A FINANCIAL CRISIS.
AGITATION OF THE LONDON „. MONEY MARKET. ALEADINGFIRMINTROUBLB. LIABILITIES, £14,000,000, (United Pi-osa Association.) London, November 14 yesterday £1,000,000 worth'of Consols were sold. • To-day the market is again agitated, and there are renewed rumours of a huge disaster in connection with ono of the largest' banking houses in London.
November 15. Yesterday the severest tension was experienced on tho money market sinco'" Blaok Friday" (Uth May, 18GG), when the height of tho commerciiil panic in Londou wan readied.
_ A leading financier's house became involved through heavy purchases in Argentine stocks, and was compelled to ask the assistance of the bank of England. The Bank promptly complied with tho request, and a guarantee coininitteo composed of several lending financiers was formed, The difficulty was thus overcome, and in unparalleled financial calamity averted.
_ The liabilities of the firm in difficulties are set down at 414,000,000, but the assets show a surplus of £4,000,000 over this. The guarantee which the committee of the leading financiers gave was for Duritig the panio South American securities completely collapsed, and Consols and everything else fell! heavily.
_ The Times, commenting on the situation, says that tho Bank of England has added histario services to the name it has always borne for prudent policy by stopping out of its routine course to prevent the downfall of one of the oldest and most respected English financial houses, Consols we at the lowest .rate known since their issue, but prices are now showing signs of recovery, November 16.
Money i'b hardening, and three months' bills are quoted at 6 per cent,; Consols, 93J PAW, November 16. • A French loan of 700,000,000 franos (L 28,000,000) wiH.be placed on the market' in January. It was in expectation of this that the Bank of France, assisted tho. ty\vfc of| England, in p,rd.e.r jot prevent the i Pftiyio esten,.ljng to Paris.'
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Wairarapa Daily Times, Volume XI, Issue 3665, 18 November 1890, Page 2
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308A FINANCIAL CRISIS. Wairarapa Daily Times, Volume XI, Issue 3665, 18 November 1890, Page 2
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