16 OCTOBER 1847, Page 8

POSTSCRIPT.

The firm of Messrs. Laurence Phillips and Sons, merchants and East India agents, has issued this circular-

" 16, George Street, Mansion House, London, Oct. 15.

" It gives us much pain to inform you, that in consequence of the unprecedented pressure on the money-market, and the impossibility of obtaining advances upon se- curity, we have deemed it for the interest of those parties who have claims upon us to suspend our payments.

" We have confident expectations that our estate will yield a handsome surplus over and above our liabilities; and therefore trust that the course we have taken will, under the unfortunate circumstances of the case, be considered satisfactory to all concerned."

The Morning Post adds some particulars. "The business of Messrs. Phillips was principally with Calcutta, Madras, and Colombo (Ceylon). Their liabilities are estimated at 70,0001., and their assets at 125,0001. to 130,0001. The pay- ments of the establishment have been equal to 10,0001. per month; but the facili- ties it has usually obtained from the Bank having, for the moment, nearly ceased, and the more general business of the discounting-houses being impeded, a con- tinuance of its transactions became impossible. It suspends with a case full of good bills backed by dock-warrants and other substantial guarantees. Under the circumstances, such a stoppage of payment must be regarded as most cruel, and ascribable only to the pressure of an extraordinary crisis."

Two failures took place in the Stock Exchange, the parties being a Mr.Had- low and a Mr. Oakley; but the amounts were unimportant.

At Liverpool, Messrs. Brown and Todd, provision-merchants, and Messrs. W. Steele and Co., soap-manufacturers, have suspended payment: the liabilities in both cases are said to be moderate.

The bank of Messrs. Knapp and Co. at Abingdon has stopped. This bank was one of issue, but its fixed circulation was only 29,3161. It was established in 1802.

The banking-house of J. G. Grenelle, at Brussels, has stopped payment; but only requires time to wind up its affairs. It is added that the assets exceed the claims upon the house by 400,000 francs. There has been a meeting of the creditors, at which a decided disposition to give time to the house was manifested. —Galignani's Messenger.