THE FINANCIAL PANIC.

New Zealand Mail, Issue 978, 28 November 1890, Page 28

THE FINANCIAL PANIC.

By Emcteic TELEeMEH-CoKWCH,.

(PER TRESS ASSOCIATION., Two York ' have suspended payment. mi.„ it: London, November 19 The Times announces that no bill, drawn on Barmg Bros after- of. b i ls last will be accepted, but that before that date will be dulymet draW " It is believed that the firm of Pa*Bros. wiU be resuscitated by some of T old partners returning to the firm „ th j the introduction of fresh capital ’ d ’ - A committee of merchants the interested in the Argentine RoS 8 ' stocks, with the Bank of an inquirjr to-day into the best m affordmg financial assistance to that R« pubhc in order to enable them to tide 1 over the present financial difficulty depressed’.' 1^011 i The Bank of Australasia, the Union Bank of Australia, and Anthony Gibbs and Company are parties to Barries’ guarantee. b

mu n London, November 20. The Governor of the Bank of England assured a meeting of bankers 10-day that there was nothing to justify a panic. The Bank, he said, was in a strong position, and would freely support the credit of bankers. The latter are now reassured. i London, November 21. btreuuous efforts are being made to re- • form Baring Bros.’, and they will probably succeed. Mr T. C. Baring will put in a million of fresh capital. London, November 22. The amount of the Baring Bros’ guarantee will be L 17,000,000 without assistance from privato and country banks. The Baring Bros, will re-form int > a limited company with a capital of , over one million, which is chiefly provided' by members of the family. There is a great recovery in British, New York and Continental general stocks.

London, November 22. It is understood that Sir Edward Cecil. Guinness, of Arthur Guinness and Co., '• becomes a partner in the new firm of Baring Bros. Mr T. C. Baring, M.P., who is President of the re-formed company, places the whole of his fortune at its credit.

Messrs J. Hodgson Francis and John Baring and other directors of the old firm retain the right to buy out shareholders at a heavy premium. Since the particulars of the guarantee and reconstruction have been made known, an amazing reaction has set in, and the prices of colonial stocks have risen § to 1 per cent. London, November 24.

About 3| millions of gold are en route for England, and there is a prospect of the money market becoming easier. London, November 25. The liabilities of Baring Bros., when the pressure began, was L 34,000,000. Four million’s worth of securities were realised before applying to the Bank of England for assistance. (SPECIAL TO PBESS ASSOCIATION.) London, November 19. Stocks are at present unsaleable. Another considerable banking house is reported to be in a critical conditionLondon, November 20. The Stock Exchange rallied yesterday afternoon, and the panic is abating. It is reported that Lord Roscberry, backed by a strong committee, will undertake the task of readjusting the financos of the Argentine Republic. The Rothschilds are willing to accept the agency, provided they are given i control of the Government. London, November 21. It is understood that Lord Northbron , head or the Baring family, will re-ente the firm. Washington, November 21Barkers Bros., of Philadelphia, bankers) have failed for L 1,000,000. j