 - £33,527 18 10 The above statement showed a dividend of 11s. 3d. in the pound, and Messrs. Usborne having made a proposition to pay 11s. in the pound in the following man- ner, namely, 7s. on the 15th of November, 2s. on the 15th of February, and 2s. on the 15th of May, the meeting agreed thereto. MESSRs. HASTIE AND HUTCHISON, CORN TRADE. On the 20th of September, 1847, a meeting was held of the creditors of Messrs. HASTIE AND HUTCHIson, whose stoppage took place on the 10th of September ; and the following statement, prepared by Messrs. Quilter & Co., the accountants, was exhibited:— IXEBTOR. £ s. d. To sundry creditors unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,339 7 9 To liabilities onbills receivable as per statement, É24,509 7s. 8d., of which the amount estimated to prove claims is £11,371 14 1 less balance in the Union Bank . . . . . . . . . . 5,259 9 1 6,112 5 0 £50,451 12 9 CREDITOR. *-*-*-seas By bills receivable on hand, considered good, viz.:-Jones & Co., £79 4s. ; Goddard, L., £1,171 17s. ; Cox & Co., £18 . . . . . . 1,269 1 0 By sundry debtors:—considered good, £26,156 6s. 6d. ; consi- dered doubtful, £10,513 5s. 11d., and estimated at £2,000; considered bad, £9,518 18s. 11d. . . . . . . . . . . . . . . . . . . . . . . . . 28,156 6 6 By stock of grain, &c.:—At present prices, on hand . . . . . . . . . . 5,564 17 0 By Robert Hastie:—For estimated surplus of his estate, cost £9,004 1s 1d., and estimated at . . . . . . . . . . . . . . . . . . . . . . . . 5,000 0 0 Carried up £39,990 4 APPENDIX. lix - Brought up £39,990 4 6 Deduct—Creditors to be paid in full, as per statement, É693 15s. 11d.; estimated expenses of liquidation, £500 . . . . . . . . . . . . . . . . . . . 1,193 15 11 £38,796 8 7 This statement exhibited a deficiency of only £11,655, and a consequent divi- dend of 15s. in the pound. This amount Messrs. Hastie & Co. propose to pay by four instalments, viz. –5s. down, 5s. in four months, 2s. 6d. at nine months, and 2s. 6d. at fifteen months; to which the meeting agreed. It transpired that the firm º ºned bad debts, since the commencement of the corn panic, to the extent of ,000. •. • MESSRS. NEWINS AND ALLEN, CORN TRADE. The following is the balance-sheet, prepared by Quilter, Ball, & Co. accountants, of the estate of NEVINs and ALLEN, corn-factors, whose failure took place, on the 11th of August 1847. It showed about 2s. 3d. in the pound, but the creditors were informed that some of the items had improved since the account was made up. The estate was ordered to be liquidated under inspection :- DEBTOR. . £ s. d. £ s. d. To creditors uncovered . . . . . . . . . . . . . . . . . . . . . . - - 2,229 6 8 To creditors partially covered . . . . . . . . . . . . . . . . . . 23,223 18 5 Less value of securities . . . . . . . . . . . . . . . . . . . . . . 9,936 13 0 — 13,292 5 5 To creditors wholly secured . . . . . . . . . . . . . . . . . . . 12,741 1 2 Value of securities . . . . . . . . . . . . . . . . . . . . . . . . . . 21,359 10 8 Asset per contra . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,618 9 6 To creditors in respect of endorsements on bad bills receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,237 1 3 Less securities in hands of holders . . . . . . . . . . . . 18,051 7 5 53,185 13 10 To claims in respect of unfulfilled contracts . . . . . . . . . . . . . . . . . . 1,200 0 0 £69,907 5 11 CREDITOR. *º- By cash in hand . . . . . . . . . . . . . . . . 0 e º e e s s a º e a e s • * 3,285 0 0 By debtors—considered good. . . . . . . . . © a tº e º e s a e , 477 14 2 Estimated produce of £1,204, doubtful debts. . . . . . 301 4 9 *-*- 778 18 11 By stock of wheat, &c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,168 10 0 By surplus securities in hands of creditors, per Contra . . . . . . . . . . . . . . . . . . . . . . . • * * * g º e º 'º e º e - 8,618 9 6 Liable further to holders of bills on failed houses. , 6,000 0 0 — 2,618 9 6 By sundry property . . . . . . . . . . . . . . . . . . . . . . . . . . . - * 800 0 0 By corn, &c., in the hands of other parties claimed by Nevins and Allen. . . . . . . . e e a e º e º e º e º 'º e e º 'º 7,513 0 1 8,650 18 5 Deduct rents to be paid in full and expenses of liquidation . . . . . .. 524 15 3 £8,126 3 2 MESSRS. REAY & REAY, WINE TRADE. This firm failed in November, 1847. After endeavouring to make a composition in which they were unsuccessful, they gazetted themselves in February, 1848. lx APPENDIX. The following is a copy of the balance-sheet, prepared by Mr. Croysdil; it com- mences January 1, 1843, and ends April 6, 1848. BEBTOR. £ 8. d. To creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . tº º a c e e s tº s ºr 17,692 6 9 Ditto holding securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,049 17 11 Ditto liabilities holding securities ...... 15,255 0 11 Ditto liabilities . . . . . . . . . . . . . . . . . . . . . . 21,494 0 0 *-*m-seº- 36,749 0 11 65,491 5 7 Capital January 1, 1848 . . . . . . . . . . . . . . . . . . . . . . . . gº tº Q 12,013 16 7 John Reay, jun.— Office value of policies deposited with Glyn & Co. . . . . . . . . . . . . . . . . . . . . . . . . 3,052 15 0 Amount borrowed on deposit of policies and brought into the firm in October last . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 0 0 -**-*- 4,852 15 0 Craven Arms at Coventry, made over to us by J. J. Hart, on granting him an annuity, and which he survived but a short period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,557 7 10 Profits on trading . . . . . . . . . . . * * * * * * * * * * s tº e e e º 'º * @ e s e e 69,236 3 1 £154,151 8 1 By debtors— £ S. d. Good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 @ e º e us e < * * * * * * * 3,651 1 3 Doubtful and bad . . . . . . . . . . . . . . . . . . . . 18,541 19 10 Estimated to realize . . . . . . . . . . . . . . . . . . 2,250 0 0 2,250 0 0 Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £16,291 19 10 Property taken under fiat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,558 5 9 Property held by creditors— Policies on John Reay's (jun.) life . . . . . . 3,052 15 0 Sundries . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,143 9 2 -*-*--- 15,196 4 2 Bills of exchange held by creditors as collateral security . . . . 2,706 0 7 Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,749 0 11 John Reay, jun.—Amount drawn out by him . . . . . . . . . . . . 15,407 11 9 Henry Reay—Amount drawn out by him . . . . . . . . . . . . . . . . 3,957 7 5 Expenses in trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,179 4 2 Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,204 12 3 Amount deducted from doubtful and bad debts . . . . . . . . . . . . . . . . . . . . . . . . . ... 16,291 19 10 -*-*- 34,496 12 1 £154,151 8 1 Since passing their final examination they have obtained their certificates, not- withstanding the opposition of several creditors. MEssRs. JOHN KINGSTON & Co., WEST INDIA TRADE. It was agreed at a meeting of the creditors of Messrs. John KINGSTON & Co., West India merchants, whose failure took place on the 8th of February, that the estate should be liquidated by the process of inspection. From the annexed APPENDIX. lxi statement submitted by Mr. Wryghte, the accountant, it would appear that the assets of the firm greatly exceed its liabilities, and although these assets, which chiefly consist of property in the West Indies, may not realize near their esti- mated amount, it seems certain that the liquidation will, under any circumstances, prove favourable. CLAIMS. £ S. d. To sundry creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,953 12 9 Capital to credit of Mr. John Kingston . . . . . ... f.47,897 0 5 £72,850 13 2 To liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,266 13 4 Of which it is expected will come upon this estate . . . . . . . . . . . . 291 13 4 £25,245 6 1 ASSETS. Estimated I, edger balance. to realize. By total amount of cash and bills of exchange in hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,196 15 2 6,396 15 2 By book debts— Good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,639 1 6 3,639 I 6 Doubtful . . . . . . . . . . . . . . . . . . 240 9 5 Bad . . . . . . . . . . . . . . . . . . . . . . 3,312 4 9 — 3,552 14 2 By property in West India estates and mortgages 57,093 13 7 32,033 6 5 By ditto in life policies, &c. . . . . . . . . . . . . . . . . , , 1,368 8 9 553 6 7 72,850 13 2 42,622 9 8 Private property belonging to Mr. John Kingston— Household furniture, plate, and effects. . . . . . . . . . 750 0 () 25 shares in the National Provincial Bank . . . . . . 700 0 0 50 shares in the Demerara Railway—cost . . . . . . 250 0 0 4 shares in the Colonial Bank . . . . . . . . . . . . . . . . 60 0 0 1,760 0 0 £44,382 9 8 MESSRs. LEAF, BARNETT, SCOTSON, & Co., WAREHOUSEMEN. A numerous meeting of the creditors of Messrs. LEAF, BARNETT, SCOTSON, & Co., whose failure was announced on the 27th of November, took place on the 15th of December, 1847, Mr. Twentyman in the chair; when the subjoined statement, prepared by Quilter, Ball, & Co., was submitted for consideration – IOEBTOR. £ 3. d. £ 3. d To sundry creditors— On trade account . . . . . . . . . . . . . . . . . . . . . . . . . . 47,926 15 6 On cash ditto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,157 3 4 Sundries under £20 each . . . . . . . . . . . . . . . . . . . . 1,151 8 1 To liabilities on bills receivable, £50,164 19s. 6d., of which the amount estimated to prove claims on the estate is . . . . . . . . . . . . . . . . . . . . . . . . . . 11,598 4 10 Less balances owing by persons holding the above bad bills . . . . . . . . . . . . . . . . . . . . . . . . .e. º e º a w w & 1,258 4 4 - — 10,340 0 6 £85,575 7 5 lxii APPENDIX. CREDITOR. By cash and bills on hand— f s. d f s. d Cash at Lubbock & Co.'s . . . . . . . . . . . . . . . . . . * - 1,129 18 6 Do. at Bank of England . . . . . . . . . . . . . . . . . . . . 2 9 7 Do. at house . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 11 2 Bills considered good . . . . . . . . . . . . . . . . . . . . . . 2,864 7 8 Do. doubtful, £1,316 3s. 9d., estimated at . . . . 658 1 10 By sundry debtors— 2 — 4,697 8 9 Considered good . . . . . . . . . . . . . . . . . . . . . . . . . . 26,337 9 8 Do. doubtful, £8,592 17s. 8d., estimated at . . . . 4,296 8 10 — 30,633 18 6 By stock in trade as per statement at cost . . . . . . 49,660 6 6 By estimated dividends to arise from bad debts, already written off. . . . . . . . . . . . . . . . . . . * * - - 1,194 11 4 Ditto, from bad liabilities, amounting to £11,598 4s. 10d., after providing for the payment in full to the holders thereof, say . . . . . . . . . . . . . . 2,500 0 0 By George Sharpe & Co., Dublin:— —— 3,694 11 4 Balance remaining owing by them, secured by leases of premises in Grafton-street, Dublin, estimated at . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 0 0 By surplus security with W. West . . . . . . . . . . . . 764 4 0 By furniture, wine, &c., estimated at . . . . . . . . . . 