A FINANCIAL CRISIS AVERTED.

Timaru Herald, Volume LII, Issue 5154, 29 May 1891, Page 3

A FINANCIAL CRISIS AVERTED.

At tho " General Court" of tho Governor and Company of tho Bunk of England, held 9iiMarahl2t.il (nays tho Daily News), Mv Liddorduln himsolf guvo n modrst account of tbo groat financial achievement by whioh he Dvevtcd lhe lato financial crisis. This was bb dramatically intoresling in its way ns anything over imnginorl by tbo author of " Monto Orieto." iho hank knew that the house of Baring was in difficulties somo timo beforo tho orisis, but it, hud no idea that those dilHcultios meant a liability of 21 millions of pounds. Evon tho Bonk of Knglond sooma to havo tremblod when tho full extent of tho danger waß revealod. What followed is well known, but it has novor boon put bo impressively as in Mr Liddordale's fow ond simple wordß. It waß noarly fivo o'clock on tho aftornoon of Friday," ho Bays, "when the guorantoo Hot was oponod, and bonded with ono million Btorling by tho Bank of England. In half an hour tho amount reached threo and a qunrtor millions. By 11 o'clock tho

iff next morning (sjutuidav) it waa six a.,i ie I a half millions; and at 12 o'clock I wa 4.1 able to announce that tho liabilities of th e firm would bu duly met." It is tatistactor; to learn that tho bank and the other guaran i tors hjave had no reason to repent, of thei 0 public-spirited action, aod thut Von M Itke'i • '• all is in order " might be applied to th. ii present situation of Messrs Baring's affairs 1 No despatoh ever penned by that great - General, or, indeed, by any other, dealt wit! , more tremendous issues than those to whicl 3 the Governor's speech refers. By 12 o'cloct 9 on that fateful Saturday Mr Lidderdale mußl | have felt thut ho had nothing to envy in thf. 3 feelings of a conqueror of Sedan, or ol [ Auaterlitz. 1— i i