CHINA.

New Zealand Herald, Volume III, Issue 892, 22 September 1866, Page 7

CHINA.

By "way of Melbourne we have three days later news from Hongkong. The following is from the Mercury of .'srd July: V EFFECT OF THE MASTKitMAN'S BANK FAILURE. The arrival of the Agamemnon, on Friday evening ' last, will lon» be remembered in Hongkong, not because she is the first of a new line of steamers destined to work an important change in the niodo ■ of our intercourse w.iih Europe, but because, of the news she brought with her from Singapore, and the effects that news has produced in banking circles and' on the community in general. The suspension of payment by the Agra and Mnsterman'a bank, fell like a thunderbolt on the majority of its constituent a. Some few, warned by the depreciation in the hank's Bh;res in the home' market, as reported on the arrival of the French mail of the 19th had taken certain precautionary measures, and so saved themselves from" lps3 but bo great was the confidence in the perfect, .solvency of the baii.fe that these few cautiouv souls were looked on by their friends as over timid, as too distrustful and too easily frightened, and were laughed at for their pains; The laugh, ig on their ■ side now. -The .loss fall's heavily on. the'scomers--'-The immediate result of the guspenaion was a panic. . among the Chinese and among the smaller Kuropean • and l'arsee traders, and a rush on all the banks, exce.pt perhaps the Oriental,, for dollars in exchange ' for notes. T,ha crowd round, the doors of ' the Chartered Bank of India Australia and China half filled the street; two policemen had to be ■ stationed at the door to the admission into the bunk, and the demniid for change continued up to a very late hour. A a far as the. .Hongkong and Shanghai Bank vas concerned, and the'' Chartered . Mercantile,, after the first few .hours .in the morning; . during which there was a little excitement, every thing quieted down, and both, thoeo establishments might . safely have shut their <3nors at the usual hour for closing on Saturdays. "With a thorough appreciation, . however, of tho importance of crisis, and of the absolute necessity Of calming the public mind, all the banks here were kept open by their managers till the latest possible hour, and with the best effect. We=; ■ congratulate theee'gentlemen on the wisdom of theix*". decision and on the results.—Si/tincy _ZZ«ya IbetlO.