and Liverpool.—June 10. "The failure of Thomas Wilson and Co., George Wildes and Co., and Timothy Wiggin and Co., consequent upon the refusal of the Bank to render them any further assistance, was unexpected, as it was generally understood that the directors, when they assisted them before, had, by an actual examination by two of their own body, assured themselves of the undoubted solvency of each of the houses."—June 17th. "In Liverpool great anxiety was felt to know the determination of the Bank of England with regard to W. and J. Brown and Co., but it was yesterday removed by the arrival of an express with the intelligence that they were to be supported, their statement to the bank showing a surplus of a million sterling after paying all liabilities."—June 24th. "We are happy to have it in our power to state that the grey market this week has undergone a decided improvement. We do not mean to say that prices have advanced, but then the sacrifices on cloth which have been made for the last two months, have now ceased, and if profits are not yet to be realized, goods are fetching the cost of production."
Facilities of obtaining discounts much encouraged over-trading; the sudden contraction of discounts created a panic; "confidence" was restored by the resumption of discounts, and some judiciously applied loans. The evil day was put off—for a time. During the fright, and after it was over, few thought that it might not have occurred at all, had we been able to import corn as regularly as we imported cotton.
In the House of Commons, in March, Mr. Clay moved the adoption of a fixed duty of 10s. a quarter on wheat, and the following members, connected with government, voted in favour of the motion:—
Lord Howick,
Lord Morpeth,
Sir George Grey,
Mr. John Parker,
Sir R. Rolfe,
Mr. C. P. Thomson,
Sir Henry Parnell,
Mr. Labouchere,
Mr. J. A. Murray,
Mr. W. Cooper.
