The New York Herald Newspaper, November 23, 1857, Page 1

WHOLE NO. 7753. IMPORTANT FROM EURORE, Arrival of the Atlantic with Four Days Later News. THE FINANCIAL REVOLSION. Increase of the Rate of Interest to Ten per Cent. VERY EXTENSIVE COMMERCIAL FAILURES, Suspension of the Western Bank of Scot- land and Dennistoun, Wood & Co.. ANOTHER LARGE DECLINE IN COTTON. IMPORTANT FROM INDIA. Capture of the King of Delhi and his Wife. EXECUTION OF HIS SONS. LUCKNOW RELIEVED BY GEN, HAVELOCK. GENERALS NICHOLSON AND NEIL KILLED, NEW CABINET OF BELGIUM. BREADSTUFFS DULL AND DECLINING. IMPROVEMENT IN CONSOLS, ‘The Collins steamship Atlantic, Captain Eldridge, which Jeft Liverpool at 4 o'clock evening of Wednesday, 11th tast., arrived at this port at 7 o'clock last evening. ‘The A. pasted Cape Race on Wednesday, the 18th inst. ‘The weather being stormy and thick, Captain Eldridge did not see the Associated Press yacht, but threw the news overboard, attached to a barrel with a flag on the top. The A. arrived at the Hook at 4 P. M. yesterday. ‘The Atlantic has brought on freight $127,929. ‘The news fs of the highest importance in a commercial point of view—the most important we have received for game time from the other side of the Atlantic. A singular dispute has just arisen between the free city of Frankfort and the United States of America. The police of the former city bas interdicted the residence there of ‘an old political refugee, of the name of Froebel, who has since become an American citizen. M. Froebel played a certain part in the events of 1848, In consequence of this ‘Wwterdiction he bas applied to M. Reicker, the American Consul, who has threatened to break off his relations with the Senate of Frankfort if it persists in maintaining the order of expulsion of a citizen of the United States. A note in the Paris Pays of November 7, says:— ‘We are informed from Londou that the government of the Celestial Empire officially declared war against Eng- land on the 12th of Septeraber. By the terms of a convention concluded at Montevideo on the 28d of June last, between the Charges d’ Affaires of France and England on the one hand, and the government of Uruguay on the other, for the settlement of French and English claims for damages caused by the war, a mixed commission is to assemble shortly at Montevideo to take those claims into consideration, A delay of three months is allowed to persons residing in the country, and of four months for those out of it, to send in their claims, after which period none will be received. The details of the vote by which the Swedish Dict re jected the royal proposition relative to religious liberty, are published. The Order of Knights or of the nobles re- jected the measure by a majority of 187 to 78. The Order of the Clorgy rose in a body against it without having re- course to any vote. The Order of the Bourgeois had thirty-four for, and eleven against the proposition; and the peasants seventy nine against and twenty one for it. The inauguration of Sir R. W. Carden as Lord Mayor of London took place on the Othof November, aod as usual the occasion was marked by a grand banquet at Guildhall, at whch Lord! almerston and all the leading members of the Cabinet were present. The Premier, in returning thanks for the toast to Her Majesty's Ministers, spoke tn eulogistic terms of the gallantry of the British army in India and the success which was crowning their efforts. He also warmly defended the conduct of Lord Canning, the Governor General, and stated that there were now a8 many men in arms in England as there were before the toutiny broke out, notwithstanding the great shipment of {troops to the East. The English Ministers were all assembled in London, and the first of a serics of Cabinet meetings to determine epon the course of government at the ensuing session of Parkament, was held, A weekly communication is to be established with India, the English government having agreed with the Peninsula and Oriental Steamship Company as to the details, A Russian war steamer has been Jost in the Caspian Sea. The captain, three lieutenants and eighteen men wore Growned. ‘There is no truth in the report circulated that Signor Tablache has had an attack of apoplexy. The great artiste is vow residing on bis estate near Naples, and ie in much betterwhealth than he bas enjoyed for some time past. The steamship Asia arrived at Liverpool at 6.90 on tho morning of the 9th inst. The screw steamer Antelope was appointed to leave Liverpool for Portland, direct, on Thursday the 12th inst. The steamer Kangaroo arrived at Liverpool at 9 o'clock @@ the morning of the 11th instant. The English in Complete Possession of Deihi— Surrender of the King—Death of Generals Nicholson and Netl—_Reltef of Lucknow by Havelock—Pursuit of the Sepoys—Revolt in the Bombay Presidency. The following telegraphic despatch was received on morning of the 11th instant, at the Foreign Office, Lou- ton = Auexanparta, Nov. 5, 1857. + The eteamship Hindostan arrived at Suez from Calcutta on the 6th inst., with Calcutta dates of 9th, Madras 14th, “and Galle 18th of October. The steamship Emeu arrived at Sucz from Australia on the 3d inst., having been on shore noar Aden. Delhi, which fel! into onr hands on the 20th September, was entirely occupied on the Zist, and the whole of the enemy expelled. ‘th the assault of the 14th 61 officers and 1,178 men, be- tng one third of the storming force, killed and wounded. General Nicholson had died of his wounds on the 2tst. ‘The old King, said to be 90 years of age, surrendered to Capt. Hodgeon and bis cavalry, about 15 miles south of Delhi. He was accompanied by his chief wife. Their trees were spared, Two of his sons and a grandson, alao captured by Capt. Hodgson, about five miles from Delhi were shot on the spot, and their bodies brought to the city and exposed at the police office. Two moveable columns were deapatched from Delhi on the 294, in pursuit of the enemy. By accounts from Agr \ one column appears to have reached the neighborhood of Allyghanr, and the other that of Muttra, on the 28th of Sep: ‘ember, General Havelock, with 2,500 mon, crossed the Gangos from Cawnpore, onthe 19th of September and relieved Ineknow garrison on the 26th, just as it was ready © be blown up by the besiegers. On the 26th the asemy's intrenchmenta were stormed, and on the 29th ® large part of the city was taken. Four hundred and Mity killed and wounded, General Neil waa killed. There haa been a sheht riaing of tho rebels near Nas- ack in the Bombay Presidency, in the suppression of whieb Lieut. Henry, of the police, was killed. The Madras troops defeated the mutineers of the 624, near Kemploo, and killed 160, A native of Ricor and « sepoy having been convicted of treason, were blown away from the guns at Bombay on the Lith October. ] Predatory tribes in the Punjab, between Moultan and \ Lahore, had given some trouble lately, but the disturb- ance appears t0 have been Suppressed, . MORNING EDITION—MONDAY, NOVEMB DESPATCH TO THE INDIA HOUSE. ALEXANDRIA, Nov. 5, 1857. Delhi was entirely in our posseesion on the 20th of Sep- tember. The King and Queen captured on the 21st by Lieut. Hobson. Twe of the King’s sons were killed The mutiheers have gone towards Rholcund and Muttra, aud some to Oude, being followed by our troops. Mr. Greathed, Commissioner of Delhi, died on tho 1ath of September of cholera, and Gen. Nicholson on the 23d, of wounds received in the assauit. Lucknow relieved September 26. Our logs was severe—about five hundred killed and wounded, General Neil was among the killed. ‘The relief was just in time, the enemy having advanced thatr mines, which would have placed the garrison at thetr mercy. ‘The Maliva country is in a destitute state. Bhopawur has been burnt. Forces are moving towards Mhow. All is quiet in Scinde, but the state of the frontier is not satisfactory. * General Jacobs proceeds immodiately to Scinde, ‘There has been an outbreak of Cheeles and a plot dis- covered in Bombay. ‘The Deecan and Southern Mahratta States are all quiet, as also the Nizams country and Madras Presidency, BY TELEGBAPH FROM LONDON. Laverpoot, Nov. 11—P. M. Government has received telegraphic adyices a fort- night later from India. It is confirmed that Delhi was entirely occupied by the Europeans on the 21st of September. ‘The old King of Delhi surrendered, with his chief wife, and their lives were spared. His two sons and a _grand- son were shot. ‘The garrison at Lucknow was relieved, and a large part of the city taken. THE MONEY CRISIS. Another Advance In the Rate of Interest— Extensive Failures in London, Liverpool and Glasgow—The Crisis on the Continent. THE LONDON MONEY MARKET. (From the London Times, Nov. 10.) ‘The Bank of England have to-day (Monday) raised their charge for discount from 9 per cent—which was adopled on the 4th inst.