352 12 6 90,803 1 7 Less sundries having priority, rents, salaries, &c. 1,723 19 8 £89,079 1 11 “It will be perceived,” says a report of the meeting, “that the account here pre- sented shows 10s. in the pound, with a surplus of £3,500; but it was explained by Mr. Lloyd, the professional representative of the suspended firm, that a considerable allowance would have to be made for depreciation in realizing the stock, as well as for a large amount of bad debts incurred since the books had been adjusted. Under the circumstances of the case, the offer Leaf, Barnett, & Co. felt themselves compe- tent to make, should the creditors not manifest a disposition to pursue any other course of liquidation, was 15s. in the pound, payable by equal instalments, with security for the last, at three, six, and nine months. As this proposal did not meet with the approval of the meeting, a long discussion ensued upon the real position of the house, and the expectation recently held out of the discharge of all claims in full, in the course of which a variety of questions were asked relative to the con- nexion of Captain Carnegie with the firm. It was stated, that this gentleman was formerly a partner, but that a dissolution occurred in 1846, although it was not regularly gazetted till the middle of the present year. It further appeared, that he is a claimant against Leaf, Barnett & Co., for £12,000, on which he is entitled to rank equally with all other creditors, and it seemed to be a question whether he would consent to a delay in the receipt of his dividends to accommodate the other parties having claims on the estate. After much conversation on the best means to be adopted for obtaining a better distribution than 15s. in the pound, a creditor sug- gested that the shortest way of coming to a definitive understanding on the point was to reject that offer, and at the same time to intimate that 17s.6d. would be accepted. With the view of consulting the partners on this amended proposition, a committee of four of the creditors was constituted, and after an interview with Mr. Barnett, who was in attendance, they returned, and stated as the result, that having carefully weighed the whole circumstances, they were of opinion that Leaf, Barnett, Scotson, & Co., should be permitted to arrange at the rate of 16s. in the pound. It being understood that this amount would be paid in the same manner and at the same dates as the 15s., and that the committee would pursue the necessary steps to obtain, if possible, security for the last instalment. Resolutions were passed authorizing pro- ceedings for a compromise on the terms stated. In conclusion it is to be mentioned, that testimony was borne by the creditors to the correctness of the whole of the business transactions of the suspended firm, while at the same time, justice was rendered them for having at once submitted their affairs to investigation, when they found that their solvency could not be relied upon.” APPENDIX. lxiii MESSRs. JAMES AND WILLIAM MORLEY, WAREHOUSEMEN. A meeting of the creditors of Messrs. JAMES AND WILLIAM MoRLEY, whose failure took place on the 14th October, 1847, was held on the 26th of the same month. Mr. Ainsworth, on behalf of certain Manchester creditors, took the chair, and the following statement was read:— DEBTOR. £. £. s. d. To trade creditors . . . . . . . . . . . . . . . . . . . . . . . . . . 62,74 To cash creditors . . . . . . . . . . . . . . . . . . . . . . . . . . 30,55 — 93,308 12 3 To bills accepted for Messrs. J. & W. Morley’s accommodation 9,196 8 11 To bills accepted by J. & W. Morley for the accommodation of other parties, which will be claimed on this estate . . . . . . . . . 2,463 7 10 To bills receivable, discounted, drawn upon parties who have failed, £17,061 7s. 4d.—Deduct cash and securities held by bill-holders £2,298 10s. 11d. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,762 16 5 (To liability upon bills receivable, considered goodž55,542 8s. 11d.) £119,731 5 5 *-**=mºsºm- CREDITOR. By stock in trade at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,948 7 4 By book debts, good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,856 0 2 Doubtful and bad, £3,421 10s. 9d.; estimated at . . . . . . . . . . . . 562 17 0 By cash in house . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367 17 4 By bills of exchange in house . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 644. 18 6 By value of railway shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 0 0 By policies on customers’ lives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447 17 9 By improved rental of a house in Friday-street. . . . . . . . . . . . . . . . 200 0 0 By bills of exchange, amounting to £20,474 2s. 2d., deposited as collateral security for cash advances of £13,843 7s. 10d., sup- posed will realize to the estate above the advances . . . . . . . . . . 2,723 12 9 By leases of premises in Carey-lane, valued at £9,500,—mort- gaged for £8,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 0 By furniture, fixtures, &c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,689 3 0 By freehold and leasehold property, mortgaged to creditors and deducted from their debts £3,300. *-**- - 89,000 13 10 Less rent, salaries, taxes, &c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 983 8 () 88,017 5 10 By value (above the mortgage) of premises No. 3, Nassau-place, Commercial-road . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 0 0 By debt due from the estate of W. Morley, sen. (amount not stated). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £89,217 5 10 “The result of a discussion, which did not conclude without angry comments escaping from some of the creditors” says the report, “elicited from Messrs. Morley a pro- posal for the arrangement of their affairs, and it was intimated on their behalf that, allowing for deductions to the extent of nearly £19,000 on the collection of debts, realization of stock, &c., grounded on their own conviction that the statement laid before the meeting gave much too favourable a view of their estate, they thought they could offer 11s. in the pound, payable at three, six, and nine months’ date, loan creditors to the extent of £1,500 having consented to enter into a bond not to receive payment until all other claims were satisfied. After a little consideration the pro- position was acceded to, and resolutions were passed for its confirmation. It is stated that this estate includes nearly 400 creditors.” lxiv - APPENDIX. MEssRs. TANNER & WARD, LEATHER FACTORs. These parties, who failed in November, 1847, it will be observed, passed through the ordeal of the Court of Bankruptcy, an attempt to pay a composition having failed. Their certificate sitting before Mr. Commissioner Shepherd, was on the 8th April, 1848. Mr. Lane opposed on behalf of the assignees. Mr. Lawrence supported. The balance-sheet which commences January, 1844, and ends February, 1848, contains the following items:— D.E.BTOR. £ s. d- Creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,546 8 6 Gross profits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,382 12 5 J. Ward, capital account . . . . . . . . . . . . tº ſº º º G & º e º 'º e s ∈ e º º is a s e s is 1,818 11 6 liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,343 0 4 Error in balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <º e º 'º e º e º e º ºs e e 10 0 0 39,100 12 9 CREDITOR. By debts . . . . . . . . . . . . . . . . . . . . . . . . tº s e º e s is tº * & s e s e º e s s e e º e s e 6,107 17 5 Property . . . . . . . . . . . . . . e e º a B & & & e º 'º s 2 e e º e º ºn e º e e e tº e º & e º e º 'º º º 3,258 12 8 Expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,129 19 8 Loss by railway shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,381 I 11 Loss by the realization of property . . . . . . . . . . . . . . . . . . . . . . . . . . . . 571 2 3 Amount due by Tanner to the firm in January, 1844 . . . . . . . . . . . . 4,396 10 8 Drawn out by Ward . . . . . . . . . . . . . . . . . . . . . . • * * * * * * * * * * * * * * * * * 1,899 16 6 Liabilities . . . . . . . . . * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 4,343 0 4 Palance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 11 4 £39,100 12 9 The grounds of opposition urged by Mr. Lane were, fraudulent preference, extra- vagant expenditure, speculating in railway shares, erroneous accounts, sales to their principals, and the smallness of the profits. The first ground was not proved, as there is an action pending for the recovery of the amounts paid to creditors, whom the assignees say were unlawfully favoured; the second was established, and so was the third; the fourth fell to the ground ; and the fifth was admitted. Mr. Lawrence, in reference to the objections which had been maintained, said, the business in which his clients had been engaged almost inevitably entailed heavy losses and great expenditure upon them. They received large consignments of leather from the manufacturers, who drew upon them, the consignees, and the consignees were obliged to honour their draughts, whether the goods respecting which they were drawn were sold or not. As to the main charge—dealing in railway shares—he acknowledged that his clients in common with all other persons, high and low, rich and poor, were swept into the vortex of railway speculation during the period of the mania in 1845. His honour well knew that the whole community was mad after railway shares. His clients held a large number of shares at the period when The Times—which every honest man must admit had done good service to the country— opened a battery upon the unfortunate system, which fell to the ground, in short when the public had, through the exertion of The Times, been brought to their senses. From that period such speculation was crushed, and his clients, who held shares to the amount of more than £5,000, were obliged to hand them over to the official assignee, who sold them for about £300. The learned gentleman concluded by saying that the estate had already paid 5s. in the pound, and would pay something more, and hoping that the court would not deem it necessary to suspend the certificate for any lengthened period. His honour suspended the certificate for six months. APPENDIX. lxv MEssRs. BENSUSAN & Co., MOGADOR TRADE. Appended is the joint balance-sheet of the bankrupts, prepared by Mr. J HUTTON, creditors’ assignee, and accountant to the estate, filed in the Court of Bankruptcy, October the 24th, 1848. From 1st of January, 1841, to 24th of November, 1847 (Date of Fiat). DEBTOR. £ s. d. To Creditors for cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,061 3 0 Creditors for merchandise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,998 1 10 £47,059 4 10 Creditors for trust-monies who have proved on the separate estates of S. L. Bensusan and Jacob Levy Bensusan as trustees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,335 2 11 Liabilities on bills drawn by us on our correspondents, or guaranteed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,416 8 1 Liability for the trust-estate of A. L. Bensusan, and for which we received no value, the estates of S. L. Bensusan and Jacob Levy Bensusan being separately liable for the trustee- ship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,151 8 1 Capital on the 1st of January, 1841, as per statement of affairs 1,345 0 6 Profits as under:— Merchandise and produce . . . . . . . . . . . . . . £36,369 15 6 Commission . . . . . . . . . . . . . . . . • * * * * * * * * * 20,948 3 2 Sundries . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,571 3 58,889 2 5 £118,196 6 10 CREDITOR. - By debtors:— £ s. d. Good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ‘. . 