—s

deen:

TRUE LIBERTY, WHEN FREEBORN MEN—HAVING TO ADVISE THE PUBLIC, MAY SPEAK FREE-—Evrrrrrs. ge

’ —_—ee ae = | | ,

CHARLOTTETOWN, P. E. ISLAND, SATURDAY, OCTOBER 9, 1847.

SEVELER TBAT APU EAR. firm having been to an enormous extent. From the

ii nature of the dealings of the firm with Spain, the house

Vo. 1.]

[No. 10.

STATE CF THE MARKETS. The last few weeks have been marked with a series

SATURDAY, OCTOBER 9, 1847. having been originally a Spanish house, there can be

aa no doubt that the effects will be felt there as well as in Cuba, whence large shipments of sugar came annually into their hands, ‘he failure of another bank director so recently after the disqualification of Mr. Robinson, has revived angry animadversions against the establish- ment of the Bank of England. Mr. A. L. Gower being at present out of office by rotation, no change of officers will be rendered necessary. The public had scarcely recovered from these shocks, when it further transpired that Messrs. Sanderson & Co., bill-brokers, which house stood second in the metropolis in their branch of busi- ness, had suspended payment. ‘They were known to be heavy sufferers by Lesley Alexander & Co., and Gower Nephews, and a severe run having been made upon them for money of their depositors held at call, they were compelled to make a stoppage. It is-quite impossible to estimate the extent of their liabilities, as the amount of their en

een ————- — - ane

LATER

FROM EUROPE—ARRIVAL OF THE ENGLISH MAIL.

We received from Pictou on Sunday last, per “ Con- queror,” the English papers brought by the Steamship “ Hibernia,” in 124 days to Halifax.

The almost unparalleled failures of many of the most hitherto stable mercantile houses of England form an absorbing topic of discussion not only with the English papers, but with nearly the whole European Press. That those failures will be very sensibly felt on the American Continent, there is not the semblance of a doubt; and we therefore feel it to be our duty to devote

a considerable portion of our space to the insertion of such information as may be relied on, in reference to this great Commercial panic. From the “ European Times” of the 19th September we take the following remarks :

—————

MORE EXTENSIVE FAILURES AND GREAT COMMERCIAL EMBARRASSMENTS.

It will be seen by reference to the list of failures on another columr, that they are not confined exclusively to the corn tredée, but embrace names which for nearly a century have ranked amongst the highest in England. |

rsements on paper in circulation must be} enormous. The mischief and interruption to discounts| from this failure must extend to numerous classes in the| metropolis and in the manufacturiug and mining dis-| tricts. Whilst closing this fearful catalogue of failures, | the intelligence reaches us that Reid, Irving & Co., of

Mauritius trades, besides having considerable business. with the continent and the United States, have been| compelled to yield to the pressure, and have stopped | payment. By the death of the‘ate Mr. John Irving, M.) P. for Antrim, which happened about two years ago,| the house lost the benefit of his sagacity and experience. | His property descended to his nephew, a partner in the|

house ; but the firm, being deprived of Mr. Irving’s great

:

London, one of the oldest houses in the West India ang] mae is comparsiipany savell

The firms of Thomas Usborne & Co., and Thomas|capacity for business, has not been able to contend) Booker, Sons, & Co., in the London corn market, have |sgainst the overwhelming difficulties with which it has been long known for their high respectability and exten-| been beset. Sir Jolin Rae Reid, Bart., the present chief, sive dealings, and their failure caused considerable|was Governor of the Bank of England in 1839, and stil] alarm; but when the houses:ef D. & A. Denny & Co., holds a seat in the direction. ‘Thus né fewer than three and Gemmel] Brothers of Glasgow, were known to have |bank directors have succumbed to the times within these suspended payment, a general feeling of apprehension | few weeks.