—to 10 per cent. This movement was considered certain, and regret may be felt that the last change was limited to a lower point. ‘Whether it will prove sufficient to check the determina tion of each discounter to provide himself with two or three times as much as he wants, is doubtful. While a cry is attempted to be raised that the rate now reached is such as tocreate intolerable inconvenience, the demand a: the Bank shows each day that, so far from creating incon venience to the trader in providing for his ordinary re- quirements, it does not even produce sufticient effect to prevent him grasping at an unnecessary amount. The fact is, no one with sufficient credit to obtain discount at all cares in the least about an additional 5 per cent for a month or two. For a single month the ditter ence is 8@. 4d., and every one feels that before the lapse of that time the worst of the trial will be over. In rigid justice, so long a8 any number of the mercantile body are found to play into the hands of the panic makers it would be satiafactory to see the ratocarried to 20 or 25 per cent, or any point that would at last be ro. garded as an outlay not safely to be incurred in unreasoning seifishness, Thu far let it be recorded that the working of our currency system has been perfect, and has upheld us in @ position to command the admiration of the world. Under no circumstances could any currency system be open to any other than two objections—first, that it has led toa rate of interest which no ordinary merchant could even temporarily bear; and, secondly, that it not only has led toa crushing rate of interest, but that it has caused the necessary accommodation to be refused even at that rate. Will any one venture to say that 10 per cent is a ruinous rate? In common times in the United States this about the average charge, and it now ranges there between 24 and 60 per cent. Our own idea of a full rate is 5 per cent; but ign the lowest profits of our business must be 5 per cent, and hence temporary sacrifice of profits must be the worst that can occur from the payment of 10 per cent. The efforts, therefore, to create fright by pointing to this charge would be ridiculous if they were not dangerous; but a single lu- natic in a crowd of ten thousand sane people may throw everything into confusion. With regard to the seeond point—the refusal of accommodation at any terms—is any one prepared with this complaint? So far from accomnmo- dation having been refused, it has been extended. The discounts of the bank during the past three weeks have been Sar beyond their usual limits, and the notes in the hands of the public consequently exceed by a mullion or two the total in use a year back, when prices of produce were about 30 per cent higher and our transactions were being enlarged in all di rections. The only two charges, therefore, that could ever be available against any possible currency system are not to be heard, and the whole that the clamorers against the Bank Charter act can allege is, that at a time when all the Civilized nations of the earth are frantically struggling for bullion it has enabled the British public, instead of sulfer- ing from a contraction, to enjoy the use of more than a million in excess of the highest amount they ever really want, even when trade, instead of undergoing, as at this d contraction, ie steadily expanding. If act—which every man with a sense of national pride should strenuously upbo)—ix to be threat ened, let it be clearly explained in what point it has failed. That it may fail to keep off panic when in the midst of a storm, there is a determination on the part of a multitude of theorists disappointed by the recent ex- posure in Parliament of their silly cradiiies to produce it, every one knows; and a time might come when, asa fitting infliction for their dupes, it would be. gratifying, excopt for the public di of such an event, lo see their wishes granted. If in the midst of a rush for extra and unneeded accommodation at the rate of 12 or 15 per cent a government letter could have the effect of stopping the mapia and sending the rate back to 7, the lesson would, perhape, operate on those who had overprovided them selves at the enhanced price with more force than any argument, he funds to-day have again shown a dogroe of steadi ness that indicates in a remarkable manner Lotonly the general feeling of confidence which, notwithstanding the severity of the erisix, still pre’ throughout the coun. try, butaleo the abundance of capital available for all sound investments. The intimation of the failure of Mesers. Denuistoun exercised no other effect than that of causing consols to open at a decline of an eighth, and the movement of the bank to 10 per cent produced only a further fail of a quarter, from which there was ultimately a reaction, The ‘Srst trans actions in consols for money were at 88% to 7% then remained for some time at 88% to %, wh breaking up of the Rank Court there was a d 10 88% , being offered at that price. A partial r ry soon occurred, and the last operations were at 884 for money, and &@ to 44 for the 7th of December. After regular hours there was a further improvement of more than an eighth, although the failure of the Western Bank of Seot- land then transpired. Bank stock closed at 209 to 211; re- duced, ST to, new three per cents, 87% to %; India stock 210 to 213; India bonds, 608. to 40s, discount; and Exchequer bills 28. to 17a. discount. The further tele graphic advices from America received in the city this af- termeom produced a good effect. The exportation of silver to the Rast seems to have re. ceived a complete check. At present scarcely anything is engaged to go by the next steamer, except the £260,000 on account of the East India Company. {From the London Times, Nov. 11. The quotation of gold at Paris is about 7 per mille pro- mium, and the shOrt exchange on London is 26.32 per £1 sterling. On bog “Thr these rates with the English Mint price of £3 178, 104d. per ounce for standard gold, it appears that gold is about 1 uth per cent dearer in Paris than in London. By advices from Hamburg the price of gold is 424 per mark, and the short exchange on London is 13.45% per £1 sterling. Standard gold at the Euglieh Mint price is there fore nearly 1-10th per cent dearer in London than in Hamburg. ‘The quotation of the exchange at New York on London for bills at 60 days’ sight is about 106 per cent for first clase paper, but prices much below that are named for othardescriptions. The rise in the rate of discount here to 10*per cent will, however, prevent any profiton the transmission of gold from this country if a comparison is made with the above price of 106 per cent. The funds bave shown absolute buoyancy to-day, (Tues. day, Nov. 10,) and have closed at a further considerable advance. In mercantile quarters, also, there has perhaps been rather leas uneasiness, and the tendency to a partial recovery of confidence would have been stronger but for A manifestation of banking distrust at Glasgow, in conse- quence of the closing yesterday of the Western Bank of