A deputation from Newcastle-upon-Tyne arrived in town yesterday, for the
purpose of representing to her Majesty's Ministers the distressed con- dition of the coal-proprietors. The Morning Post reports the specific ob- ject of the mission-
" The depression in the coal-trade is stated to be so great at the present mo- ment, that unless some relief be afforded sixty thousand workmen must be im- mediately thrown out of employment. " It is understood that the suggestion to be made to the Government will be for the issue of 5,000,0001. of bank-notes for six months, on the deposit of valid se- ' cnrities. If this measure be not adopted, there is, unfortunately, too good ground to fear that not only the collieries of Northumberland, but the mills of Lancashire, ' will be stopped, and the great trade of the country indefinitely suspended."
The Times furnishes some particulars respecting the failure of Messrs. Reid, Irving, and Co. The liabilities are estimated at 1,500,0001, the amount of acceptances alone being upwards of 900,0001. The cause of the stoppage is to be found in the way in which the firm had extended their operations, not only without a correspond- - lug extension of capital, but in the face of an annual diminution of their means consequent upon the gradually increasing weight of inconvertible investments. A yam not less than 600,0001. is understood to be locked up in real estate, and other property, in the Mauritius and the West Indies. The balance-sheet of the house, as now made up, shows, it is said, a nominal surplus of about 330,0001.; but this it can hardly be doubted arises from valuations of the Mauritius estates which will prove entirely delusive. The firm, it may be added, were the agents of the Spanish and also of the Venezuelan Governments. Sir John Reid was Deputy- Governor of the Bank in 1837, Governor in 1839, and was still a senior Director. "According to general rumour," adds the Globe, "pecuniary aid to the amount of 100,0001., in equal proportions, was rendered only a day before the suspension by an eminent discount-house and by one of the principal London bankers, but whether on adequate security is not known."
• Amongst other stoppages is that of Messrs. Dennison and Company, of O'Brien's Bridge, Limerick.
The Journal des Debate announces the failure of the house of Excels and Company, of Venice, for the sum of 1,300,000 Austrian livres. The firm was exclusively engaged in the corn-trade, and the consequences of the failure will be severely felt in the ports of the Adriatic and Mediter- ranean.
A correspondence which has just appeared announces an important movement to moderate the present headlong rate of railway speculation. On Saturday last, the Committee of the Liverpool Stock Exchange passed a resolution, declaring that the depression of railway property during the last two years has been seriously aggravated by the enormous same railway companies have called up from their proprietors and the public; suggesting that by a cordial union among themselves the several railway companies may devise a means of prompt and effective relief; and proposing a meeting in London of deputations from the various boards of direction to consider the subject. The resolution has been forwarded to the chairmen of the leading railway companies; and an answer has been received from Mr. George Carr Glyn, expressing his perfect willingness to meet the deputa- tion, and his earnest desire to cooperate in the movement. Mr. Glyn adds- " Ai; the organ of the Board of the London and North-western Railway Company, I have already announced the intention of the Directors to delay, as far as practicable, the commencement of new works on their lines."
Replies have also been received from the Chairmen of many other lead- ing Railway Companies, expressing themselves in favour of the views put forth by the Committee.
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