THE FANIC.

Press, Volume XLVIL, Issue 7712, 18 November 1890, Page 5

THE FANIC.

THE BARINGS IF DIF?ICULTIES; LIABILITIES 21 MILLIONS. EXPECTED SURPLUS OF THREE MILLIONS PROMPT ACTION OF THE BANK OF ENGLAND. (MSB. PBSatS ASSOCtATZOH.) Received Kovamher 17th. 11 β-m. Pabis, November 16 The French loan of 700,000,000 francs (£28,000,000) will be placed on the market in January, It was in expectation of this that the Bank of France assisted the Bank of England in order to prevent the panic extending to Paris. Received November 18th, 12.45 a.m. London, November 17. , Baring Bros, is the financial house which is in difficulties. Their liabilities are pat at twenty-one millions, but the estate shows a surplus of three millions. The Bank of England, the Rothschilds and other lead-; ing hooaea guarantee tea milliona. The Government is supporting the Bank to the extent of two miUions. The liquidation of tbe estate will extend over three years. The prompt action of the Bank has reassured the market and Stocks are recover ing. Reoelved November 18th, 1 a.m Lonpon, November 17. The Standard is the ouly paper which mentions the Barings' firm's name. There was considerable commotion on the American and Continental Exchanges upon the receipt of the news of the Barings' difficulty, which was caused by Russian withdrawals. The Bank of England borrowed four or five millions in France, fiussia and Brazil to enable it to meet the crisis. The British Government is prepared to advance two millions, and to permit the suspension of the Bank Aot, but these precautions will probably be needless, and it is not thought likely there will be any further trouble.