Scotland. The attempis to create alarm at the high rate of discount, in order to obtain an unlimited issue of notes, seem to have diminished, respectable traders being un willing to avow either that they are so destitute of capi tal ax to be seriously imperiled by the existing charges or that their object is to induce the government to croate An artificial rebound in the prices of produce at the cost of the consumer. Consols for money, which left off yestor- day at 8845, were first quoted 88% to $8%. Most of the brokers being buyers of atuck on behalf of the pablic, a further advance then took place to 80% is was followed by a reaction to 88% to %, at which they re mained to the official close, bat almost immediately afterwards transactions occurred at 88% to 89 for money, and 893% to 3 for the 7th of December. At a later hour there was another sudden advance, and bargains wero effected for the ac %. The Sal price, however, was 80% to %. The temporary relapse from the first rise in the morning was consequent upon a demand for gold for transmission to banks ut Glasgow, while to explain the ultimate animation a variety of rumors wero circulated, among which was one that a decroe had been issued ia Paris for an immediate tnorei of the circulation by means of small notes, and another That the expected Indian despatches bad arrived, and were of avery favora ble character. One solution consisted in the statement that some amounts of stock qill have to be bought back for a speculator who has been selling heavily, and who will be unable tomorrow to meet his differences, Tt was settling day and in the stock exchange during the arrangement of the acconnt the rate for loans on gorern ment securities was about 9 per cent, but ata later hour the demand increased. Bank stock left off at 209 to 211; Reduced, 87% to 88%; new Three-per- Cents, 88 to \! Thdia stock, 210 to 213; India bonds, 508. to 408. discount; and Exchequer billy, 24, to 178. discount There were no gold withdrawals from the hank to-day for exportation, but sovereigus to the amount of £300,000 or £400,000 were taken for transmission to Scotland, the fall of the Western Bank having caused a run upon somo of the other principal banks at Glasgow and elsewhere, in- cluding even the savings banks. It is rey ted Mins among the leading merchants in the north ‘he annonnoemen of the event yesterday created neither surprise nor agi- tation, The temporary incenvenience among depositors and note holders must, however, be extensive and severe, while the shareholders, about one thousand three hundred ip pumber, many of whom are women and persons of small incomes, out of trade, will, it may be feared, in se- veral cases 61 almost complete ruin. The fixed issue allowed to the bonk under the act of 1844 was £337,838, and the extinction of this, estimating a reserve of oae- third in goid to have been kept against it, will be equiva- Jent to a contraction of "£225.403 in the circulation of the country—an event as undesirable at the moment as tha loss of ¢0 much builion, A circular was addressed yesterday by’ the manager of the Western Bank of Scotland to the vari agents of that establishment, notifying its stoppage and ex circumstances which had led to the disaster. f ted that for some Jans past, under the late anager a system of overtrading bas been carried on through the facilities striae by the system = cig Reckless credits were given. to customers in Glasgow, and a correspondent in New York was allowed to make ahuances on securities and to draw bills on the bank. Lately, on an investigation being instituted into some of the largest ad- vance accounts, it was found that the houses to which they had been made were utterly insolvent, and that a large loss to the bank was inevitable, The debtors went into bankruptey, the American ic came on at the same time, deposits Ren to be withdrawn, and, finally, when the Rour of pressure arrived the usual roguit was witness- ed, and the firms in London who had hitherto promoted the financial system of the concern suddenly found it expedient to discontinue the re-discounts on which it bad relied. Application for assistance was then made to the Bank of Scotland. The Bank of Scot- land consulted the other Edinburg banks and the Union Bank of Scotland, who declined granting any aid until an appeal had been mae two the Bank of England. The Bank of England, of course, refused to interfere. The Scotch banks then offered £500,000, but on condition that a wind ing up should tkke place. This was peremptority resisted, and the £500,000 was ultimately g*anted without condi- tion. During the delay, however, many of the customers of the bank had begun to withdraw their deposits, and an application for further assistance was soon found necessa- ry. This met with a decided negative, and the stoppage accordingly took place. The directors'do not give up all hope of the possibility of a resumption, and a general meeting is to be held in Glasgow at an early day. Mean- while arrangements are w be attempted for the retire- ment of the note circulation, and if possible, of small de- posits. Foreign stocks have been moderately dealt in, the only alteration of importance being a recovery of aboutune- half per cent in Turkish. Speculative transactions con- tinue limited, In the foreign exchanges this afternoon a considerable rise took place in the rates upon all the principal places, Tn most instances the quotations showed a wide range, in- Serior paper being regarded with great distrust , owing to the serious difficulties occasioned in all parts of the continent by the Amvrican crisis ‘The private letters from New York by the Asia are all of a better tone than the newspaper accounts. Owing to the influx of specie the banks were believed to conten plate resumption at a very early date. Annexed is an extract of a letter from one of the soundest and least san. guine merchants in the country :— The specie now on the way will not make mach, a sterling {s very scarce, and no good. bilia can be. had wi 105 to 106, and T expect next week they will be LK Sp is worth only about 3s per cent premium. I am happy t with the exception of the dry goods interest, there us a bette feeling in ail branches of trade. The wholesale grocers are doing more business, and the banks discount more freely, but, as 4 matter of course, are very careful what paper th» take. IF nothing very bad comes from Kngland I think 't worst is over. Should we receive within the next month half # million sterling in gold from Europe we shali have (o ship it back again in January. Ata meeting of the managers of the London joint stock banks this afternoon it was resolved with one exception, not to increase the rate of allowance for deposits beyond the existing pointof 8 percent. The Commercial Bank will grant 9 per cent on the deposits at present in its hands, but will not allow more than 8 upon any that ma be brought in future. The London and County will Ee only $, but will offer itk customers yond may ave expected it always to foliow within 1 per cent of the Bauk rate of discount) the option of receiving back at once all they have already lodged. Messrs. Over end, Gurney & Co, and other leading discount houses, will limit their rates for money at 8 per cent at call and 84, per ceat with seven days’ notice. ‘The raitway market has been depressed, especially at the close, owing to large bona fide sales on account of the failures in the North and the position of the Scotch banks. During the present pressure dealers are disposed to limit their transactions, and hence any forced realization, how ever small, occasions a reduction. In Ainecrican securities Dlinois Centra! and Pennsylvania Central receded. Canala Government bonds were also quoted at a reduction of Lis. Tu mines the late advance in Alfred consols was not fully mamtained. Joint stock banks were quiet. In miscella neous securities English and Australian Copper, Crystal Valace, and National Iscount declined, and London Gene- ral Omnibus showed greater firmness. QUOTATIONS FOR AMERICAN RATLWAYe. Railways. Closing Prices | Business Don Litnow Central 6's, 1875... Ww Do. 7 per cent, 1876. 