The City is frightened again, and this time with some
reason. There have been a series of failures this week, including Messrs. Collie and Co., of Manchester, with nominal liabilities of £3,000,000; and Messrs. Young, Borthwick, and Co., bill- discounters, with liabilities of more than £2,000,000, and more are expected. It is believed that besides the iron trade, the piece-goods trade and the India trade generally are in a bad way. Enormous shipments of piece-goods have been made in the face of glutted markets, and have, of course, in- volved heavy losses ; while in India, it is said, the trade in opium has ceased to be profitable. As the opium-dealers fill in India nearly the place of the "financiers" in London, and used their formerly large profits in every variety of speculation, there may be a very bad quarter of an hour coming in all the great markets of the East, where money for some time past has been ruling high. It is, however, cheap enough in London-3f per cent.— and the Banks seem strong.
