ENGLISH COMMERCIAL. London, 26th May.

North Otago Times, Volume VI, Issue 127, 26 July 1866, Page 2

ENGLISH COMMERCIAL. London, 26th May.

The limes states that tho suspension of the Bank Charter Act aggravated tho commercial pressure, neutralising tho offect of the increased issue of notes by stimulating distrust on the continont, thus causing tho immense drain of gold on the Bank of England. After tho announcement of the failure of Ovorond and Gurnoy, a downright panic look place, with a goneral run on the joint stock-banks ; and on the 11th May the most intense excitement over witnessed prevailed in London. Tho rush to withdraw accounts and money lasted for hours. Tnere was a most intense and fearful pressure on the Bank of England. To stem the torrent of the panic enormous efforts were made, while on the Stock Exchange business was suspended. There were no buyers, every one wishing to sell. The downfall of Overond, Gnrney and Co., is attributed to speculativo operations for a mil in shnres of companies, finally causing a run upon their deposits. "Money Market Review," states that had the suspension of the Bank Charter Act been deferred for twentyhours, every Bank in London, including the Bnnk of England would have been compelled to suspend payment. The result was averted by tho courago and intelligence of Mr Gladstone. Colonial Government Securities. —New South Wales Five per Cents, 1866, no quotations. Do, 1871 to 1876 91 to 94. Victorian Sixes, April and October, 100 to 102. South Australian Sixes, 1878 and upwards, 104 to 106. Queensland Sixes, January and July. 97 to 99. New Zealand Sixes, 94 to 100 ; do, Fives, 70* to 73. The "Times" City Article, 19th May, says:— "Tho Now Zealand bonds for L300.0UO, mentioned na having been sold vesterday at an extraordinary sacrifice, owing to the difficulty of raising money at present upon any securities, were those of the Five per Cent. Loan of September, 18154, the amount of which was for L1,000,000, and which was subscribed at 80. The sale effected yesterday is understood to have been at CO."