70 73 3 Do. do. f. 1. 1860... to 80 Do, $100 she. , $40 pet. l6to 12 dis. | 14 1b dis, Michigan Central 8's, 1860..| 76 to 80 Do, 1869, Tb 0 . Ww 100 Do. $100 shares, dbo 55 Mich. 8. & N. Ind., Sito 62 Do. $100 shares. . Sto 2 N. York Central 6's, 1883..| 76 to 80 Do. 7's, 1864. 86 to 90 Do. $100 shares. ..| to 74 ch Y. & Erie 3d mt. 7's, '83.| 58 to 62 Do. (#1. fu ), 2 50 Do. $100 shar 18 4 . {From the London Chronicle, Nov. 11.) Fach day now tells with increasmg force what the real meaning and effects of an unprecedented rate of discount js doing for the commercial interests of this country. Sales of produce are no longer possible except at ruinously ow prices, sugar for instance being down in price from 20s to 24s. per cwt,, or £20 per ton, Saltpetre, rice, motals, and other articles but coffee, are also mercantile interests of the country cannot fail to ve that we are, as we have long been, fighting in their defence against the evils of the present bank charter, and that within the last week or two, ourselves aud the champion in the London press oi that charter, have brought forward almost every argument for and against which bears upon the suoject. The bour of trial, how ever, is at hand; there is an increasing pressure against which the bank charter is utterly powerless w save the country Our cotemporary to day writes:—<‘Will any one venture to say that 10 per cent (discount) is @ ruinous rater” We answer both yes and no. It i# not ruinous in itself as a mere matter of so moch per cent for the use of gnoney—certainly not—but it is ruinove by reason of the effects it profuces. It i a fact that the bank ts throwing out bills from each batch pre. sented for discount, on the plea, it will be said, that there is suspicion attached to them. In some cases thie may be so, but not in all. Tt is a fact that the present rate of 10 per cent fixed by the Bank of England shuts out a large number of persons from discount altogether. It is a fact that this high rate for money has so complicated business by increasing the diffieuities of obtaining assistance, that luce has gone din fearfully in price, the fall in sugar yesterday and to-day being from 6s. to We. per cut, and it is morally certain that shortly some produce will be uugaleable at any reasonable figure, indeed, it is s0 already in the case of sugar. It is a fact that the pre sent restrictions are down mercantile houses and i-ft; houses sound to-day are rotten to-morrow, be- cause v1 the non-payment of debts due to them. ft is a further fact, that all this commotion, and the rise in the rate of discount, is aimply because the bank is losing gold and is trying to stop the @rain. It js not with the view « arresting speculation, which, if allowed to extend, would create commercial difficulties. Its effects, however,’ are to paralyse trade force tus @ commercial crisis, which is now . Our contemporary further ob serves—"A temporary sacrifice of profits must be the worst that can occur from the payment of 10 per cent.” Were the matter no more than a 10 or 12, or 15 percent charge, this would be true, bat we have just shown that it is not a question of so much discount, which would, in ‘act, be paid by the consumer, but of the destruction of both ca pital and profite It i in vain to shirk the plain and real question before us, Sophietry, ever eo plausible, cannot hide the startling facta before us, the results of this high charge for di-counts, to which the commercial interests are inde’ to the bank charter. The market for the English funded securities has been extremely booyant to day, notwithstanding the very un favorable state of affairs. | The market for consols opened at 88% for money. They went up to 804, and back to y 9%, and finally became still more buoyant very late in the afternoon. For the December account, fixed for the 7th, they were operated in at 89% down to 88%, and up to after the regular hours of business, and finally wore quoted at 89; to 89% for money, and 89% to 89% for the account, The causes of this extraordinary rise were several. The settiement of a heavy tv ount in the first of the excitement was the primary cause, followed late in the day by the announcement that the financial difficulties in France are to be met by the issue of 60f. notes, and a report of the Indian news being in with ne: gounta of the relief of Lucknow, and the entire suppres sion of the by and lastly, by a large account of con sols for about £160,000 being bought in against one of the speculators for the fall. The commercial aspect of affairs cid not appear to have any weight whatever with the dealers, who apperred inclined to ignore the existence of any preseure out of doors, or the probability of further commorcial disasters, [From the London Post, Nov. 11.] ‘The settlement of the account in the English funds has chiefly influenced the market to-day, and the tendency of prices has been upwarda, in consequence of several ‘“bear’’ accounts of magnitude having been closed, The expectation of the receipt of favorable intelligence by mail from India, the telegraphic summary of whi now hout@y expected, bad the effect of strengthening the tone of the markat daring the greater part of the day, and prices were at one time nearly % por cent above the closing quotations of yesterday. Subsequently, however, & reportobtained carrency that the propriety of a further rise in the rate.of discount was under the consideration of the bank authorities, and the market left of rather hoavily at the closing quotations of last evening. For money cousols have been dealt in at 8855, BOIy ty, 801), 88% and for the new account, witiel commenced to-day and will terminate on the 7th December, the deatings havo Deen at 84% Jo 6 de 4; tho prices at the close of the regular business being % for monay, and 88 \y for | the account. Afterwards there was 4 little more firmness, and consols left off at 8954 as nearly ae possible. Bank | stock has been sold wt 210 1i, and India stock at 210. ‘The | 3 per cents reduced mark 8y 4 834 7%, and the new 3 per conte 8735 £34 8 346 8. The Long Auuuities, terminating in 1860, were dove at 2; thoge for 30 years, expiriuy al the same period, 25; and those for 30 years, ending in 1885, 17. The Exchequer bill market hag again been much de. Bin wed, tho bilis for £1,000 having beon sald at Vis. and - ; ne bag har at Vis ae small ‘os at 248. an 8. mie Dusiness tovn ve in the Exchequer bonds due in 1859 at 974. B } ‘The advance of the rate of discount to 10 per cent by the Bank of Engiand yesterdsy has not boen attended by the | slightest diminution of the pressure on the establishmont The discount houses ant the joint stock banks appear lo be quite at @ loss what to do with respect to the allowances to be made ou money placed with thom fur employment. The chief of the joint stock banks (with the exception of the Union Bank of London) bave decided that on money placed with them previousiy to yesterday they will allow 9 per cent, but on all amounts subsequently raceived, tho rate of interest shall 2 per cent under the minimum rate of the Bank of Fugiend. The London Discount Com: pany gives @4¢ per cent tor mouey at call, and 94 with seven daye’ notice, whilst the National Discount Company decline to take monvy at call unlews at lower terms, and allow 9 per cent for sums at short notice. The older diz count establishments, it is understood, bave made no al- teration in their rates, and are well supplied with money. SUSPENSIONS, ETC., IN EUROPE. London and Liverpool papers to Nov. 11. In Liverpool two more tailures are announced, the being those of Messrs. Donglas and Westcott, merchants and shipbrokers; and Mr. A. K. Byrne, who ia engaged in Canadian wood and shipping trade. Both houses wero respectable. ‘The acceptances were returned on Monday of