336 19 10 336 19 10 Doubtful . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,024 15 11 1,024 15 11 Bad, carried to losses below . . . . . . . . . . . . 55,598 17 1 £56,960 12 10 Property in the hands of creditors. . . . . . . . . . g tº 48 4 0 Property realized by Official Assignee . . . . . . 516 4 10 not disposed of (to September, 1848) 392 12 3 **º 908 17 1 Liabilities on bills . . . . . . . . . . . . . . . . . . . . . tº gº 1,416 8 1 Liability, as per contra . . . . . . . . . . . . . . . . . . tº º 2,151 8 1 Trade expenses . . . . . . . . . . . . . . . . . . . . . . . & & 26,081 9 10 Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,094 19 1 Bad debts, above . . . . . . . . . . . . . . . . . . . . . . 55,598 17 1 —— 60,693 16 2 Amount drawn out by partners:— & M. L. Bensusan . . . . . . . . . . tº e s s a e º ſº e s ∈ e 1,556 10 8 Jacob L. Bensusan . . . . . . . . . . . . . . . . . . . . 8,664 9 5 S. L. Bensusan . . . . . . . . . . . . . . . . . . . . . . 8,428 15 0 Joshua L. Bensusan . . . . . . . . . . . . . . . . . . 6,884 12 9 25,534 7 10 £118,196 6 10 lxvi APPENDIX, MESSRs. TRUEMAN AND COOK, CoLoRIAL BROKERS. SUPPLEMENTAL STATEMENT. 36, CoLEMAN STREET, LONDON, SEPT. 21st, 1848. TRUEMAN AND Cook, IN LIQUIDATION. e In accordance with your request I beg to forward the several particulars relating to the past and present position of the affairs of this estate. - - - £ s. d. The amount of LIABILITIES stated upon the 15th of November last was 379,104 16 5 Which has been reduced by the following items:— By various acceptances retired by the drawers, and sets off in account . . . . . . . . . . . . . . . . . . . . £75,420 1 8 By proceeds of produce paid to various parties who were entitled to the same . . . . . . . . . . . . . . 20,778 9 1 By sundry bills drawn against and on account of West India estates, taken up as they arrived at maturity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,324 0 2 By cash paid for the two instalments of 5s. each in the pound . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,320 15 1 By portions of securities obtained from Messrs. Reid, Irving, & Co., in order to procure a dis- charge on their liability of £50,000 of their drafts on Trueman and Cook . . . . . . . . . . . . 4,166 13 4 By sundry small creditors and balances of accounts to release goods for the benefit of Messrs. True- man and Cook’s estate . . . . . . . . . . . . . . . . . . . . 7,725 0 3 By proceeds of sugar received by the Bank of England from the estate of Gower Nephews, eventually to come in reduction of Trueman and Cook’s liability to them . . . . . . . . . . . . . . . . . . 4,026 19 3 By payments made to the London Joint Stock Bank and the London and County Bank, to get N per Cruickshank’s release in respect of his lia- bility on drafts held by them, in order to obtain produce for the benefit of Trueman and Cook's estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 875 0 248,636 18 10 Thus reducing the total liabilities of this estate at the present time to . . . . . . . . . . . . . • * * * * * * £130,467 17 7 The periods for the payment of the several instalments were fixed by me, and I therefore think it but right to state the sources from which I calculated the proceeds to arise, and the non-receipt of which has caused the postponement of the instalments now due, viz.:- By proceeds of produce taken in November, 1847, in the assets available for the general estate, but since given up to various parties entitled. . 20,778 9 1 Proceeds of Gower’s sugars . . . . . . . . . . . . . . . . . . 4,026 19 3 - — 24,805 8 4 By deficiency in sugars that were to have arrived from the Mauri- tius from Reid, Irving, & Co.'s estates, but which were not shipped, in consequence of the unfounded rumour of their sus- pension being made before the fact did occur . . . . . . . . . . . . . . . . 23,010 13 10 Carried forward . . . . . . . . . . . . . •e e º e s e º e º º a £47,816 2 2 APPENDIX. lxvii f s. d Brought forward . . . . . . . . . . . . . . . . . . . . . . 47,816 2 2 The like deficiency in Gower’s.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,562 16 11 By deficiency of produce from Boyds and Thomas's estate in Cey- lon, in consequence of the failure both of that firm, and also of the firm of Ackland, Boyd, & Co., of Colombo . . . . . . . . . . . . . . 7,000 0 0 By amounts calculated to have been received from Bombay, Ma- dras, and Sydney, in respect of securities assigned to Trueman and Cook by Cruickshank, Melville, & Co... . . . . . . e is e º e º e s is e 8,000 0 0 By sundry balances (secured) but not yet paid . . . . . . tº e a e e º e s e e 3,800 0 0 69,178 19 1 To this may be added— Cash balance and produce in hand . . . . . . . . . . . . . . . . . . . . . . . . . . 9,700 0 0 9 1 £73,87s 1 tºº A further addition to a large amount might also be added for de- preciation of produce. The amountrequired for the payment of the forthcoming instalmentis £69,457 16s. 1d. therefore the calculation as to the means was quite ample to meet the same provided they had been realized as anticipated. I may also mention that up to the present time the only losses to any extent really ascertained are the balances of Reid, Irving, & Co., and of Gower, Nephews, & Co., which amount in round numbers to £25,000. The assets available for the general estate are as follows:— £ s. d. Bills receivable of which the greater portion are the promissory notes of Regulus, Pardo, & Co. which fall due in various pe- riods between May, 1849, and July, 1850, (amounting to £5,894 10s.2d.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,595 7 2 Cash at Bankers' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,144 5 3 Produce in hand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,570 6 6 Sundry good debts partly secured, and partly unsecured, considered good but requiring time for payment . . . . . . . . . . . . . . . . . . . . . . 16,026 0 0 The amount of debts due from Messrs. Cruikshank, Melville, & Co. to Messrs. Trueman and Cook in November, 1847, Was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £132,289 12s. 4d. Against which various securities were assigned by Messrs. Cruikshank, Melville, and Co. to Messrs. Trueman and Cook, amounting according to the estimate of the former firm (in value) to . . . . . . . . . . . . . tº s e e º e º ºs e e s = e 98,220 10 1 In the statement that I prepared to Nov. 1847 I estimated the same at . . . . . . . . . . . . . . . . 45,000 0 0 And to this period there has not been received on account of such securities more than. . . . 5,000 0 0 Leaving to recover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000 0 0 Balance due from the estate of Boyds and Thomas secured by assignment of Coffee crops, and Mortgages on their various estates at Ceylon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,768 16 10 Estimated surplus of securities held by Messrs. Glyn & Co. but which cannot be made available until the remaining securities with them are disposed of... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 0 0 The separate estate of Mr. Cook, consisting principally of Spanish passive bonds and shares in the Paris and Lyons and Paris and Strasburg railways, taken in November, 1847 . . . . . . . . . . . . . . 22,000 0 0 Total assets available . . . . . . . . . . . . £133,104 15 9 e 2 lxviii APPENDIX. In reference to the securities held from Messrs. Cruickshank, Melville, & Co. they consist of various descriptions of properties, as follows:—partly entire and partly of portions of some estates in Demerara and St. Vincent’s, and it was found necessary to dispatch a competent person to those Islands to protect the interests of Messrs. Trueman and Cook, to negociate either for the purchase or sale of the interests of others as circumstances might best dictate, to test the validity of certain claims that were put forward, and finally to obtain possession. The gentleman selected for this purpose has, after several expensive and protracted suits in the various local Courts of the Islands, succeeded to a great extent in accomplishing the above named pur- poses, and the late manager of the different estates is at this time in London, with whom I hope to be enabled to come to an arrangement of all unsettled matters so as to leave the estates clear and enable their disposal to be accomplished. © Powers of Attorney have been forwarded to Sydney to convert the properties and collect the debts there without delay. Parties at Madras and Bombay whose debts formed a portion of the Assignment are now in London, and negociations are being made for settlement. Claims on parties in Hong-Kong for which a chancery suit has been pending for some time is in the course of compromise; and the like observation will apply to some claims on the Underwriters at Lloyd’s. º In regard to the estates in Ceylon, the like precaution has been used in intrusting a power of attorney to a gentleman in every way qualified to protect the interests of Messrs. Trueman and Cook, and to carry on the cultivation of the estates. The reports of these properties are decidedly favorable taking into consideration the present prices of produce. As I am unable to define the time of the realization of these assets I cannot fix the date for the payment of the instalments. $ I have, so far as my judgment prompts me, given such details as I hope will prove satisfactory, and I trust this explanation will show that every exertion is being made for the benefit of the creditors. It would be unjust towards Mr. Cook if I were not to bear testimony to his unwearied and persevering energy from the time that the arrangement was made down to the present moment, and it is only by a continuance of his able assistance that I can look forward to that favorable result of this estate which I have from the commencement anticipated, and in the fulfilment of which you may rest assured no exertion shall be spared on the part of Your obedient Servant. J. E. COLEMAN LIST OF FAILURES, ALPHABETICALLY ARRANGED, Commencing with August, 1847, and concluding with August, 1848; EXEIIBITING AT ONE VIEW The Description of the several Firms, the Nature of their Trading, and the Locality of their Operations. A. Alexander, L. & Co., Corn Trade, London. Alison, Cumberlege, & Co., South American Trade, Do. Abbott, Nottingham, & Co., Warehousemen, Do. Abbott, W., Stock Exchange, Do. Arkell, A., Stock Exchange, - Do. Alston, Bevan, & Co., Mediterranean Trade, Do. - Ashburner, T., Leather Factor, Liverpool. Atherton, W., Merchant, Do. Ainsworth, D., Warehouseman, Manchester. Armstrong, J. A., Merchant, Do. Anderson, J. & Co., South American Trade, Glasgow. Anderson, McGregor, & Co., West India Trade, Do. Ayrshire Iron Company, Iron Trade, Do. Abingdon and Wantage } (H. Knapp), Abingdon. Banking Company, Adams, Warren, & Co., Bankers, }* and Market Drayton. Ackland, Boyd, & Co., Merchants, Ceylon. Adam, H. & Co., Merchants, Mauritius. Adan, A. J., Banker, Brussells. Aubin, R., Banker, Marseilles. Arbid, L. & Co., Merchants, - Leghorn. Alessio, E. & Co., Corn Merchants, Genoa. Arnemann & Son, - Bankers, Altona. B. Booker, Sons, & Co., Corn Trade, - - London. Bensusan, M. L. & Co., African Merchants, Do. lxx APPENDIX. Burnell & Co., Bernoulli, E., Barclay, Brothers, & Co., Barnes, F. & Co., Boyds and