Several failures have been announced this week, and in some
cases the liabilities are heavy. The Bank of London has stopped payment, and the business of the establishment has been trans- ferred to the Consolidated Bank. One failure at Liverpool is mentioned in connection with the cotton trade, and rumours are current that other large houses in the same branch of business will shortly have to ask the forbearance of their creditors. The Bank rate remains at 10 per cent., and in the open market the quotation is firm, at the official minimum for the best short-dated paper.