Mesare. Hoge and Williamson, of Liverpool, correspondents of Wil- liam Hoge & Co., of New York, The senior partner was consitered to have large property in America. We regret to annouuce that Messrs. Ogle & Co., of Pres- ton, who have been extensively engaged as engineers and iron shipbuilders, have this week suspended payment and closed their works, We cannot learn with correct. ness the amount of thelr liabilities, buta meeting of their creditors will be held in Manchester on Tuesday next, when we shal) leagn the exactamount. The stoppage will throw out of work several hundred hands. The satisfactory intelligence has been received from SheMield, that the liabilities of Mesers Naylor, Vickers & Co., instead of amounting to £1,000,000, as reported in some quarters, do not exceed £460,000 or £500,000, and that fo other firm in the district is likely to be bronght down by their suspension. Some of the principal creditors are in weden, and the only reasam for delaying tll the ‘24th instant the mecting at which a precise statement will be presented, is in order that representatives of these par- ties may be present. Itis understood that the stock of iron held by the firm in America and England is worth £270,000, and that every debt owing to them in America is of a character on which any sound and provent honse might have implicitly relied. The blow, therefore, has been one of the most sudden that has ever fallen on any mercantile establishment, and it is believed that the on tire proceedings connected with it, instead of damaging the future reputation of the partners, will add to the con: fidence hitherto placed in them. The suspension of the firm of Dennistoun & Co. took place on Saturday, the 7th instant. It is one of the larg est firms connected with the American trade in Great Britain. Their liabilities, it is feared, cannot be much short of £2,000,000. These are spread, however, very extenrively, and it may therefore be hoped will not fail on apy particular district with such force as tw cause further heavy disasters. Messrs. Dennistoun have houses iu New York and New Orleans, and the almost total cessation of remittances fron: these points has rendered ‘ir stoppage unavoidable. The head establishment is in gow. where it Las existed upwards of seventy years, and there,are branches in Liverpool and London. At Mel bourne, in Australia, they have as « tea pogo Messrs. Dennistoun Brothers & Co., but happily that firm will not be compromised. Tl property of the partners in Teal estate and other poss magnitude, and it -eems scarcely poesible that even under the worst circumstances their embarrassment can be more than temporary, Aithongh anxiety has been felt with regard to them for several weeks past, their honora ble standing hae never for a moment been called in ques tion, and there will be on all sides a disposition to pro. mote every arrangement that may be calculated to hasten the possibility of a complete resumption. Subjoined is the cireular issued:— Nov. 7.—We have the painful duty of informing you that establishments in this country are obliged, by the almost their usual remittances from the United the F other creditors to allow them time pa his necessity hay ariven 9 ently, Oucof the monetary erisix in America, that it is not in our power \o say unmediately what indulgence we may require, but while awaiting turther advices from abroad we will place our books in the hans of well known accountants in London and Glasgow, withe view to pregare full alate: ents of our affairs, and We propose calling & m rin London on the earliest possible da: o iny before you much & proposal as will mee probat ‘Our houses of Dennistoun, Wood & Co., of New York, and A. and J, Dennisioun & Co-, of New Orleans, are idedtical with the houses tu Great Britain, bat the house of 1 ‘oun, Brothers & Co., of Melvourne, is a distinct establishment, J_& A) DENNISTOUN, of Glasgow ALEXANDER DENNISTOUN & CO., of Liverpool, DENNISTOUN, CROSS € CO , of on. On Monday the suspension was also announced of Mesare. Bennoch, Twentyman and Rigg, of London and Manchester, a respectable house, largely engaged in the silk trade as agents. Their liabilities range from £200,000 to £300,000, and their fall, it is said, will probably in volve that of four of five iris with whom they are cou nected in the manufacturing districts. The causes Of the difflouity are stated in the annexed cireular:— with your 59 Frinay street, London, Nov. 9, 1867. We are requested by our client : tyman & Rigg, of Wood airee to inform yc jessrs. Bennoch, Twen in this city, and of Manchester, that, in consequence of the heavy advances lly prepared for the Ame el is no present de- in the manuf Tce, aud of the sudden depree value of milk, of which Messrs. ennoch, Twentyman & Rigg are large holders, they are compelled w annaunce their inability to meet their cugagemens. Mesars. Parrington, Ladbury & Co., of King street, account ants, have been insiructed nclpal creditors to ex amitie Mesess, Kenuoch & Co.'s book« and prepare ® stale ment of their afluirs, which they Will submit ax early ax pos nibio 16 A general meeting of (hie creditors, of which duo no tuce will be given to y KEED, LANGFORD & MARSDEN, Another house to be added to the list is that of Mesure, Broadway & Barclay, East Jadia and general merchasuts. ‘The liabilities in this case are supposed to reach £180,000 or £200,000, ‘The causes of the swppage are not stated, but it may be supposed to be connected with the decline in all articles of produc The letters from Ma ter state that the firm of ey, Pattison & Co., calico printers and mer cheats, of Manchester apd Glasgow, lias failed, with cou. siderable liabilities. It is aeserted that the bill holders ander the estate of Mesare. Thornton, Huggins, Ward & Co. have agreed to ac. erms proposed at the previous meeting, and that ers of the ispectors have been more clearly de. W. & J. Summerskill, silk ma. «i an offer of 2s. in the pound, payable by instalments at two and four months, but it has ped been ually adopted. ‘The unsecured debte amount to £54,600 and the assete to £8,220. A'statement of the affairs of Messrs. J. Miller & Co. , silk manufacturers, shows an amount due to creditors of £8,600, and assets £1,500 The only important failure announced to-day (Nov. 10) has been at Liverjool, the firm being that of Mesars. B. F. Fabcock and Co, with houres also at Glasgow and New York. They have been brought down by the absence of remittances, and their lial: are estimated at about £300,000. At the last balance of their books in May they had & surplus of £160,000, and, although their property has since suffered depreciation, they feel confident not only of being able pay in full, but that a considerable sum will remain to them. The failure of Mesere. Henry Dutith and Co., also in the American trade at Liverpei, took place Nov. @. In London the stoppage has been announced of Mesers. Joseph Foot and Sons, silk manufacturers, but the lia bilities are not supposed t exceed £40,000, and litte doubt seems to be entertained that the assets are ample to pay 208, in the pound, Annexed is the circular issued:— $0 Sritat Sqoany, London, Nov. 10, 1867, Tt fe our painful duty to toform you that, owing to the fail. ure of our Londen commiany agents, and the con vent certain recare of thei acceptance in our favor, we hove felt it necessary (0 suapend our payments Our books having been Teguiarly Keptand balanced, we entertain withstanding our losses, Wwe shell be ab! debiggn full, out to realize a surpiae at ind wick wil be Vrepared By Be a day of OM 9 ich will be pret ay, of Old Jewry chambers. 