Thomas, Bruce, Buxton, & Co., Brightman, J. & Co., Braine, G. T., Brown, Todd, & Co., Brooke and Wilson, Barton, Irlam, & Higginson, Berey, Young, & Co., Blain & Co., Branckner, J. B. & Son, Brownrigg & Co., Byrne, A. E., Blake, G. & J., Burts, Watson, & Co., Birley, Corrie, & Co., Brodie, W. B. & Co., Brodie and King, Buchan, R., Baillie, Honeyman, & Co., Bertram and Parkinson. Bartley & Co., Barlow, H. & Co., Birley, Corrie, & Co., Baudon & Co., Bechet & Co., Bourget & Co., Bass, M., Bruyn & Sons, Breebart, N., Bleecker and Toosting, Beeldsnyder, M., Boissevain, J., Beyfus, Brothers, Baert, A., Braasch & Co., Benet, L. & Co., Badetti, M., Busse & Co., Bertrand, N. & Co., Briard, H., - Coal Trade, Levant Trade, Mauritius Trade, Hardwaremen, East India Trade, Bill Brokers, East India Trade, East India Trade, Provision Trade, Shipowners, E. & W. India Merchants, Cotton Brokers, Corn Dealers, Brokers, East India Trade, Merchant, Soap Boilers, Merchants, East India Trade, Bankers, Bankers, Broker, Merchants, General Merchants, Manufacturers, Merchants, East India Trade, Bankers, Bankers, Discount Bankers, Banker, Sugar Refiners, Merchant, Money Dealers, Money Dealer, Money Dealer, Bankers, Merchant, Merchants, Engineers, Greek Trade, Bankers, Merchants, Banker, London. Do. Do. Liverpool. Do. Do. Do. Do. Do. Do. Do. Do. Manchester. Do. Salisbury. Shaftesbury. Glasgow. Do. Newcastle-upon-Tyne. Halifax. Mauritius. Calcutta. Paris. T)o. Do IDO. Amsterdam. Do. Frankfort. T}o. Hamburgh. Marseilles. Do. Berlin. Courtray. Mons. APPENDIX. lxxi Boutaux, De la Hante, & Co., Bankers, Barthlingth, J. H., Bonaffé & Co., Barnwell & Co., Coventry and Sheppard, Castellain, Sons, & Co., Cockerell, Larpent, & Co., Cockburn & Co., Cockburn & Co., Coppers Miners (The Com- pany of, in England), Clagget, W. T., Cruickshank, J. P. & Co., Coates and Hillard, Curtis, L. S., Cohen, Judah, & Sons, Cotesworth, Powell, & Pryor, Clay, Wm. & Co., Cornthwaite & Co., Carter and Baines, Coleman and Todd, Campbell, J. G., & Co., Cooper, E. M. & Co., Coates, Hillard, & Co., Cowrill, P., Cargill, Headlam, & Co., Clarke, J. P., Cowan, Smith, & Co., Campbell and Batty, Campbell, Harvey, & Co., Caird & Co., Cockerell & Co., Church, Lake, & Co., Colville, Gilmore, & Co., Crooke, H. & A., Carr, Tagore, & Co., Collomb and Iselin, Cohen, Julius, Chedaux, O.I. & Co., Continental Flax Co., Crozet, Nephew, & Co., Merchant, Merchants, Merchants, C. Corn Trade, Merchants, East India Trade, Bankers & Army Agents, Wine Merchants, Miners, &c., &c., American Trade, £º E. & W. India Trade, American Trade, Hide Factor, West India Trade, Brazilian and Spanish Q American Trade, Warehousemen, Tea Dealers, Merchants, Share Brokers, W. India & Mexican Trade, Manufacturers, Warehousemen, Calico Printer, East India Trade, Merchant, Corn Agents, Agents, Silk Merchants, Steam Ship Builders, East India Trade, East India Trade, East India Trade, East India Trade, East India Trade, Merchants, Banker, Bankers, Manufacturers, Merchants, Lyons. St. Petersburgh. Havre. New York. Liverpool. Do. Do. Do. Manchester. Do. Do. Newcastle-upon-Tyne. Leicester. Glasgow. Do. Do. Greenock. Calcutta. Do. Do. Do. Calcutta. New York. Paris. Do. Boulogne. Marseilles. lxxii APPENDIX. Chataud, Sons, & Desages, Cucurney, Uncle, & Co., Chancel, Brothers, Commercial Bank of Antwerp, Carp & Co., Courant & Co., Cochetaux & Co., Cohn, L. B., Conte, F. A., Calcagne, G., Custe & Co., Cropp and Marchand, Douglas, C. & Son, De Mattos and De Leon, Duffell, J., Durand and McKenzie, Day, Binns, & Co., Dalgleish & Co., De Jersey & Co., Downie, A. & J., Denny, D. & A., Tickson, A. & Co., Dennison & Co., Deaves, Brothers, Danger & Co., De la Chaume, E. & Co., De la Hante & Co., D'Eichthal & Son, Devot & Co., De Pierre, J., Dubois & Co., Defosse and Noete, D’Andouard & Co., Delvaux & Co., De Court, I. F. & Co., Dirks, Brothers, De Costa, De Haan & Co., Durand, Delapanche, & Co., Dervieu, Sen. & Co., Darby, G. F. & Co., De Castro & Co., Merchants, Marseilles. . General Merchants, Do. Drysalters, . Do. Bankers, Antwerp. Money Dealers, Amsterdam. Merchants, Havre. Manufacturers, Lisle. Banker, Berlin. Banker, Cadiz. Money Broker, Genoa. Merchants, Do. Merchants, Hamburgh. D. corn Trade, London. General Merchants, Do. Stock Exchange, Do. American Trade, Do. Provision Trade, London. Merchants, Liverpool and Glasgow. Merchants & Manufacturers, Manchester. Wool Trade, Glasgow. Corn Trade, Do. Corn Trade, Eelfast. Provision Trade, Limerick. Russia Trade, Cork. Bankers, Paris. Bankers, Do. Bankers, Do. Bankers, Do. Merchants, Havre. Merchant, Do. The Havre Commercial Bank, Do. Bankers, Antwerp. Seed Crushers, Marseilles. Bankers, Mons. Merchants, Dordt. Commission Agents, Hamburg. Money Dealer, Amsterdam. Money Dealers, Do. Commercial Jt.-stock Bank, Rouen. Corn Trade, Algeria. Merchants, New York. West India Trade, Porto Rico. APPENDIX Ixxiii Evans, T. H., Eykin, W., Edwards & Co., J., Ewing, Anderson, & Co., Eccles, Burnley, & Co., Ewing & Co., Enet, G. R. & Co., Elliott, W. & Co., Ewald & Co., Excels & Co., Fraser, Neilson & Co., Fry, Griffiths, & Co., Farrand, R., Fraser, W. Tulloch, Froske & Co., Farbridge, R. & S., Farthing, Son, & Co., Flood & Co., Ferguson, Watson, & Co., Forrester, R., Ford, B. T. and Co., Fourchon, Philip, Fraser & Co., Forbin, Janson, & Co., Flersheim, L. H., Fonvent, M. & Co., Fetschow and Son, Fox and Livingstone, E. Stock Exchange, Stock Exchange, Wool Brokers, East India Trade, West India Trade, East India Trade, General Merchants, Merchants, Commission Merchants, Corn Trade, F. West India Trade, Colonial Brokers, Corn Factor, East India Trade, Shipowners, East India & Russia Trade, Merchants, Bankers, Silk Merchants, Warehouseman, East India Trade, Banker and Money Dealer, Merchants, Sugar Refiners, Banker, Bankers, Bankers, Merchants, G. Gower Nephews, A. A. & Co., Mauritius Trade, Giles, Son, & Co., Corn Trade, General Maritime Association, Insurance Brokers, Gates, Coates, Bartlett, & Co., Warehousemen, Gabain & Co., Gouger and Stewart, Gregg, H. & G., Gazebrooke & Co., Gardner, R., Gael & Co., German Trade, East India Trade, Corn Trade, Merchants, Spinner, Spinners, London. Ditto. Liverpool. Manchester. Glasgow. Calcutta. Hamburg. Do. Do. Venice. London. Liverpool. Manchester. Hull. Honiton. Glasgow. Ditto. Calcutta. Paris. Antwerp. Marseilles. Frankfort. Namur. Berlin. New York. London. Do. Do. Do. T}o. Do. Liverpool. Do. Manchester. Do. lxxiv. APPENDIX. Glover, F. H., Gibson and Sturt, Grundy & Co., Gellows & Co., Gales, J., Gemmel Brothers, Gilmour and Kerr, Gray and Roxburgh, Gibson, Read, Davidson, & Co., Gouin & Co., Ganeron's Joint Stock Bank, Guitard, J. F. and Sons, Goldschmidtson & Co., Guerro & Co., Grosjean, Nephews, Heilbut, Rubens, & Co., Hanbury and Wright, Hadden & Sons, Hawkins, J. H., Howard & Co., Hadlow, W. S., Hastie and Hutchison, Hemingway & Co., Hargreaves & Co., Higgins, W. and Sons, Hamilton, W. S. & Co., Henry & Co., Hughesdon, Brothers, Hawarth, Hardman, & Co., Hickey, Bailey, & Co., Heine, J. and Sons, Heuss and Mencke, Hirschfield and Wolff, Heyman, M., Henry Brothers, Hurlbut, E. D. & Co., Hays, La Fontaine, & Co., Johnson, Cole, & Co., Jones, W. & Co., Merchant, Bankers, Bankers, Spinners, Ship Builder, East India Trade, Spinners, Merchants, Mill Proprietors and Mer- chants, Bankers, Bankers, Bankers, Bankers, Spanish Trade, Bankers, H. American Trade, Stock Exchange, Worsted Spinners, Stock Exchange, Colonial Brokers, Stock Exchange, Corn Trade, African Trade, Merchants, Iron Trade, West India Trade, Calico Printers, East India Trade, East India Trade, East India Trade, Stock Brokers, Merchants, Bankers, Banker, Merchants, Merchants, Merchants, I. & J. East India Trade, Merchants, Manchester. St. Alban’s. Bridport. Preston. Sunderland. Glasgow. Do. Greenock. : Ceylon. Paris. Do. Frankfort. Amsterdam. Marseilles. Brussells. London. Do. and Aberdeen. Liverpool. Do. Do. Dublin. Do. Calcutta. Do. Do. Hamburg. Do. Berlin. Do. Marseilles. New York. Constantinople. London. Liverpool. APPENDIX. lxxv. Jevons, Sons, & Co., Just, Z., James, Nephew, & Co., Imreay, R., Jaeger, W. T., Iselin, W., Jacobs, L. W. A., Eelsall & Co., Kingston, John, & Co., Ring, Melvil & Co., Rirkpatrick, & Co., Kershaw, Hilliard, & Co., Kaye, W. H., Rilgour and Leith, Rewney & King, Königswater, L. S., Klecks & Co., Rirchheim, Firmin, Rantzow and Biel, Eramer and Son, Lyall, Brothers, Lackersteen, A. A., Lackersteen and Crake, Leaf, Barnett, Scotson, & Co., Lysaght, Smithett, & Co., Leys, Masson, & Co., Liverpool Banking Co., Lyon and Finney, Lake, Calrow, & Co., Livingstone & Co., Logan, J. & Co., Losh, Spiers, & Co., Lacey, J., Lyall, Matheson, & Co., Lackersteen, Brothers, Lake, Hammel, & Co., Livingston & Co., Levett, Norison, Lafitte, Blount, & Co., Iron Trade, Manufacturer, Merchants, Alkali Manufacturer, Banker, Merchant, Merchant, K. East India Trade, West India Trade, Corn Trade, Provision Trade, Manufacturers, Merchant, West India Trade, Bankers, Merchant& Money Dealer, Bankers, Banker, Merchants, Merchants, L. East India Trade, East India Trade, East India Trade, Warehousemen, East India Trade, Flax Spinners, Bankers, General Merchants, East India Trade, East India Trade, Canada Merchants, West India Trade, West India Trade, East India Trade, East India Trade, East India Trade, East India Trade, Manufacturer, Bankers, Liverpool. Manchester. Do. Newcastle. Frankfort. Havre. Hamburg. London and Manchester. London. Do. Liverpool. Manchester. Huddersfield. Glasgow. Grantham. Paris. Breslau. Berlin. Stockholm. Amsterdam. London. Do. I)0. Do. Do. Do. and Aberdeen. Liverpool. Trinidad. Glasgow. Calcutta. Do. Do. Calcutta. Hull. Paris. lxxvi APPENDIX. Luuyt, M. L. & Co., Lantelme, Senior & Co., Laubon & Co., Lavison, Novach, & Co., Labile, D., La Maison, Bouwer, & Co., Legrelle & Co., Merchant Trader's Ship— Loan and Insurance Asso- ciation, McMullen, J. C., Morley, J. and W., McDonald, A. & Co., McTear, Hadfield, & Co., Molyneux and Hulbert, Murray, T. and H., Maury, W., Mocatta and Son, Martin and Hartwright, Marsland, J., Marsland, Veltman, & Co., Mitchell & Co., McKenzie, D., Jun., McGregor, Brownrigg, & Co., McPhails & Co., Molley and Mergin, Murphy, T., Muir, Taylor, & Co., Morfeurgo and Tedeschi, Melum & Co., Widow, Mantricher & Co., Mendes, De Leon, & Co., Nevins and Allen, Nash, W., Bankers, Bankers, Bankers, American Trade, Merchant, Money Dealers, Bankers, M. Insurance Brokers, Stock Exchange, Warehousemen, South American Trade, Ship Brokers, Tea Brokers, East India Trade, American Trade, Spanish American Trade, Yarn Merchants, Cotton Spinner, Manufacturers, Canada Trade, East India Trade, Merchants, Spinners, Cattle Dealers, Provision Merchant, Merchants, Merchants, Merchants, American Merchants, Money Dealers, N. Corn Trade, Warehouseman, North and South Wales Bank, Bankers, Newcastle Joint Stock Bank, Bankers, Napier, D., Neilson & Co., Naegly & Escher, Iron Founder, Spinners, Merchants, Paris. Marseilles. Do. Do. Havre. - Amsterdam. Brussells. London. Do. Do. Do. Liverpool. Do. Do. Do. IDo. Manchester. Do. Do. Glasgow. Do. Do. Tºo. . Dublin. Waterford. New York. Leghorn. Havre. Marseilles. Amsterdam. London. Do. Liverpool. Newcastle. Glasgow. Rirkland. Marseilles. APPENDIX. lxxvii Oakley, R., O'Neal, J. and F., Oldham Banking Co., Oakes and Jones, Oak Farm Co., Ogilvie, Clarke, & Co., Owen, Allhusen, & Co., Oswald, Seal, & Co., Oczle & Co., Oxnard and Choix, Oeder & Co., Preece, R.M., Pemberton, Wm., O. Stock Exchange, Corn Trade, Bankers, Iron Trade, Iron Trade, Agents, East India Trade, Bast India Trade, Mill Proprietors, American Trade, Bankers, P. Stock Exchange, Canada Trade, Phillips, Laurence, and Sons, East India Trade, Phillips, Samuel, & Co., Perkins, Schlusser, & Mullens, East India & Baltic Trade, Pearce, W., & Co., Platt, Hammill, & Co., Perrin and Sons, Pindleton, J. T. H., Potter, E. & Co., Pearson, Wilson, & Co., Perston, M., Pattison and McGibbon, Paccard, Dufour, & Co., Pagny, C., Post, Jacob, Pieterse & Co., Pluym and Bakker, Pehmoller and Tollens, Pegra, Guttiers, & Co., D., Poppe and Co., Perret, F., and Sons, Plitt, J. C., Parangue and Sons, Patengat & Co., Pacifico, Salvador, Prime, Ward, & Co., Quertier and Godefroy, East India Trade, Merchants, East India Trade, Corn Trade, Manufacturer, Agents, Merchants, Merchant, Calico Printers, Bankers, Banker and Money Dealer, Merchant, Money Dealers, Bankers, Merchants, Merchants, Bankers, Bankers, Merchant, Bankers, Corn Trade, Merchant, Merchants, Q. Merchants, London. Liverpool. Oldham. Kingswinford. I)o. Glasgow. Calcutta. Do. Venice. Marseilles. Aix-la-Chapelle. London. Do. Liverpool. Do. Do. Manchester. Do. Glasgow. Do. Do. Paris. Do. Amsterdam. Do. Do. Hamburg. Leghorn. Berlin. Neufchatel. St. Petersburg. Marseilles. Bayonne. Trieste. New York. Havre. lxxviii APPENDIX. Robinson, E. (deceased) Robinson, W. R. & Co., Reid, Irving, & Co., Rougemont, Brothers, Rickards, Little, & Co., Ryder, Wienholt, & Co., Reay, J. & H., Roberts, Mitchell, & Co., Ridge, S., Rowett & Co., Royal Bank of Liverpool, Ricardo and Harding, Rowand and Dunlop, Render and Milner, Ridehalgh & Co., Rogers and Brierley, Reid, Robinson, & Co., Rankin, A., Rankine & Co., Roux & Co., Rutgers and Rosenberg, Ruys, T. D., - Roseboom M., Roothan & Co., Rupe, J. H. and Son, Riewit and Langevelt, Rouffaer and Sons, Robinow, M. and Sons, Richer & Co., Riley and Reussner, Reinach, Jacques, & Co., Rosing & Co., Riva, C. & Co., Sanderson & Co., Shewell and Sons, Soares, M. J., Scott, Bell, & Co., Sutherland, C. & Co., Sargant, Gordon, & Co., Schwartz, H. W., Shaw and Caffray, R. Mauritius Trade, Corn Trade, Mauritius Trade, Continental Merchants, East India Trade, East India Trade, Wine Merchants, East India Trade, Stock Exchange, Merchants, Bankers, Merchants, Australian Trade, Agents, Worsted Spinners, Cotton Spinners, Merchants, West India Trade, Warehousemen, Merchants, Money Dealers, Money Dealer, Money Dealer, Bankers, Sugar Refiners, Merchants, Merchants, Bankers, Manufacturers, Bankers, Bankers, Merchants, Merchants, S. Bill Brokers, Stock Exchange, Portuguese Trade, East India Trade, Colonial Brokers, Produce Brokers, Merchant, Merchants, London. Liverpool. Do. Do. Liverpool and Glasgow, Manchester. Halifax. Blackburn. Glasgow. Do. Do. Paris. Amsterdam. Do. Do. Do. Do. Rotterdam. Do. Hamburg. Prague. Magdeburg. Mentz. . Bremen. St. Petersburg. London. Do. Do. Do. Do. Do. Do. Do. APPENDIX, lxxix Secretan and Capper, Speir & Co., Steele and Son, Synnot, M. S., Sands, T. and J., Stocks and Tait, Scholes & Co., Southam & Co., Sampson, Langdale, & Co., Stock Exchange, East India Trade, Soap Boilers, Ship Owner, Merchants, Bleachers, Bankers, Cotton Spinners, Corn Trade, Saunders, May, Fordyce, & Co., East India Trade, Shearman, Mullens, & Co., Smith, Cowell, & Co., Schmidt, H. C., Spengel, J. B., Samson, Brothers, & Co., Sontag, G. H. & Co., Schultza, W. J. C., Sigart, Tercelin, Serret, M. G. & Co., Schaafhausen, A., Sigrist, Jacob, Schrieber and Sons, Seligman, I. & Co., Schroeder & Co., Trueman and Cook, Trueman, Charles & Co., Tanner and Ward, East India Trade, East India Trade, Belgian Trade, Merchant, Dealers in Manufact. Goods, African & West India Trade, Sugar Refiner, Banker, Bankers, Banker, Banker, Bankers, Merchants, West India Trade, T. Colonial Brokers, Silk Merchants, Leather Factors, Thomas, Son, & Lefevre, (John) Russia Trade, Thurburn & Co., Turner, T., Thorne, W., Tomlinson, W. and T., Taylor, R., Taylor, W. and A., Thurneyssen, M. & Co., Theunissens F. de Kinder, Thompson, J., Jun., TJsborne, T. and Son, Vanzeller, F. J., Union Bank of Calcutta, East India Trade, Stock Exchange, Canada Trade, Corn Trade, Soap Boiler, Manufacturers, Bankers, Banker, Merchant, TJ. & V. Corn Trade, Portuguese Trade, . Bankers, London. Do. Liverpool. Do. Do. Manchester. Do. Ashton. Stockton on Tees. Calcutta. Do. Do. Hamburg. Do. I)o. Do, Do. Mons. Valenciennes. Cologne. Amsterdam. Breslau. Amsterdam. Porto Rico. London. London. Do. Do. Do. Do. Do. Liverpool. Do. Glasgow. Paris. Antwerp. New York. London. Do. Calcutta. lxxx APPENDIX. Venay, Cardoza, & Co., Van den Bogaerts, M., Van der Beek, J. C., Viet, Brothers, & Co., Von Haber and Sons, Von Haber, Baron de J., Van Harpen, A. L. & Co., Valentin, J. L. & Co., Vernein and Giells, Vermechren & Co., Vanzeller, J. and Sons, Ventura, M. & Co., Van Sennep, J. & Co., Woodley, W. and J., Weber & Co., Whitmore, H., Williams, J., Jun., Wright, Job & Co., Watson, Brothers, & Co., Wilson, Nash, & Co., Warden & Co., East India Trade, Merchant, Manufacturer, Bankers, Bankers, Banker and Manufacturer, Money Dealers, Merchants, Manufacturers, Merchants, Merchants, Merchants, Merchants, W. Corn Trade, East India Trade, Stock Exchange, Stock Exchange, Russian Trade, Merchants, Merchants, Merchants, Wotherspoon, Stewart, & Co., Share Brokers, Westlake & Co., Watson, Elder, & Co., Wilson and Eber, Watson, M*Knight, & Co., Wingate, A. and I., Walker, M., White & Co., Wienholt, John & Co., West India Bank, Corn Trade, Manufacturers, Merchants and Spinners, Merchants, Calico Printers, Flax Spinner, Corn Trade, East India Trade, Bankers, Windmuller, Brothers, & Co., Merchants, Warburg, E., Wittenstein & Co., Westerndorp & Co., Young, C. B., Young, G. & Co., Banker and Bill Broker, Spinners, Money Dealers, Y. Stock Exchange, Calico Printers, Madras. Antwerp. Elberfeldt. Berlin. Frankfort. Carlsruhe. Amsterdam. Leghorn. - Courtray. St. Petersburg. Lisbon. Venice. Smyrna. London. Liverpool. Do. T}o. Do. Southampton. Manchester. Do. Glasgow. Glasgow. Leeds. Waterford. Calcutta. Barbadoes. Hamburg. Do. Elberfeldt. Amsterdam. London. Glasgow. LETTS, SoN and STEER, Printers, 8, Royal Exchange, and 24, Queen Street, Cheapside. LETTS SON & STEER, 8, ROYAL EXCHANCE, beg to call the attention of their Friends to the following List of Works sold or Published by them at their warehouses, 8, Royal Exchange, or 24, Queen Street, Cheapside, London. PUBLICATIONS. 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The Letterpress has obtained an accession of some Tables of fluctuations in various articles of Trade, and a complete summary of the Commercial events of the year, of the highest import to the Mercantile World. In addition to a ruled space for every day in the Year according with the arrangements described on succeeding pages, and accompanied with Notices of all remarkable events to be provided for (such as Public Holidays, Dividends due, Eclipses, &c.), they contain (with one or two exceptions) a general summary of an entire page or opening for each month, blanks for casual memoranda, and the following important Tables, &c. : COMMERCIAL AND GENERAL. Almanack for the Year, with Tides, &c. Tide Tables for the Out-ports Eclipses Duration of Moon-light Holidays at the Bank and other Offices Sunday Lessons Jewish Calendar, Fasts, Festivals, &c. Weather Table Ready Reckoner, for Marketing, {P lb., yard, &c. 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City Officers Birth Days of the Royal Family Army and Navy Agents Bankers in London Bankers in the Country, with London Agents Styles and Commencement of Address to the Nobility and Public Officers Her Majesty’s Officers of State and Prin- cipal Departments of Government House of Peers, &c. Scotch and Irish Peers, not being Peers of Parliament Eldest Sons of Peers—Titles of Courtesy House of Commons—Representatives Ditto—Places Represented Foreign Ministers and Consuls English ditto abroad. SUMMARY OF THE CoMMERCIAL EVENTS OF THE YEAR. Embracing Monthly Tables of the highest and lowest prices of the following Articles of Produce with the quantities warehoused in the Docks, 5th August, 1847 and 1848. Corn and Wheat Sugar, (Jamaica, Bengal, Silk Cotton Mauritius, & Refined) Cochineal Coffee Rice - Iron Indigo Wool Rum Funds; Bank Notes in Circulation and Reserve, with Bullion in both Departments. LEGAL. 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Cloth." | Silkºt || Tuck: Loop:% Russia.l. No. 12,3 a week in a page, with Sunday .......... 3 0 || 3 6 || 4 6 5 0 | 12 6 13 # a week do. excluding do. . . . . . . . . . . . . . . 2 6 || 3 0 || 4 0 || 4 6 || 12 0 * 13B;3 Days do. Dr & Cr (a week in 2 openings). 4 0 || 4 6 || 5 6 || 6 0 || 14 6 * is CA week do. the right page ruled, left unruled 2 6 3 0 || 4 0 || 4 6 | 12 0 * +3D}} a week do. do. do. . . . . 4 0 || 4 6 || 5 6 || 6 0 || 14 6 * 13 EA week do. Dr & Cr (a week in an opening) 2 6 || 3 0 || 4 0 || 4 6 || 12 0 . 14 # a week do. with Sunday ................ 3 0 || 3 6 || 4 6 5 0 || 12 6 1%. Mil Day do. (for 1 Month only) ...in paper, 8d. .. 1 0 ... 2 8 || 9 0 The set of 12 in a neat Cloth Case, 7s. 15|} a week do. excluding Sunday .......... 2 6 || 3 0 || 4 0 || 4 6 | 12 0 * 15B;3 Days do. Dr & Cr (a week in 2 openings)..| 4 0 || 4 6 || 5 6 || 6 0 || 14 6 * 15CA week do. theright page ruled, left unruled 2 6 || 3 0 || 4 0 || 4 6 12 0 * 15 Dłº, a week do. (do.) ........ 4 0 || 4 6 || 5 6 6 0 || 14 6 * 15EA week do. Dr. & Cr (a week in 2 openings) 2 6 3 0 || 4 0 || 4 6 | 12 0 Loose Protecting Covers for the above, in Russia and Spring Lock, 78.; in cloth with clasp, 1s.6d. 16|l Day in a page (for 8 weeks) in paper,0s.6d. .. 1 0 2 0 || 9 0 17|A week do........... . e e e º e º e º 'º e do. 0 6 | . . I 0 2 0 || 9 0 * 17Mll Day do. (for 1 Month only) .... do. 0 6 .. º, ſº . . . 2 2 || 8 0 The Set of 12 in Case, 6s. 17 Dº week do. right p. ruled, left unrld. do. 1 0 || 1 4 || 1 4 || 2 0 º 9 6 18 #º. do. . . . . . e - © e s - e º is e ..... do. 1 8 || 2 0 || 2 0 || 2 6 - 10 6 19|I Lay do. (for 8 weeks)..... . . . . . do. 0 6 tº e I 0 º 1 6 || 7 0 29; a week do................ ..... do. 1 0 || 1 4 || 1 4 || 2 0 | .. 8 0 2ilA week do. . . . . . . . . . . . . . . . . ... do. 0 6 | .. l 0 || 1 6 || 1 6 || 7 0 21 D3 week do. right p. ruled, left unrld. do. 1 0 || 1 4 || 1 3 || 1 6 .. 7 0 21M1 Day do. (for 1 Month only) .... do. 0 4 .. I 0 ... I l 4 || 7 0 The Set of 12 in Case, 3s. 22% a week do. .................... do. 1 4 || 1 I 8 6 .. 9 6 23 A week do. . . . . . . . . . . . . . . . . . ... do. 0 6 . 1 0 ... 2 0 || 8 6 23 Dº week do. right.p. ruled, left unrld.do. 1 0 || || 4 || 1 4 || 2 0 | .. 8 6 23 Miſ Day do. (for 1 Month)..........do. 0 5 1 0 . 1 9 || 6 6 The Set of 12 in Case, 4s. ch:LAP EDITIONs. ls.6d. A week, the right page ruled, left unruled... 1 6 l 10 || 2 6 || 3 0 || 10 0 1s.|A week, with Sunday ................ ‘. . . . . 1 0 || 1 4 || 2 0 || 2 6 || 9 0 # 9al. A week do. . . . . ......... e < * * * * * 0 9 || 1 0 || 1 8 || 2 0 # 6d. A week do. . . . . . . . . . . . . . . . . . ... 0 6 || 0 9 tº º - * *—Neatly Embossed Cloth Cover, dated on back and beginning. Thin Green Silk Covers, to go into other Cases, as D and E. £—Pocket Books, in Roan fea º, with Tongue and Pencil of the usual description. |—|Detached Coyers of Roan Leather, fastened with a pencil through Loops at the edges. 