A FINANCIAL PANIC THREATENED IN ENGLAND.
London, December 21.—The Daily News says:—"Notwithstanding the Bank ot England has raised the rate of interest virtually to seven per cent., which is the latest figure for advances, and that this gives her all the gold she needs, she still cannot keep up her reserves to the figures which financial men consider safe. As fast as gold is received and notes issued thereon, according to the terms of the charter, the latter are drawn out by the country and the, London joint stock banks and the bill brokers, in order to satisfy the demands of customers and to strengthen themselves. The result is that a general distrust of all forms of credit other than the legal tender notes of the bank itself has been created. This is causing a universal demand for the circulating notes of the bank, and should any further bank failures take place, it will necessarily be intensified.
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Thames Star, Volume X, Issue 3095, 18 January 1879, Page 4
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157A FINANCIAL PANIC THREATENED IN ENGLAND. Thames Star, Volume X, Issue 3095, 18 January 1879, Page 4
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