7 JOsbP FOOT & HONS At Paris, according to the letters received ta Monday, the large American house of John Munro & Co. has stop. ped payment. At Amsterdam the failure has taken place of the mer cantile house of Gallerkamp Brothers. The amount is not ascertained THE WESTERN BANK OF SCOTLAND. The Weetern Bank of Seotiand, at Glasgow, suspended payment on Monday, Nov, 9, at 2 o'clock, at which hour the doors at the head office ad branches were closed. The bank bas @ paid up capital of £1,500,000, and deposits «up posed to amount to £6,000,000. About a fortnight back the event was considered imminent, but an ancouncement was subsequently made on authority, to the effect that the neceseary assictance would be afforded by the other Seoteh banks to carry it through all its difficulties. Within the Jast few days the report iad been that the winding up of the concern was insisted upon ae a condition of this ail, that the Western bank resieted and that its safety was accor dingly agam oncertain. The bank has about one hun ired branches, and bas been established for twenty five years Its loading shareholders are extremely wealthy, a recent estimate of their ate property placing the total at five or six millions, and the ultimate payment of all lia bilities is therefore beyond question, Whether any por tion of the paid up capital of £1,500/000 will bo saved cannot be conjectured. Judging from of experience in such cases the share bolders will have cause to congratulate themselves if they escape without being called upon for additional sums. ” The bank had an active connection with America and with American houses in Glasgow and else where, and the first announcement of its being in peril was consequent upon the failure of a knot of speculative firms iMmBlasgow about the middle of inst month, whieh was said to have inflicted upon it a lose of £590,000. Sinew then its position has been aggravate! by other disasters and the suspetision of Messrs Denniate inlay probably operated as a final blow, The directors have put forth a statement to the eifect that citenlars will bo WMCUIALCLY weed ty Whe creditors PUIMUMIGALDg dolaig The creditors of M nufacturers, hav: THE NEW YORK HERALD. ER 23, 1857. and suggesting measures to bo pursued, whieh, with for- Dearance and calm self m on the part of the pub- lic, may avert og 4 of the calamitous effects which would otherwike reaalt from such @ catastrophe, There is scarcely another bank in Scotland (they add) which, if the time ia allowed by the creditors, is so well able to dyaw on the resources of its eg The holders of the notes of the bank are enjoined not to part with them at 4 discount, as full ultimate payment is cer- THE FINANCIAL CRISIS IN SCOTLAND. From the North Britivt Daily Mail, Nov. 10.] Monday was a day of deep anxiety and gloom in com- mercial circles in Glasgow. The suspension of Messra. Dennistoun & Co, gave a shock to the whole community, for whieh the majority, of course, were quite unpre- peared; but it soon became apparcut that however painful to the city, from the Glasgow origin and long high stand- ing of the firm, that event would entail comparatively little Joes on this distgict, the Messrs. Dennistoun having made Lo effort to sustain themselves by any irregular transactions here, but at once suspended when they found one adverse billow after another beating against them from the United States. Rumors began to be cireu lated, however, as the forenoon wore on, with respect to a much graver affair. ‘The Western Bank was said to be ‘on the eve of stoppage. At 2 o'clock the worst apticipations were realized by the closing of that establishment, and the posting of a placard on the coors that the directors had found it nocessary to suepend payments. Such an event has long been unknown in Scotland, and it would be difficult to describe the fecl- inge which it excited in this yo comusanally. Strong disratisfaction was ¢: at refusal of the older Scotch banks to lend the necessary aid in thissevere orlata to the Weetern, and this dissatisfaction is likely to be in- creased the more the circumstances become known, The bad management and bad debts of the Western Bank are. now notorious, The diminished resource arising from these seif-inflicted calamities was the evil to begin with. But the great wealth of the proprietary, and the healthy tield of business that remained to the bank, were amply sufficient to haye surmounted this difficulty. There was no run upon the bank for gold—no discredit attached to its notes—no suspicion in any quarter of the sol- vency of the institution. But thero began against the bank a process of what we may call “sap and mine,” by the withdrawal of deposit accounts in the city, and of interest Ce ges in the country branches, Persons not receiving the accommodation to which they were accustomed, or tearful of not receiving it, withdrew their accounts; and carrying out the notes of the Western Bank, deporited them in other banking establishments, A heavy balance was thus formed against the Western in the weekly exchanges of notes, and these balances, according tocustom, bad to be met by exchequer bills.’ It was to enable it to clear off this bi-weekly liability that the aid of the older and chartered banks was invoked, and in the first instance granted. But these concerns soon pulled up. Tt was ooo but a reasonable demand after all that was made upon them. They were daily receiving from the public the deposits, the withdrawal of which was thus crippling the Western ; and what was asked was that they would not employ the advantage thus obtained against a vister institution ina manner fatal to its existence For any risk they ran they had the unlimited liabi lity of @ proprietary as numerous and wealthy as any of their own, and on a credit precisely simi lar to which they themselves hold thirty or forty million. ‘of deposits from the public. Every effort was made last week by deputations to Edinburg, even of parties not connected with the Western, and by proposals of various kinds, to induce the directors of these banks to extend the requisite assistance in averting what could not fail to be blic catastrophe. A plan was even arranged for amalgamation of the Western and Clydesdale, by which the aiding barks would have had the security of two great unlimited proprietaries instead of one. But this, too, was rejected, and it was evident that the co operation which had been expected, and the firet promise of which had sent a thrili af joy and pride through all Scotland, was not to be obtained. Such is the feeling excited in this city by these circumstances that we should not be surprived to see the most effectual measures adopted to put an end to the petty and ruinous jealousy of banks that hail from Edin- burg against Glasgow banks, and banks that have charters eyainst banks that have nove. In the meantime, the sus- pension of the Western is a blow to the whole community, and canpot fail to have some most unfavorable conse- quences, The first resolution of every man who has the well being of Glasgow and of Scotland at heart, should be to prevent by all possible means any movement on the part of depositors against other banks. Every bank in Scotland alfords perfect security to depositors. On the other hand no bank whatever can stand against a run for deposits, The money lodged in our banks yields an inte- rest to its owners, It has consequently all to be em- ployed and invested in. some table’ way, and while every bank keeps ae much cash in its till as is sufficient to meet the or finary demands of depositors, it is impossible that all can be served on the same day. We trust that every effort will be made to discourage withdrawals of accounts and deposits in the meantime from one bank to another. We understand that there was a run last even, ing on one of the savings banks. This was to be feared, as the Western had departments for savings in its various branches throughout town, and the disappointuent of its saving depositors was apt to be communicated to others of the same class. In order check this movement, we ‘would suggest to the directors of the Western Bank the propriety of paying off its small savings depesitors at once. following circular has been issued by the directors of the Western Bank to the shareholders :— Giascow, Nov. 9, 1887. It is onr painful