3–Detached and most complete Pocket Books, made of the best Morocco or Russia feather, with elastic Spring Bands, and calculated to endure 6 or 8 years' hard wear without injury; those of the Morocco are the strongest. LETTS, SON & STEER, 8, ROYAL EXCHANGE. " LETTS’s DIARIES.– DIMENSIONS AND ARRANGEMENT of the various Editions. OFFICIE LE DITIONS. IPOCIRET IEDITIONS. Long Long Small Small SIZE of Paper ...|Folio Qto. Qto, 8vo. 12mo. 12mo. 18mo. 18mo. 24mo. 24mo. Breadth in inches|| 8 || 8 5} || 4% 3; 3} 3} 3 3 2} IDepth in inches ..| 123 10 15; 7% 6 74 7 5% 3} 2} tº No. No. | No. No. 1 No. | No. No. No. No. No. 1 Day in a Page 51 1 | . . 8 . . . 14M | . . 17M |23M | 21M 2 Do. or # week do. 52 |2.2H] .. 9 : . . . . . e e i º e e G 3 Do. # week do. 53 || 3 || 6 || 11 || 13 | 15 ... 18 22 .. 3 Do. in a Page | . . . . . . . . 10 | 12 || 14 | . . . . . . . . . 20 4 do. or # week do. ... || 4 | . . . . . . . . . . . . . . . . . . . . . . . a Week of 6 days do. 55 5 7 | . . . . . . . . . . . tº e º e & O a Week of 7 days do. . . . . . . . . . . . . . . . . . 1s. 9d. 17| 23 6d.21 B tº: 3B | 6B | 11B I 1313 | 15B | . . tº e Q - C - 3 Days in a Page 4 Do. do. . . e G e is i s e 6 Do. do. . . . . . 5B | 7B | ... I 13E | 15E | . . C & I & © • Ge G, or Gondensed | . . . . . . . . . . . . 13C | 15C | . . tº e i s - tº º ID, or Double tº e I e º e e 11P/13D 15D |1s.6d, 17D 23D 21D Mems left, Cash right pages LETTS’s TIME AND PLACE MARKER for each Edition of Letts's Diaries, with one day to a page. Being a card prepared to suit the size of such Editions of Letts's Diary as are commonly used by the Medical and Legal Professions, or any requiring a minute arrangement of their time. Upon its edge (on both sides) is a scale to divide the page equally between the usual hours of business; this is to be inserted from time to time between the leaves mext to the current day, assisting, 1st, to open the right place at once; 2d, to enter an engagement upon the line or lines appropriated to a given hour; and 3d, to see what other engagements previously made, &c. are calculated to interfere therewith. Price 6d., 9d., and 1s. each, according to size. If desired, they may be obtained with Blotting-paper surfaces. THE TABLET DIARY, to lie on the table or desk for casual memoranda—the leaves (detached) being filed when done with Price ls. LETTS’s FAMILY REGISTER, for the insertion of Births, Deaths, Marriages, and other remarkable Domestic Events. A Work which no Family should be without, and which, like an Heir Loom, should descend from one generation to another. The several editions correspond in size and form with the Diaries bearing the same No., viz.:- Cloth. Cloth. No. 1–1 day to a page, QUARTo 10 0 | No. 9–2 days to a page, OCTAVO 5 6 2—4 7 3 5 y 2 3 5 0 10–3 33 7 7 y 5 4 6 8–1 , , ,, OCTAvo 6 6 12–3 , 2 3 ,, 3 6 * They are also kept in Russia Binding, with Spring Lock. LETTS, SON & STEER, 8, ROYAL EXCHANGE. LETTS’s ANALYTICAL INDEX, or ADJUTOR MEMORIAE. Suggested as a Companion to LETTS's Diaries, but Published with the more extended object of forming A GENERAL REGISTER of INTERESTING SUBJECTS, whether they have been read or written or otherwise met with, whereby the particulars may be referred to with promptitude and certainty rather than a faint impression of them gleaned from an often treacherous memory. Price, OCTAvo, 4s. Cloth ; 6s. in Imitation Russia ; and 10s. Real Russia. QUARTO, 6s. Cloth; 9s. in Imitation Russia ; and 15s. Real Russia. LETTS's EXTRACT BOOK, Prepared for the reception of VARIous ScKAPs from VARIOUS Sources, but especially from the NEWS- PAPERS, as being the great Channel of Modern Information and very many useful Hints. Price, OCTAvo, 3s. 6d. in Cloth ; or, with Ruled Pages for Manuscript also, 4s. 6d. ; or, in combination with Letts's Anylytical Indez, 6s. QUART.o, 6s. Cloth ; or, with Ruled Pages for Manuscript also, 7s.6d. 5 or, in combination with Letts's Analytical Indez, 10s. 6d. LETTS's INDISPENSABLE ALMANACK, enabling Every- body to secure to himself a Faithful Record of the Past, the Present, and the Future. Price Is. 6d. Containing— An ALMANACK in very LARGE TYPE, upon Writing Paper, with Lines and Columns prepared for daily registry of the THERMOMETER in the ‘GREENHOUSE, or Outhouse, or other data of Scientific, General, or Individual Interest. - A Table by which to compare the DEGREES of TEMPERATURE of the Three leading European Professors; viz., FAHRENHEIT, REAUMER, and CELSIUS. A List of SCIENTIFIC INSTITUTIONS in London, with their Days of Meeting, &c. A Summary of the GREAT COMMERCIAL EVENTS of the past Year, with the Fluctuations in the Prices of FUNDS, GRAIN, and other articles of Consumption. A List of all the BANKERS in ENGLAND, and the LONDON BANKS with whom they are connected. An Alphabetical and Copious List of the CUSTOMS DUTIES, with Regulations by the IBoard of Trade. An Alphabetical List of the ACTS OF PARLIAMENT passed during the late Session. And the following Items of GENERAL, CoMMERCIAL, or LEGAL Interest. COMMERCIAL AND GENERAL, Tide Table for the Out-ports. Assessed Taxes. Eclipses Post Office Regulations. Duration of Moonlight. Stamp Duties—Law and Commercial. Holidays at the Bank and other Offices. Directions for making a Will. Sunday Lessons. Brief Directions to Executors. Jewish Calendar, Fasts, Festivals, &c. Fairs in England—Compendium of. Weather Table. City Officers. * Ready Reckoner, for Marketing. Birth-days of the Royal Family. For Calculation of Wages. Army and Navy Agents. Life Assurance, Cost of a, at various Offices. Styles and Commencement of Address to Value of an Annuity at various Ages. the Nobility and Public Officers. Government Life Annuities at Ditto. Her Majesty's Officers of State and prin- Probable Duration of Life at Ditto. cipal Departments of Government. British Weights and Measures. House of Peers, &c. Foreign Weights compared with English. Scotch and Irish Peers, not being Peers of Foreign Money compared with English. Parliament. Funds, Transfer Days, Dividends, &c. Eldest Sons of Peers—Titles of Courtesy, Relative Value at various Rates. &c. Highest and Lowest Prices 1843 to 1847. House of Commons—Representatives. Interest Table at 5 per cent. Ditto—Places Represented. Ditto at 3,3}, 4,4}, and 5 per cent. Foreign Ministers and Consuls. Property and Income Tax Table. English ditto abroad. LEGAL. Holidays at Law Offices. Circuits of the Judges. Law and University Terms. Court of Bankruptcy. Law Offices and Hours of Attendance. LETTS, SON & STEER, 8, ROYAL EXCHANGE. THE CARD CASE ALMANACK, including two leaves of Asses’ Skin, and 12 of Blank Paper for Memorandums. In Wrapper, 6d. ; in Morocco Card Case, 2s. ; in Russia, 2s. 6d. THE THREEPENNY ALMANACK, Interleaved with Writing Paper for Memorandums. Price 3d. A CALEND AIR FOR THE NEXT 50 YEARS. This is a very neat little Circular Tablet, calculated to shew at a glance on what day in the Week any day of the Year will fall during the whole of that period. Price 6d. THE OFFICE CALENDAR, containing a Separate Leaf for every working day in the year. Price 2s., Figures 2 inches long; 1s. Figures 1 inch long. LETTS's HOUSEKEEPER AND ENGAGEMENT BOOK, Containing a ruled space for every Day in the Year, appropriated to money paid to Butchers, Bakers, Brewers, and other Tradesmen usually employed by Families; also for Daily Memorandums; for description of Servant's Name, Age, Character, Servitude, Agreement, &c.; for Receipt of Wages paid to Servants; for special registry of Rates, Taxes, Tithes, Insurance, and other Periodical Expenses, and the following Lists, Tables, &c.—Table of Articles in Season (as Meat, Fish, Poultry, Game, Vegetables, Fruit, &c.) shewing when they are in the greatest perfection, when Cheap, when Dear, &c., for every month in the year; a Ready Reckoner for Price, per lb., yard, mile, &c.; a Ready Reckoner for Payment of Wages per day, week, month, &c.; a Table of Weights and Measures; an Almanack for the Year, Eclipses, Weather Table, &c.; a Table of Property Tax; Directions for making a Will, Instructions for the guidance of Executors, &c.; and various useful Tables for Domestic purposes. Price 2s. sewn, or 2s. 6d. bound in cloth. LETTS's HOUSEKEEPER ENLARGED, same as the foregoing, combined with a Weekly Summary of Tradesmen’s Accounts, by which to ascertain the amounts annually paid to them, &c. Price 3s. bound &n cloth. SUMMARY OF TRADESMEN'S WEEKLY ACCOUNTS, |Upon a similar principle, but in an abridged form, at 6d. each, as the foregoing. THE WEEKLY HOUSEKEEPER. For Weekly Accounts only, provided for four years; with Pages for Annual Balances, a Ready Reckoner, Tables to calculate Wages, and Weights and Measures, Price 2s. 6d. bound in cloth. THE HOUSEHOLD EXPENSES BOOK, in which the Publishers haye endeavoured to simplify the numerous Works placed before the Public under the title of “ Housekeepers.” Each page of the First Com- partment is divided into columns for the several classes of ordinary Household Expenditure, such as Provisions, Apparel, Taxes, &c., which may be balanced weekly, or at other convenient periods; such balances being carried to the Second Compartment, adapted to give a complete analysis of the entire Receipts and Expenditure of the Twelvemonths. The Third Compartment consists of plain Ruled Paper for the insertion of Recipes, Prescriptions, Servants’ Characters, Agreements, and other valuable data, too often lost for want of a fit place to register them in. These books do not limit the con- sumer to any given space for a day, and will consequently last an indefinite period, but upon the average about two years. Neatly bound in cloth, price 3s.6d. ; or small Quarto, 4s. 6d. - LETTS, SON & STEER, 8, ROYAL EXCHANGE. THE GENTLEMAN'S CELLAR BOOK, arranged upon an easy principle, by which to keep an Account of all Wines and Spirits, with the Merchant’s Name, their Price, and Vintage, and other particulars of interest to the Consumer; also to form Periodical Balances, and Comparative Tables of Annual Consumption, with Ruled Leaves for Receipts and Casual Memoranda. This Work is not for one Year only, but calculated to last an indefinite period. Price 2s. 6d. in cloth. - LETTS's RENTAL BOOK, for the due Arrangement of Rents, Deductions, Arrears, &c. Price 3s.6d. cloth. LETTS's BRITISH TARIFF, in Alphabetical Arrangement, with Extracts from various Acts relating thereto, as adopted at the Custom House. Corrected up to the last Session of Parliament. Price 6d. THE SPIRIT STOCK BOOK, according to Act 11 & 12 Vict, cap. 121, sec. 12. Price 2s. SERMON REGISTER, containing an Index for alphabetically arranging the subjects of Discourse, Text, Number, Where Placed, &c.; and a Chronological Register of Places at which they were Preached, the Occasion, and other Remarks of Interest; also a Table shewing in what part of the Church Service the several Books of the Old and New Testament are appointed to be read. No. 1.-Elegantly bound in Morocco or Russia, with Bramah's Patent Lock, # 1 15 0 No. 2.—Handsomely bound in Calf, or half-bound Morocco or Russia, with good Spring Lock . . . . . . . . . . . . . . . . . . . . 1 1 0 No. 3.-Neatly half-bound in Russia . . . . . . . . . . . . . . . . . . . . . . . . 