beyond the limits of the corn trade spread far and wide.; It would be improper to exult prematurely before all

of commercial disasters almost unprecedented. The mischief has now spread from the Corn market to other branches of trade. Mercantile confidence seems com- ‘pletely unhinged; and the rumours to which such an

|

‘unfortunate stase of things gives rise, aggravate the ex-

{isting embarrassraents, by casting doubts upon the sta-

‘bility of houses never before called in question. The ‘difficulty attending the curtailing production by stop- ‘ping the mills in the mannfacturing districts seems in- ‘superabie, and at present the operatives, the manufac- ‘turers, the merchants, and the bankers, are quite per- plexed respecting the measures which should be taken 'to relieve all classes of the community. *

| ‘The state oftrade in*the manufacturing districts con- 'tinues as dull, gleomy, and unsatisfactory as ever. Ac-. ‘cording to the Jatest accounts from Manchester, the ‘trade in the cotton districts still remains in a state of langour and depression, and not only is it depressed, but we learn that the demand for the American market is

much more limited than it has been, andis chiefly, if

‘not wholly, confined to cloths of the finer descriptions,

that there is nothing deing im goods suitable for the In- dia or China markets, and that fer South America the From the hardware districts of Birroingham, Sheffield, &c., complaint is

‘made of scanty orders, and much difficulty in the way

of procuring cash. ‘That this state of things must for a

itime longer be endured cannot be denied. ‘The Man-

chester people are doing all they can to mitigate the evils arising from the depression ailuded to, by adopt- ing the short time system, anda reduction of wages. At present there is not any prospect of immediate relief, at Jeast until the money market is easier, and confidence in commercial circles restored. The reports from the | woollen districts of Yorkshire are more satisfactory ; still ‘the amount of business transacted is limited, and manu-

\facturers are obliged te*curtail the stocks which they _

‘have on hand.

| The demand for alll sorts of American Provisions is ‘not so active as what we had occasion to report in pre-

It is thought on this side that the losses of Messrs. |danger has ceased, but it cannot escape observation that Yous publications. The better descriptions of Beef

Denny will be felt severely at New York and at New Orleans. The London discount houses are great suffer- ers. The stoppage of Messrs. Gemmell Brothers was caused by the non-arriva!l of the last China mail, and its effects have already widely extended, as the connex- ions of the house were considerable with Canton, Lima, and Valparaiso. The failure of A. Roux, in Paris, also.

|

up to this period the important towns of Manchester and Liverpool have borne the brunt of the present commer- cial shock in a manner that must raise their character for capacity and solidity. Although we cannot assert

that in the manufacturing districts there is as yet any|

alleviation of the pressure so long experienced, still, as

we have now an abundant harvest, and the prices of|

would find a ready market at our quotations, but the in- fertor qualities move off slowly. Haviag but a limited supply of Bacon, both here and in London, high prices ‘are readily obtained. American Hams are not easily ‘sold, and lower prices have been taken. ‘The transac-

‘tions in Pork are very trifling. The continued failures in tse Corn market, alluded to

food will be at much more moderate rates than during elsewhere, sufficiently account for the further depres-

connected with the Pacific traae, created a great sensa-| tion, the liabilities being between £200,000 and £5300,-|the past season, all classes will be better enabled to bear sion in the prices of grain during the first week of the 000. The failures at Venice, Genoe, and in Paris in-|any difficulties which may come upon us. The intelli-|) month. On the market day of the 6th inst. prices stil] creased the general gloom. It may, therefore, be readily | gence brought by the Cambria from the United States, continued to recede, but towards the close of the week, imagined what consternation was created in London on |to the effect that the decline of prices in breadstuffs on both Wheat and Flour were in active request. This the 11th inst. when it transpired that Messrs. A. A.'this side up to the 19th ult. had net caused any incon-| improvernent was further maintained on the market day Gower Nephews & Co., of Coleman-street, had stopped | venient results, has tended somewhat to reassure con- of the 13th inst., when Wheat advanced about five shil- payment. The extensive banking and commercial rela- fidence. A reaction also in the corn market induces, lings per quarter on the quotations of the 6th inst., and tions of this house with Italy, Spain, France, South the hope that the panic has exhausted itself in that branch Flour, for which there was an immense demand, both America, India, andthe United States, cannot fail to of trade. in London and Liverpool, advanced 3s. to 4s. per barrel. produce corresponding mischievous results. The house | The top quotation for the best description of Wheat is

62s. per quarter, whilst in Liverpool the best Western

has been established nearly a century, and the founder ' ma 1) PAPT died at an advanced age, a meant aiie ago, an FURTHER FAILURES IN ZUROPE. ‘Canal Flour, which on the Ist inst. was quoted at 25s.,