duty to intimate Lapis AND Grtiemes to you that a concurr naiure, both in this country and abroad, aifecting our pecu nary Fesources and credit, has compelled us to come to the lution this day of suspending payment of the company juariers and at the branches, pactution bi rink to them, might resent difficulties, and ie aa well ae This does ® pe «the proper time to enter into explanations as hianner in which our applications (or aud were met, All that ix necessary to may is, that the leading Seotch hanks, after conceding assistance to a limited extent, on security, have seen it right to withbold all furthessid Tn regard to the future, two courses o the bank, and to those ‘who are involved in its emi sand e necessary to sa¥ a few words as to the fairs of the ban! rn Jance has been made of the books of the bank fines the annual balance in May last, and although no doubt panes have boen Incurred since that date, yet we have pa to hope, I ume be given for the gradual winding up fiaies, that the company aatets will be more than aud ent to pay the whole debin. This, however, will much depena on the state of commercial during the next ie months, ne of the individunl part of the by a judicious aystem of realization, ‘are ficient to guarantee payment of “all ius ber liabilities. e circumstances, the course which tt dedly would Se—an extension of time obitgations of the company —cou agement of ite affairs under ims ratra in Uda country and in Amerira But, at all events, the andoubted company, if rendered really jepostia encuall Perlape an amalgamation of hia business. with that of some other bank. It belongs, however, to the erediters of the bank to express fheir opinion whether snch a plan is the most de sirable to be followed; and for that purpose we propos, as s00n ae porsible, 10 ea|l together district meetings of the cr Hors, at the places mort con for them, that they Appoint some one to represent them should they not find it enien( themselves (o attend a! a central meeting to he lnagow. It is quite obvious that thie made of ‘Dt Assumes great forbe: the part of individual at io hope that, should t views among them, the minority will ‘The other course to be pursued is that of at once taking the preliminary steps for winding up in @ legal way. Although this pian would entail great sacrifices In the realization of asse's both of the company and of the sbarcholders, it may be yw resori io it, It is fortanate that an Act of paserd last seasion to enable banking com © place themaety i ereumistances, remain liable to the fall ex the bank. The adoption of thie act wi rof importance, were business the act oon‘aina, besides very valuable and jutictous clanses, enabling a company, placed in circumstances like (he present, te be wound up, and the means of the individual partners 16 be made available for the early liquidation of the debi adopt thia act requires only the resolution of a special gen-ral meeting of the shareholders. | We have therefore resolved on r Lely calling such a meeting, lo provide for the even ing preferred by the credi y alverse circumaiane you will see that we have been Zesire 10 60 our duty to the creditors reholters In the unfortunate position to here be diversity Ziel t9.the majority y have been placed; and, at the earliest practionble moment, ‘o take the instructions of those who are Ingally en {Wied to direet we to all further proceedings Jeties and genth men, your most obedient servant (by order of the di rectors), J. 8, FLEMING, Manager, pro tempore. The suspension of payments by the Western Ranking Company , as officially noticed abuve, created considerable vitement at the head office and the various branches in Giasgow eerie. Miller street ited quite a scene, ww fact, the entrance from Argyle street was literally biocked up, not, we should say, by men who had any inte rest in the stoppage of the bank, but particularly by those whose curiosity led them to create acrowd and to look for comething of interest, because of the want of anything else to interest themselves. During the afvernoon many par ties who had a few notes of the Western were to be seen anxious for change, and no doubt their anxiety was some what justifiable, for in all likelihood ax the Martiamas term cecure to morrow, and they may have depended upon paying their rents from their small savings, the low 1} immediate exchange is more disastrous than many people, otherwise cirgumstanced can well imagine. The crowds that besieged the principal banking office dis- persed themselves about 6 o'clock, and there was no at- tempt at riot, About 7 o'clock last night there was a large congrega. gation of people in front of the savings branch of the City f Giaegow Bank, in Trongate, The depositors were eager ‘or wdmission to withdraw thelr savings; but how their fears had been excited we have been ‘unable to learn. Such was the result of the confusion, however, that hate were knocked off, and an immense amount of jostling took place, The police sneceeded in clearing the ‘streets, and we bave no doubt that to-day the City of Glasgow Bank will be equal to the demands of all theit depositors, so fas we could learn, saving the obst-uotion of tie idle pan Tg would have been very satiefuctor)'y THE S18 IN FRANCE. [From the Lowdon Times, Nov. 11, 1867.) ‘The final quotations of the French three per cents on the Paris bourse this evening, Nov. 10, were 66f. 88e. for money and 67f. for the end of the mouth, showing a re covery of a quarter per cent. The advices from Paris assert that, although the ery of the speculators is for an export duty on specie, a forced cirenlation of notes, and other measures cqually absurd and AuRCrUpUloUs, the Knperyr gomvides wih Wie au PRICE TWO CENTS. of France that the true course to be pursued is to ad) 4! @ the rate of discount—a conclusion, however, which not harmonize with the reports current thia evening on the London Stock Exchango. The arguments of some of the French papers for an augmentation of the supply of paper will gratify the opponents of the Bank Chart-r act ‘on this side. It is necessary, it is said; to induce mann- facturers ‘to purchase raw material," and wo increase instead of diminishing their production. cafftum the London Times, Nov. 10.) Be oy jon as to the next step to be taken by the Bank nce is still in doubt. One cause of difficulty is found in the law of interest of 1807. Althongh the Bank of France has lately been empowered by the Emperor to- advance beyond 6 per cent, the private bankers and mer- Homan, therefore, ka rendered very serious by Cvery ad porition, therefore, is rendered very serious by every ad- ditional upward movement. (i ‘The Paris Patric of 9th instant proposes the foflowing remedies for the monetary criais:— Firetly—To deeree the compulsory circulution of bank notes and an issue of fifty franc notes. Secondly—To raise the export duty on specie. Thirdly—As the necessary complement of these excop- tional masaniree, reduce bank rate of discount to 6 per cent. ‘The Paris Patric had received a warning for ite article on the finances, The French government is taking into consideration the best means of enabling the Bank of France to assist the commercial world during the present crisis. You may Test assured that measures for accommodation will ere long be decided upon. The news of the Bank of England having raised ite discount to 10 per cent did not affect the Parisian Bourse to any great it; in fact, the threes be at 67f. 5c, Tho downward movement was very slight, jn the opinion of the Stecle, a duty on the export of pre- cious meta Ie ianecessary, though not sufficient to conjure the financial crisis; that journal pronounces itself in favor = een rll more energetic, and thus expresses it, self:— The establishment of aduty on exports of specie ia not in our idea the only necessary meeare. We persist in detaand ing a special measure of a character to stay speculation; we insist on the necessity of haying bank notes for small sume, and