ENGLISH NEWS.

Temuka Leader, Volume I, Issue 87, 16 October 1878, Page 2

ENGLISH NEWS.

Oct. 3.

The total liabilities of the Glasgow Bank are reported to be ten millions ; assets, unknown. One cause of failure was the lock-up of its capital in Australian and New Zealand land. A special to the ‘ Globe ’ says the failure is partly attributable to advances on wool. An at tempt made on its part to transfer a portio ’ of its liability for New Zealand advances failed. Owing to tbe Glasgow Bank failure, three Indian firms stopped payment, with three millions liability. They are Smith and Fleming, of London ; William Michael, of Bombay ; and Fleming, of Kurrachee. A great number of other firms are involved. The ‘ Scotamam’ states that the result of these failures will be more disastrous than the failure of the Western Bank in 1857. The deposits amounted to eight millions. Several Sco f ch Banks are proposing to their depositors imraed'ate payment of half their deposits. The evidence at the enquiry into the Princess Alice disaster shows that the cause of the collision was that the captain and pilot on the other steamer were drunk.

The money market is rather firm. Owing to the failures discount rates in the open market are stiffening. A ‘ Globe ’ special says other Scotch Banks are safe, but a commercial crisis is impending. The total quantity of bales catalogued at the wool sales was 308,000, of which 61,000 were held over, and 130,000 exported. A clerk in the Bank of England absconded with notes of the value of £15,000. Obituary -Mr Whalley, M.P. Oct. 9. The stock market is depressed, owing to apprehended failures, and there is a panic in bank shares (Special to the ‘Globe.’) London, October 11. The Czar rep’ies to the Emperor, approving the situation in Roumelia. The Affghan town of Alumusjed was captured by British troops in consequence of the Kyberees in occupation having been driven out by by Affghans. Russia insists on her right to occupy Roumelia till the indemnity is paid, also to occupy all the principal forts. The Roumanian agreement excites the opposition of Europe, London, Undated. Mr Thomas Jessop has presented Sheffield with an hospital for women, costing L 30.000. Gambetta has expressed himself satisfied that the interests of England and France have become more identified.