BANKRUPTCY OF THE CITY OF GLASGOW BANK.

Waikato Times, Volume XII, Issue 984, 12 October 1878, Page 2

BANKRUPTCY OF THE CITY OF GLASGOW BANK.

LONDON, Octobers The City of Glasgow Bank has stopped payment. The liabilities are one (I ten) million sterling.

(special to prebs agency.) LONDON, October 3. A Cabanet Council is summoned

1 fer sth, to disouss of the Cabul | question. The total libilities of the Gli isgow b»nk are reprfeßenied to be 10,000,000, the assets are unknown. One cause of failure was the locking up of capital m Australia;*, and New Zealand land. A fourth attempt v its part, to transfer a portion of its liabilities for New Zealand advances, failed. The negroes of Santa Cruz revolted and took possession of the island, committing murders and fearful atrocities. Layurd is expected m England shortly to confer with the Government. Owing to the Glasgow Bank failure, three Indian firms stooped payment, with three millions liabilities. They are Smith aud Fleming of London, Wen. Michael of Bombay, and Fleming of Kurrachee. A grejab number of other firms are involved. The 'Scotchman' sta'es that the results of these failures will be more disastrous than the failure of the Western Bank, m 1857. The deposits amouuteri to eight millions. Several Scotch Banks are proposing to their depositors the immediate payment of half-deposits. In the sculHng match for the Championship of America, five miles, Stanton beut Courtney, alter a close contest. LONDON, October 5. The Afghan army is musteriug m the passes. The outposts are within three miles of the Biitinh. The Emperor of Germany entreats the Caar to prevent the conflict from spreading. The Albanians massacred a Pasha and 56 attendants. The Glasgow Bank failure is partly attributable to advances made on wool to Australia and New Zealand. The failure caused a panic. Other Scotch banks are safe; but further commercial failures are impending. Count Andrassy retires from the Chancellorship of the Empire, remaining a member of the AustrianHungarian Cabinet, lie may possibly remain. The Emperor is gone to Pesth to endeavor to arrange matters. The evidence at the inquiry on the Princess Alice disaster shows that the cause of the collision was that the captain, pilot, and others on the steamer were drunk. LONDON, October 6. The advance ou Cabul commences instantly. The Ameer is making great preparations. .Russian newspapers encourage the Ameer m his resistance. LONDON, October 7. The war has commenced. British troops moved m a strong force against the fortress of Alimusjid, on the frontier. [The width of the pass here is about 150 yards, and the elevation above the sea 2,433 feet. The fort is built ov a rock about 600 feet high, nearly isolated, and with nearly perpandioular sides. It was taken by the British m July, 1839, and m 1841 was unsuccessfully assailed by the Afghans. In the January following, it was evacuated by the British, with a loss of 32 men, killed and 148 wounded. In 1842, it was again garrisoned by General Pollock, and — m the final evacuation of the country, m November of the same year — was entirely destroyed by General Nott.] After a severe conflict, It capitulated. The Ameer ooutinues m his reristance. The British Comwissiarisb is defective. Lord Chelmsford is dead. NEW YORK, October 3. The second innings of the New York Eighteen closed for 98, the game was won by the Australians, who have left for San Francisco. The Australians are now play'ng against an eleven at Philadelphia. The first innings of the Philadelphians closed for 196. ■ «,