Estimated liabilities,| nd barely fetched that price, now sells at from 28s, to

30s. per barrel. Indian Corn, also, has been in more

Not stated. | demand, and higher rates have been paid for it, and the

|Corn Market at this moment appears firm; but as large

L50,000 supplies are still expected from abroad, and our own

Not stated. harvest is admitted at all hands to be an abundant one,

L80,000| it is very doubtful whether further fluctuations will not

Not stated. take place before prices reach their naturai levei. Con-

siderable purchases have been made in our markets for

L400,000| Belgium and Holland, in consequence of the diseased

120,000 | appearance of the potato crops in those countries; and

Not stated | these purchases have tended to strengthen our markets.

The state of commercial affairs, and of the Corn trade

, ° L200,000 | especially, renders it a matter of great difficulty to form

Nephews, & Co., general ‘a correct judgment of the future course of prices. At

1,300,000) Mark Lane, both on the 15th and on the 17th, prices

‘were a little higher. There was a limited supply of

100,000} Wheat, and the stocks of the houses which have failed

\being withheld from the market, tended to produce a

30,000 firmer tendency. The tenor of the advices from the

| United States, by which it is ascertained that no great

45,000| supplies can come forward from that quarter, has con-

1,500,000 | tributed to create a better feeling in the Corn trade at 200,000! the present moment.

30,000) THE BANK OF ENGLAND.

1,500,000) A meeting of the Court Proprietors of the Bank of 200,000| England, was held on the 16th September, when the Governor rade a favourable statement of the affairs of Not stated. the corporation, and declared a dividend of 44 per cent.,

about 400,000/. His nephews have since carried on the business. Mr. Abel Lewis Gower, the present chief, Alison, Cumberledge & Co., London & Val- has been a Director of the Bank of England for many| paraiso, f : years, and has elso taken an active part in the Company | Booker, Thomas, Sons, & Co., corn factors of Royal Copper Miners, but his connection with this| in London, ; ;

latter body is said to have lately ceased. The liabili-| Burnell & Co., coal agents in London

ties of the house upon acceptances alone are said to|Custo, A. & A., Genoa, general merchants amount to £600,000, and their other engagements, we| Dennison & Co., Limerick

should think, cannot fail to bring the total amount to| Denny, D. & A., Glasgow, corn and provi- nearly a million sterling. The house of Alison,Cum-| sion merchants : i berledge, & Co., of London and Valparaiso, of which) Eude, Bourdel, of Honfleur, banker,

firm one of the Gower family is a partner, was immedi-|Excels & Co., Venice, corn merchants atley compelled to stop payment. It would be improper/Gemmell Brothers, East India merchants, at this moment to animadve-t upon any act of the part-| Glasgow, ners in Messrs. Gower’s firm which may have accelerated |Gower, A. A., its ruin, but itis plainly stated that losseson railway! merchants . i

shares have contributed to their insolvency, whilst the Hastie & Hutchinson, corn-factors in Mark- failure of Gemmell Brothers, of Glasgow, and the turn _ lane, AR ‘ which political affairs have taken in Spain, with which Oczle & Co., of Venice, steam-mill proprie- country Messrs. Gower were deeply compromised, have, | _ tors, ‘ ‘ no doubt, been the immediate causes of the catastrophe. |Pertson, Matthew, Glasgow, general mer- _ There have been scarcely any Joans raised in England} chants ; :

on behalf ofthe party of Dom Miguel, of Portugal, or of| Reid, Irving, & Co. . 48 Don Carlos, of Spain, but that Messrs. Gowers have Roux, A., of Paris, V alparaiso, and Lima been actively concerned in them. Indeed, proceedings | Sanders, Wetherell, & Co., of Stockton-on in Chancery respecting large funds raised for Dom Mi-} Tees a ,

guel have been frequently before the public, and are Sanderson & Co., bill brokers, London, ‘ still undisposed of. The Carlos ministers in Spain have| Usborne, Thomas, & Co., corn factors in been supposed to have availed themselves of Messrs. London ta i ‘ ’ Gowers’ agency frequently during the last twenty years,) W estlake & Co., the largest corn house in to speculate in Spanish stock, the transactions of the

Southampton, ; .