The Baring Brothers.

Pelorus Guardian and Miners' Advocate., Volume 1, Issue 86, 25 November 1890, Page 3

The Baring Brothers.

As there has been a good deal recorded lately of the financial panic in London and the name of Messrs Baring Brothers being connected there with the following account taken from the Evening Post may be of interest; — The famous bouse of Baring Brothers is in difficulties. Its immediate stoppage has Iren averted through the prompt assistance of the Bank of England and the Rothschilds, but the reference in to-day’s telegram to a liquidation extending over three years would seem to indicate that the glory of the great house is considered to have departed. A virtual failure, with liabilities now put at £21,000,000, hut with assets estimated at £24,000,000, is at least a sufficiently sensational climax of a remarkable career. The gigantic business now in liquidation, arid admittedly one of the vastest commercial institutions in the world, had a very small origin. It may be said to have begun ns a small business at Ester, in Devonshire, and was started by John Baring, a German, who settled there early in the last century. His sons, Francis and John Baring, were, however, the actual founders of the London house, which they opened j n 1770—120 years ago. The enterprise speedily flourished, and had an almost 'unbroken career of prosperity up to the unfortunate experience to which its present emhar’’assmout is attributed. Francis Baring was created a baronet during Pill’s administration. His eldest son. Sir Thomas, took no part in the business of the firm, but his younger son, Alexander, became its head, and higher rank than his father, created Baron Ashburton. The ffership’ of the famous house subsequently went fo the son aud descendants of Sir Thomas Baring. The business of the firm has consisted mainly in the negotiation of national loans, in money broking and exchange, in importation, exportation, and produce trade, and in financial matters generally. The present disaster forms one of the most noteworthy incidents in the commercial history of Europe. WESTPORT, November 21. JjfjjQ coal export for tjW w ended on Saturday last was 4,240 ions JT f.$U