ENGLISH MONEY MARKET.

Temuka Leader, Issue 2126, 18 November 1890, Page 3

ENGLISH MONEY MARKET.

Lownoir, Nov. 14. Yesterday a million worth o£ consols were sold ; to-day the market is again agitated, and there are renewed rumors of a huge disaster to one of the largest banking houses in London. Nov. IS. Yesterday the severest tension was experienced on the money market since Black Friday (11th May 1886). When the height of the commercial panic in London was reached, a leading financier’s house became involved through heavy purchases in Argentine stock, and was compelled to ask assistance of the Bank of England. The bank promptly complied with the request, and a guarantee, composed ot several leading financiers, was formed. The difficulty was thus overcome, and an unparalled financial calamity averted, The liabilities of the firm in difficulties are set down at £14,000,000, but the assets show a surplus of £4,000,000 over this. The guarantee which the committee of leading financiers gave was for £9,000,000. During the panic South American securities completely collapsed, and consols and everything fell heavily, 'i he Times, commenting on the situation, says that the Bank of England added historical services to the names it has always borne for prudent policy by stepping out of its routine course to prevent the downfall of ene of the oldest and most respested English houses. Consols were at the lowest rate known since their issue, but prices are now showing signs of recovering. Bubitos Atbes, Nov. 16. The Goyernment of Argentine Republic has released Messrs Baring Bros., of London, from their engagements to provide a sum of £60,000,000 for the construction of the Buenos Ayres waterworks.