of even decreeing the forced circulation of notea. The crisis demands vigorous action. The path hitherto followed by the Bonk of France bas not been wise, since tt has led w no improvement in the situation. Another policy must be choxen without further loss of time, A great umber of of the difficulty expert- enced ‘a obtaining funds ceased to purchase raw materia have diminished thetr production. Many bankers have We cided on allowing the storm to pass by, and on rejecung all commercial bills otf This slate of matters must not he allowed lators in apecte, warned of imposed on thelr exports, will not fai most extensive operations before the iss which commerce now awaits. builion. ‘The audience with the Emperor, for the purpose of proposing a duty of three per cent on the exportation of the precious metals, or to be allowed to raise the rate of discount to eight percent. The proposition, is said, was not ac- cepted. THE VERY LATEST. Loxpon, Nov. 11, 1857. ‘The accounts from Paria, received this morning, stato that there was great firmness on the Bourse yesterday, in consequence of a rumor that a measure is about to’ be taken which will permit the rate of discount to remain as at present—at 74 per ceut. @ Archbiehop of Lyons has ordpred collections to be made in the charches, for their relief of the ailk weavers, who are suffering from the present commercial crisis. RUE IN THK RATE OF DISCOUNT. Parm, Nov, 11—A. M. The Moniteur publishes a notification trom the Emperor, founded upon a report from the Minister of Finance, in which he says, that he sees with pain imperiled chimeri- cal fears propagated, and delusive remedies proposed for an imaginary evil. Tho law permitting the bank to raise discount must suffice to keep bullion in better condition than last year. His Majesty requests the Minister formally to contradict the rumors ascribed to the goverument. ‘The bank has raised the rate of discount to 8 per cent for bills under thirty days; 9 per cent under sixty days, ‘and 10 per cent under ninety days. THE REVULSION ON THE CONTINENT. {Paris (Nov. 7) correspondence of London Post. | As might be expected, we have bad another gloomy monetary week. The decision of the bank authorities in England to advance the rate of d t to 9 per cont im mediately neted on the Bank of France. directors were called together, and after much discussion no im mediate steps were taken to follow the policy of the Bank of England; but every one bere expects the rate of dis- count will reach 10 per cent on your side of the water before the crisis is over; and, under such circumstances, the Bank of France will again increase ita charges for accommodation, We have no modern precedent for such a state of things in this country, and th the Bank of France is severely criticised by the com- mercial journals, Trade is suffering all over the country from this universal pressure—goods can neither be bow, not sold: orders are countermanded, and the wluter trade in manufactured goods i# considerably suspended, Paper is coming back from the United States dishonored, and the etate of the European continental money market worse every day, so that the pressure is felt on all sides. The German money markets ai those of England and France. Failures are taking place in all directions. During the past week a conference has taken place at Frankfort of German bankers, in order to come to an poe agrees | with each other, and, if possible, to create contiience. The establishments Tepresented on that occasion were those of Durm- stadt, Hamburg, Meiningen, Luxembourg, Gotha, Thurin- gen, Homburg, Buckelburg, and Rostock. The confe rence, which Was presided over by Prince Felix de Ho- henlohe, endeavored tw find out guarantees calculated to rearsure the public as to their stability. The delegates decided that the notes issued abould be covered by one third in specie and two-thirds in good bills with three sig patures; also, that an official return should be published at least once a month, that a mutual control should be ex ercised by the several establishments, and that the governments *hould be invited to take im such control. A statement to the above t is w be presented to the Zoilverein. advices from Vienna ray :— ‘The situation % the fame; want of confidence increases, on account of the delay of government measures long since promised. ”? But what can'government do but hope t prevent bational bankruptey by reducing the army? And here comes in a difficult political question, which, howe Meanwhile the latest military expenditure Austria has gone on borrowing money to cover her yearly deficits until no- more ean be obtained, and especially at such a erisia as this. Figures are worth all the speculations of the clever heads, You have only to look at ber annual dedeits fince 1847 to come to aconcinsion that Austria must be pretty nearly at the end of « road which leads to ruin. 1 add the table of the following budgets — Kevenus. 1847, 251,725,770 27y 812 a4 202,960 628 296,46 Ht 2222639 5S 447 SOL papers ha and crown lands dixpowed of, and yet the radical evil re mains the same, The system of government is too expen. vive for the resources of the empire. French transactions with Germany being very coneiderable, the complication of this part of the world adds ufthe dilfleukies of the Parwian bourse. Low as quotations have been at the Paris bourse during the last few weeks, @ cour id rable fali has taken place doting the week in’ railway share owing to the necessity which holders are under of ing to Ineet immediate liabilities, and originating in a desire w gain by lending the realized property at such prices as were never before Leard of in the commercial worid here. Although the prospect on all sites m #0 dark, we de not expect any failures of the large banking estab iushinents in France; but what we must experience fur some time to come is @ suspension of commercial enterpree. The fol lowing table shows the depreciation which has takea on in French quotations (eaving rente) during the past week Name of Quotations. ‘oe. 6. Plus, Minus, CO FO FC. Rente 8 per cent. 67 6 010 bed Rente 455 per cent. 65 = - Couso ides... BB ig ee * Banque de France... 20°09 = 6 Comptoir d’escompte. a ~_ Credit foneier. 0.666 610 6 — 1% Crédit mobilier 7700 — 160 Orleans: 1,282 50 —- Reo Nord. 870 0 — 6% ree sess 622 50 — 3250 Lyon et Mediterranee, 0626 = 85 Midi... . 627 6 — woo Ouest . oo 0 — wo Grand Central . ‘507 50 — 20 Geneve, ° 9 = bo Chemins Autrichiens, 666 25 — 10 Sa.nt Rambert, 480 0 —- mo 60 0 - 59 302 50 —- 1% a - 45 0 «oOo = OO z Letters from Frankfort announce that the bank of city bad raised the rate of discount to 75 pet cont, peat we heat the Bank of Prussia bas rawed rate ount from 64 to 7.44 per cent ‘According to the returns of the Natonal Bank of Bet gium, just published, the metallic reserve bad decreased from 61,600,000, which was the amount of the 30th Sep. ember, to 43,000,000. “such a fact,” observes the Inde yendanee, “has nothing in it whieh can cause surprise ander existing cireumstances, an’ ven remarkable thatour first financial establishme’ mid have beenable to havo retained so large a sum in its coffers when ite rate of dig- count has been raised so litte, and, as is well known, is lower than in other of the great money markets of Bu rope. We may, moreover, remark that at the correspond - ing period last year the metallic reserve was only 454 mil Hons more than itis at present, The bills discoumed, ag nose of the previous return, bave tn t millions, and exceeded 100 mil¥ons, ‘once before occurred since the bani In October, 1866, the bills in hand compared with th has been established were only 80% millions, and in September last 01." THE CONVULSION IN AMERICA—THE COOL NESS OF THE YANKEES IN A PANIC. [From the London Times, Now. 11.) One transetiantic neighbors take the convulsion of their money market with their accustomed cootness, Thoir Wade 18 fur sie lune, indeed, Almost dead, Could peopie, 56,323,126