0 10 6 This applies to the Cases or Boxes mentioned next, and prepared by the Publishers in imitation of Books, to contain about 3 Dozen Sermons, lettered Vol. 1, 2, 3, &c. The Publishers having often been requested to arrange some easy and ex- peditious plan whereby a Clergyman may refer to the Sermons he has written upon various subjects and preached in different places, have prepared the above, which, although in its Infancy, has obtained so much encouragement as to justify a hope that with the kind aid of those who adopt it, an efficient system may eventually be arrived at. - SERMON BOOKS, of Twelve Leaves each, with Covers, Ruled and Printed for Registry of Date and Occasion on which it was Preached, Where, &c. In packages of 3 Dozen, 7s. 6d. SERMON CASES, of Velvet or Leather, for the Pocket. No. 1, Velvet, 6s. 6d. ; No. 2, Morocco, 6s. ; No. 3, Roan, 2s. - SERMON BOXES for 3 Dozen Sermons, made of Wood, and covered with Leather, to imitate a Book, lettered No. 1, half-bound, with Morocco or Russia Backs, 8s. ; No. 2, half-bound, with Calf Backs, 6s. 6d.; No. 3, half-bound, with Roan Backs, 8s. 6d. Good Spring or Bramah's Locks, extra from 4s. 6d. to 21s. each. SERMON PAPER, Ruled with Blue Lines, per quarter Ream, 3s. 6d. ; Plain, 3s. COVERS FOR DO., Ruled and Printed, per hundred, 4s. AN ENTIRE SET OF THE ABOVE, viz., the Sermon Register, a Sermon Case, and a Box, containing 3 Dozen Books as above described, done up as A PRESENT FOR A YoUNG CLERGYMAN on taking orders. The best No. 1, £2 : 17; next, No. 2, £2: 2: 6; cheapest, No. 3, £1 : 4. - LETTS, SON & STEER, 8, ROYAL EXCHANGE. LESSON AND COLLECT MARKER, formed of Card- board to keep the place of the Collect of the day in the Prayer Book. On it are printed the Proper Lessons, Proper Psalms, &c., for all Sundays and Holidays throughout the year. Price 3d, each, or 5 for 1s. black letters. Double the price for gold letters on dark card. PREACHER'S REGISTER, for the Purpose of Registering the Name, Degree, College, Benefice, or Cure, &c. of the Clergyman preaching in any Parish Church, Chapel, &c. as required by the 52d Canon Ecclesias- tical. No 1, bound in Calf or Roan, £1; No. 2, in Morocco or Russia, £1.8s. ; No. 3, in Morocco or Russia, Elegantly gilt, &c., £2 2s. Note.—The Publishers have various private forms open to the inspection of the public, although not printed for general use. CHARITY SERMON REGISTER, for the use of Ministers, Churchwardens, &c., arranged for description of the Charity, name of the Preacher, and amount collected at Morning, Afternoon, and Evening Ser- vices, or by sundry donations, &c. No. 1, bound in Calf or Roan, £1 ; No. 2, in Morocco or Russia, £1 8s. ; No. 3, in Morocco or Russia, Elegantly gilt, &c., £2 2s. PARISH REGISTER of Baptisms, Marriages and Funerals, so arranged that although entered in Chronological order, the Alphabetical reference is simultaneously secured. With respect to this Publication, it has been suggested by high authority, that so great is the facility of reference thereby secured, if generally known it would be invariably adopted, even to the extent of copying the Ancient Registers. LETTS's COMPANION TO THE THERMOMETER, Being a Comparative Table of each degree in the several scales of Fahrenheit. Celsius, and Réaumur, published with a view to facilitate comparisons be- tween the registers of various countries, adopting those several Professors. Price 6d. BOOKSELLING. ALL THE PERIODICALS at the very earliest period of issue. ALL THE ALMANACKS AND ANNUAL POCKET BOOKS that are Pub- lished. UNCLAIMED DIVIDEND BOOKS at 1s. each Letter. Sixteen Penny Postage Labels forwarded through the Post will ensure the list per return. INTEREST BOOKS, Every Good, that is Published, at 2%, 3, 3}, 4, 4%, and 5 per cent. From 1 to 365 days at 1s. 6d., 2s. 6d., 7s., 8s., 21s. each. I)ISCOUNT BOOKS at various rates. READY RECKONERS in great variety, from 1s. to 20s. each. EXECUTORS BOOKS, AND FARMING, AND RENTAL BOOKS. BOOK KEEPERS, COMMERCIAL DICTIONARIES, &c. The Commercial Instructor at 1s. 6d. gives a variety of information in very concise terms. LETTS, SON & STEER, 8, ROYAL EXCHANGE. & STATIONERY. ACCOUNT BOOKS. A large assortment of Ledgers, Journals, Cash Books, and other forms usually adopted in Merchants’ and Traders’ Offices, as well as by Private Gentlemen, for their Farming, Rental, and Executorship's Accounts, of various sizes, from largest Folio to smallest Octavo, all of the very best materials, are kept in readiness for immediate use; or may be made to pattern, if necessary, in 24 hours.-Private Ledgers, with Spring Lock, &c. BILL BOOKS, CARGO BOOKS, DOCK ORDER, and other Books, with Printed Heading. LETTER PAPERS in foolscap, Post, Draft, Pott, &c., either hand made or machine, from the highest to the lowest prices. Samples will be furnished free of expense by post. ENVELOPES of Paper or Linen in great variety of size and description. BILL CASES for Bankers, Merchants, and Brokers. BLOTTING OR WRITING CASES. POCKET BOOKS and all kind of Morocco Work, in which Branch the Publishers believe they have the best workmen in the kingdom. QUILLS, Pens, and Steel or Gold Pens. INKSTANDS of Metal, Wood, Porcelain, Glass, or Pewter. INK, very superior, for Writing or Copying. PENKNIVES of the very best London Manufacture, &c. &c. COPYING MACHINES.—The Publishers have always on hand a full stock of Machines, Tables, and all requisite materials of the best London Manufacture, which alone they recommend as trustworthy in this valuable branch of Com- mercial Manipulation.—As an Original Letter is often of the very highest importance, it is not advisable to hazard an imperfect transfer, as such is usually detrimental to the Original equally with itself. The great secret of ensuring a perfect transfer, is to damp the Copying Paper sufficiently and not too much, that is so as to render it perfectly transparent but not glossy. Saturate with water if you please, but absorb with the drying book all that is superabundant, or in other words glossy. The New Process of Copying Printed Forms referred to under the head of PRINTING, deserves the particular attention of Merchants, Railway Companies, &c. Prices of Machines, best London make. |Prices of Tables in Solid Mahogany, Oak, &c Post Folio, 18 inches by 113 .... £6 16 6 ||No. 1, £47 0 | No. 2, £48 0 | No.3,362 2.0 Foolscap Folio, 15 inches by 10... 5 15 6 ,, 3 80 ,, 3 9 0 ,, l l l 6 Large Quarto, 12 inches by 10 .. 4 4 0 ,, 3 8 0 ,, 3 9 0 ,, l 11 6 Small Quarto, 113 inches by 83... 3 8 0 ,, 3 8 0 ,, 3 9 0 ,, l l l 6 Damping Bowes, Oak and Mahogany, Post Folio, 7s., 7s.6d. ;-Foolscap, 6s., 7s.; Large Quarto, 6s., 7s.;—Small Ditto, 6s., 7s. Cloth Pads, per Pair, Post Felio, 5s. ;-Foolscap, 4s. ;-Quarto, 3s. Oiled Papers, per Dozen, Post Folio, 4s.6d. ;-Foolscap, 3s.6d. ;—Quarto, 2s. 6d. Co º Books, with Index, and paged by Machine, Foolscap Folio, 1000 leaves, 19s. § 2s.—Post Quarto, 1000 leaves, 16s. ; 500, 10s. ; 250, 6s. 6d. Copying Books for private letters, in Russia or Calf binding, with Spring lock and key, at 25s. or 21s. each. Guard Books, with Index, Folio, 15s. ;-Quarto, 10s. 6d. Ink, per Quart, 3s.6d. ; Pint, 2s. ; Small Bottle, 6d. and ls. Damping Brushes, 2s. 6d. THE PORTABLE COPYING MACHINE will copy a single Letter quite as well as the above Iron Machines for Offices (which are calculated to take in 20 or 30 Letters at once.) Price 21s. each, including Ink, Paper, and all other materials essential to its operation. MANIFOLD WRITERS. From 4s. 6d. each to 3 guineas each. Those at 16s. are recommended as possessing every necessary qualification, and are war- ranted to keep in an efficient state in any Climate. LETTS, SON & STEER, 8, ROYAL EXCHANGE. MAP, CHART & GLOBE SELLING. The Publishers of this List beg it to be distinctly understood that they are not Pub- lishers of any Maps except those issued under the direction of Her Majesty’s Board of Ordnance and for this reason are at liberty to select and to recommend without bias, (which can scarcely be expected from Publishers themselves,) those most deserving public attention. To the best of their judgment they do so, both in reference to Maps and Charts as well as to Globes and Guides for Tourists, having, (they believe,) a larger collection of these than any other house in London, and the Cream of every Publisher. Their Collection embraces on the one hand the cheapest (to be of any service) and on the other the best without regard to price; with others of intermediate value in as many gradations as possible. Thus they have about thirty different Maps of London, as many of England, and of other districts according to the extent of interest taken in them by the Public, and attendant competition for their patronage. The usual methods of MOUNTING are as follows, and respectively possess their peculiar advantages. 1—For the Pocket or Book Case, divided into sections and pasted on to canvass in a neat cover. 2—For Suspension in Halls, Libraries, Board Rooms, &c. on Strainers or Rollers Varnished. 3—For Do. on Spring Rollers, to occupy but little space and bring every part immediately under view. 4—For Do. Do. Do. enclosed in Mahogany case. The following LARGE MAPS FOR OFFICES AND BOARD ROOMS are quoted as offering a Variety of Size, in the most approved form and being severally of the Best Authority. THE WORLD ON MERCATOR'S PROJECTION.— DIMENSIONS. PRICES, MOUNTED ON Wide. Deep. Rollers varnished. Spring Rollers. | Do. Mahogany Box.” 8 ft. 7 in. by 5 ft. 3 in. £ 5 15 6 £ 9 9 0 3212 0 0 6 4 4 5 3 3 0 5 15 6 7 7 0 5 10 3 2 2 0 0 4 14 6 6 6. 0 4 3 2 10 1 11 6 3 13 6 5 5 0 3 0 2 0 0 15 6 2 12 6 4 4 0 EUROPE, ASIA, AFRICA, OR AMERICA.— Wide. Deep. | Rollers varnished. Spring Rollers. Do. Mahogany Box." 7 ft. 1 in. by 5 ft. 5 in. + £ 4 6 6 £ 8 0 0 36 10 10 0 5 1 4 2 2 5 0 4 16 0 6 6. 0 3 0 2 8 1 0 0 2 14 0 4 4 0 2 2 1 8 0 10 6 2 3 6 3 13 6 LETTS, SON & STEER, 8, ROYAL EXCHANGE. ENGLAND.— Wide. Deep. | Rollers varnished. Spring Rollers. Do. Mahogany Box.” 5 ft. 1 in. by 7 ft. 0 in. & 2 12 6 # 5 5 0 36 7 7 0 3 6 4 5 1 11 6 4 0 0 5 10 0 3 2 4 4 1 6 6 3 5 6 4 14 6 2 8 3 2 0 15 6 2 12 6 3 13 6 2 2 2 8 0 12 6 2 8 0 3 9 0 LONDON.— Wide. Deep. | Itollers warnished. Spring Rollers. Do. Mahogany Box.” 6 ft. 0 in. by 4 ft. 0 in. 36 4 4 0 36 6 16 6 # 8 18 6 5 0 5 0 2 12 6 5 2 6 6 16 6 4 2 2 9 1 4 0 3 5 0 5 5 0 3 6 2 6 0 15 6 3 0 0 4 4 0 3 4 2 0 0 12 6 2 17 0 3 18 0 ENVIRONS OF LONDON.— | Wide. Deep. Rollers varnishd. Spring Roller. Do. Mahog. Box.” 36 D 3 || 6 ft. 0 in. by 4 ft. 8 in. £2 12 6 #65 15 6 397 17 6 36 / 3 g | 4 0 3 0 I 10 0 3 10 0 5 5 0 30 Q 8.3 || 3 0 3 0 1 I 0 3 0 0 4 10 0 32 ( 2 5 2 6 2 4 0 16 0 2 12 6 3 13 6 6 \ j} ºf 2 6 2 6 0 13 6 2 9 6 3 10 0 8 J = | 2 0 2 0 0 7 6 tº ſº tº s º gº tº & * Where several' Maps are placed in the same Box the proportionate expense is considerably reduced. # Europe is in this instance 23s.6d. less than the other Quarters. Every good Map that is Published in the Kingdom, (a few Foreign ones also) as well as every cheap Map of Europe, England, the Counties, and London, is kept, and may be seen on application, or particulars furnished idea of prices. by Post. The following will convey some MAPS, &c. in Sheets, in Pocket Case, or on Rollers, Strainers, &c. London, from 4d. to 63s. each Environs of London, 6d., 9d., 2s., 2s.6d., to 26s.6d. Counties in England, 6d., 9d., 1s., 2s.6d., 3s. and upwards The Ordnance Maps, at 2s. per sheet, 1 inch scale; 2s. 6d. and 5s. per sheet, 6 inch scale English Roads, Various, 6d. Watering Places and Principal Towns, 6d., ls., 2s.6d., 15s. The Ordnance Ditto, 5 feet scale The Thames, 1s., 3s.6d., 6s., 8s. Ditto Fishing Maps, 1s. 6d. The Lakes, 5s.6d. and 7s.6d. The Isle of Wight, 2s., 2s.6d., 3s.6d., 4s. The Channel Islands, 2s.6d. and 3s.6d. Railways—Various Lines, 2d., 4d., 6d., 1s. England and Wales, 6d., 1s., 1s.6d., 2s. and upwards to 52s.6d. - The Ordnance Maps, 1 inch scale, 2s, to 8s.; 6 inch scale, 2s. 6d. and 5s. Great Britain, from 6d. and upwards Wales, from 1s. do. - Scotland, 6d., 9d., 1s., 2s., 2s.6d., 4S., and upwards to 26s.6d. Ditto, Ordnance, 2s. 6d. and 5s. per sheet Edinburgh, 6d. and 9d. Ireland, 6d, 1s.6d, 2s., 2s.6d., 4s., 5s, and upwards to 52s.6d. POCKET BOOKS OF MAPS.— Traveller's Companion,in England, &c.25s. Smith's Pocket Atlas of Ditto, 98. Ireland, Ordnance, General Map, 20s., 30s. 52s.6d. Ditto, Ditto, 2s.6d. & 5s. per sheet, 6 inch scale. Ditto, Ditto, Counties, 2s.6d. &4s.6d. each. France, 6d, 1s.6d., 2s.6d.,4s.6d., 5s.9d., 7s., and upwards to lls. The Netherlands Panorama of the Maine, 12s. Ditto ditto Rhine, 10s. & 10s.6d. Ditto ditto Switzerland, 12s. & 24s. Germany, 6d., 9d., 1s. 4d., 1s.6d., 5s.6d., 7s.6d., & 12s. Switzerland, 6d., 9d., 7s.6d., 12s. Italy, 6d., 9d., 1s., 1s.8d., 5s.6d., 7s., 8s., 10s., 11s. sº ºna Portugal, 6d., 9d., 2s., 3s., 5s., S.001. Central Europe, Is., 2s., 4s.6d., 7s.6d, 10s., lls., 13s. United States, 6d., 1s., 2s.6d.,3s.6d.,7s., 10s., 10s.6d., 15s. New South Wales, 6d., Is., 4s. West India Islands, 6d. & 9d. India, Overland Route, 8s. Pricking Chart of the Voyage to Ditto,8s. China, 1s., 2s., 5s, 12s. - Africa, 6d., 1s., 7s., 158. The World, 1s., 2s., 4s., 15s. & upwards to 95s.6d. Cary’s Turnpike Roads, 18s. Black's Pocket Atlas of Scotland, 16s. LETTS, SON & STEER, 8, ROYAL EXCHANGE. THE ORDNANCE MAP OF ENGLAND & WALES. ONE INCH SCALE, was intended to be reduced in price to the uniform rate of 2s. per sheet, on 1st July last, but unforeseen difficulties prevented any large number of the plates already engraved from being Electrotyped, which process is essential to the completion of the promised reduction. The sheets now ready for sale upon this arrangement (the others maintaining their old prices) are Nos. 1, 2, 3, 4, 5, 7, 8, 9, 10, 18, 35, 36, 40, 41, 47, 55, 56, 59, 60, 61, 74, 76, 77, 79, 80, 81, 82, 88, 89, 90, and a quarterly announcement is promised of their further progress up to sheet 90, any advance North of which will be wholly dependant upon the 6 inch scale. - Each square in the Index Map represents a sheet of the Original Ma measuring about 40 inches wide and 28 deep, and embracing of course the same number of miles East and West or North and South. They are kept in readiness for sale either unmounted or mounted on linen in squares for the pocket, or in sections of Counties, Districts, &c. upon Rollers or Strainers varnished. When the before-named reduction of price is completed, the cost of the entire set will be as under :- In sheets, contained in a handsome portfolio ... f. 10 Mounted on cloth, singly, pocket size . . . . . . . £1.7 Ditto in 9 book-cases, for Library. . . . . . . . . . . . #21 The undermentioned are in frequent requisition for the Halls and Libraries of the Nobility and Gentry resident in the Suburbs of London, to the extent of 70 miles East or West, and 30 miles North and South of it.— Price £2:12: 6 each, Mounted on Strainer, with imitation Oak Frames, Highly Varnished. - No. 1. comprehends— LONDON AND ITS ENVIRONS, extending about 36 miles East, 36 West, 20 North, and 30 South; embracing the whole of SURREY and MIDDLESEX; the Greater part of KENT, ESSEX, and BUCKINGHAMSHIRE; Portions -- of HERTFORDSHIRE, BERKSHIRE, HAMPSHIRE, and OXFORD- SHIRE.-See sheets 1, 6, 7, and 8, in the Index Map. - No. 2. KENT AND ESSEX, including their connexion with and the Eastern Moiety of LONDON; embracing, also, Portions of Hertfordshire, Middlesex, Surrey, and Sussex.-See sheets 1, 2, 3, 6, in the Index Map. No. 3. SURREY, HAMPSHIRE, BERKSHIRE, AND MIDDLESEX, including their connexion with and the Western Moiety of London. Embracing also, a great Part of Buckinghamshire and Oxfordshire; with Portions of Hertfordshire, Sussex, and Wiltshire.—See sheets 7, 8, 12, 13, in the Index Map. No. 4. HERTFORDSHIRE AND MIDDLESEX, including London and its Environs. The Greater Part of Essex, Buckinghamshire, and Bedfordshire; with Por- tions of Berkshire, Surrey, Kent, Cambridgeshire, Suffolk, and Oxfordshire.— See sheets 1, 7, 46, 47, in the Index Map. No. 5. ESSEX, including its connexion with, and the Eastern Moiety of London. A Great Part of Suffolk and Hertfordshire; with Portions of Cambridge, Middlesex, and Kent.-See sheets 1, 2, 47, 48, in the Index Map. No. 6. HERTFORDSHIRE, BUCKINGHAMSHIRE, OXFORDSHIRE, BERKSHIRE AND MIDDLESEX, with the Eastern Moiety of London. Embracing a Large Part of Bedfordshire; with Portions of Surrey, Cambridgeshire, Northamptonshire, and Warwickshire.—See sheets 7, 13, 45, 46 in the Index Map. - LETTS, SON & STEER, 8, ROYAL EXCHANGE. THE ORDNANCE MAP OF ENGLAND & WALES. THE PROPosBD REDUCTION of PRICE IN THE ORDNANCE MAPs. One Inch Scale, when completed, will enable the Publishers to supply ANY COUNTY and its immediate vicinity, contained in 4 sheets, and measuring 5% to 63 feet wide by 4 to 4; feet deep, at the uniform rate of ONE GUINEA, mounted on Canvas and Rollers highly Warnished; or TWO GUINEAS, mounted on strong wooden Strainer and Cloth, with Imitation ornamental Oak Frame, highly Warnished, and forming A HANDSOME PIECE OF FURNITURE FOR THE HALL OR LIBRARY. tº OFFICIAL INDEXES will be sent per Post without charge. SIX INGH SCALE has commenced with Lancashire and will proceed Northwards until, further notice, the sheets completed being Nos. 14, 18, 20, 23, 24, 26, 29, 33, 36, 37, 38, 41, 42, 48, 49, 50, 57, 58, 67, 74, 82, 110, 112, at 2s. 6d. each; and 19, 25, 39, 31, 32, 34, 35, 39, 40, 43, 44, 45, 46, 47, 51, 52, 53, 54, 55, 56, 59, 62, 63, 64, 68, 75, 76, 83, 84, 96, 97, 103, 105, at 5s. each. IFIVE IFEET SCALE of Large Towns is in progress, so far as Lancashire is concerned, and will follow the course of the 6 inch survey. Blackburn is promised early. THE ORDNANCE MAP OF SCOTLAND.— SIX INCH SCALE is in progress; part of the County of Wigton, one sheet being ready at 2s. 6d., containing Glenapple, and one at 5s., containing Newton Stewart. THE ORDNANCE MAP OF IRELAND is published upon a scale of SIX INCHES PER MILE, upon 1,156 Large Sheets, at 5s. ; and 639 at 2s. 6d. INDEXES TO EACH County are also published on 1 Large Sheet, 2s. 6d. each. AN ENLARGED INDEx MAP of IRELAND, on 6 Sheets, at £2 : 10, Roller Warnished. [3" . Orders Received with a Remittance by Post (for any Map exceeding the value of £1.) will be delivered free of expense or intimation immediately given in case of any Local impediment. TRAVELLING MAPS AND GUIDE BOOKS. All the best Travelling Maps, marked with the Distances, by League, Post, or Mile, are kept in readiness, in neat Pocket or Carriage Cases. ALL THE MOST APPROVED GUIDES, PASSPORT CASEs, AND THE LIKE. GUIDES, &c.— London, from 6d. to 5s. each and upwards Environs of London, 6d. to 7s.6d. Counties in England, 2s., 2s. 6d., 4s. Watering Places and Principal Towns, 6d., 2s.6d, 15s. The Lakes, 1s., 3s., 4s., 5s. The Isle of Wight, 2s., 5s., 6s., 10s.6d. Southampton, 1s., 2s., 3s., 5s. The Channel Islands, 2s., 2s.6d., 3s.6d., 5s. The Railways of England, 1s. England, 2s.6d.,9s., 9s.6d., 10s.6d. Wales, 2s., 2s.6d., 8s. Scotland, 2s. 6d., 3s.6d., 4s., 8s. Edinburgh, 2s., 5s., 8s.6d., 9s. Ireland, 2s., 10s.6d., 12s., 14s. France, 10s.6d. and 12s. Paris, 2s.6d., 5s., 6s., 7s.6d., 9s. Boulogne, 6d. and 8s. France and Italy, 17s. The Rhine, 2s., 5s., 5s.6d., 9s., 12s., 12s.6d. Belgium, 9s., 12s., 14s. Brussels, 8s. Germany, 12s. and 22s. Switzerland, 3s.6d, 10s., 15s. Mont Blanc, 4s., 5s.6d., 9s.6d, 10s., 10s.6d. Italy, 12s., 15s., 17s. Spain, 7s. and 16s. Pyrenees, 18s. Scandinavia, 14s. St. Petersburg, 8s. Moscow, 8s. Europe, : and 22s. Egypt, 15s. ...” India, is 6d. and 14s. * Australia, 2s. and 3s. Emigrant's Guides, 1s. and 2s.6d. British Gazetteers, 3s.6d. General Gazetteers, 6s. and 16s. Interpreters and Dictionaries in various Languages, 3s.6d., 5s., 6s.6d., 88. Geography, 2s. and 3s.6d. Geology, 6s.6d. and 125. Astronomy, 38. LETTS, SON & STEER, 8, ROYAL EXCHANGE. ATLASES.— BRITISH.— Hall’s, 12s. to 21s. Walker's, 63s. Reynolds', 5s. and 5s. 6d. SCOTTISH.— Black's, 16s. GENERAL.- Arrowsmith's, 67 Maps, £17 17s. Ditto, 51 Maps, £13 13s. Ditto, a selection of 21, £66s. Johnstone's National, 45 Maps, £88s. Modern, 34 Maps, 10s.6d. Findlay's, 30 , 12s. Dower, 12s. Betts's, 16 Maps, 16s. GENERAL, continued— Society’s, 21 , 23s. Ditto, 54 , 56s. Wyld's, 51 x, Ditto, 31 2, #6 6s. Ditto, 51 x £11 11s. Mudie's, 56 , with Topographi- cal Description, 63s. Black's, 21 Maps, 10s.6d. Ditto, 60 , 56s. For Schools.- Ancient and Modern Side by Side. The Eton, 16s. Butler's, 18s. AMERICAN, Society's, 19 Maps, 16s. Ditto, 64 , 63s. Cruchley's, 31 Maps, 16s. Ostell's, 27 Maps, 18s. INDIAN, Society's, 20 , 16s. SCRIPTURE, 13 2, 9S. CHARTS.—Those of the Admiralty, Allen, Arrowsmith, Laurie, Norie, Walker, &c. have each their several merits, dependant on the district the Publishers have connexion with, the character of the Surveyor, &c. GLOBES from 2 to 20 Guineas the pair are always in readiness for immediate sale. For some qualities the advertisers have been in the habit of recommending Cary’s, but Newton’s have lately been greatly improved and are decidedly cheaper. The Sosiety for the Diffusion of Useful Kaowledge has produced some good ones. Smith's 10 inch are very good. Wyld’s are not without merit, &c. READING EASELS. To screw on to a Chair, Couch, &c. and so facilitate Reading in an easy Posture, 20s. ; 30s.; 35s, each. * PRINTING TN TYPE, COPPER-PLATE, AND LTTETOGRAPHY, The Publishers having some of the best Workmen and Machinery in the City of London, beg respectfully to inform their subscribers, that as their New Premises in Queen Street, Cheapside, afford them ample space, they are now ready (which they have hitherto declined) to compete in the above Branches for the supply of PUBLIC COMPANIES, As RAILwAYS AND INSURANCE OFFICES, BANKS, CLUBS, &c., either by Original Tender, or in the event of dissatisfaction with the conduct of existing Contractors, by adoption of their Prices, or by an agreed discount thereon, according to circumstances. At the instigation of one of the leading Railway Companies, the Publishers have turned their attention to and succeeded in inventing a method of printing Tabular Forms with ruling and heading, so that when filled up with copying ink, the entire, both Printing and Writing, is capable of transfer by the ordinary Copying Machine. Thus (without the trouble of writing copies) a perfect duplicate is preserved of all Time Bills, Weigh Bills, Invoices, Price Currents, &c. This appears to be a desideratum equally valuable to Merchants, Brokers, &c. as to Railway and other Companies. - 1848. LETTS, SON, & STEER, 8, Royal Exchange, LONDON. \ miſſili ſ （~~~~*~*~~~~º:№ºr）” ºr ~~~~;~~*~*~*~~~~ºººººººººººººººººººººr"ººººººººººººº！ • ..."* _ºffſ| *-•|- （ ） ;A . "’’’. . . . . . ！， ！-|- • ºrº ſº ººr +, **** • • • gº º ; ！ …….``s…….…….….….: • --º-º：º.º ： ·• ·： ：→！ ！~~ ~~~~ ~ ~~~~）; ∞ → . ：: