Some sensation was created in the City on Monday morning,
by the announcement that Messrs. Wright and Co., the Catholic bankers, of Henrietta Street, Covent Garden, had. stopped payment. They had extensive connexions in Ireland and on the Continent. " The event," says the City article of Monday's Globe, " was not altogether unex- pected, as it was known that they had become embarrassed by their connexion with a host of public companies, chiefly mining speculations, which have acted us a heavy drag upon them for some years past ; and the unfavourable impression was strengthened by the appearance of many of their acceptances in the discount-market, drawn under rather suspicious circumstances. We bear their liabilities variously estimated from half a million up to one million; the latter we think nearest the mark. It is said they will probably pay 20s. in the pound, but it will require a long time to realize their assets." One of the partners has issued the following circular to the connexions of the bank, taking all the blame which attaches to the event on himself- " It is with feelings e the deepest regret, that owing to my inability any longer to support SIMIC large mercantile undertakings, in which I1
eee most in- cautiously and improperly engaged, I have unfortunately so compromised the credit of our banking-house, as to compel it to suspend its payments.
" I still hope these will, if not hastily hurried to a close, indemnify our cre- ditors against ultimate loss; but, should the result prove otherwise, I must, in Justice to my partners, acquit them of all blame, and impute solely to myself the !menial& consequences which have now ensued, both in their regard and in that of those esteemed friends who have reposed such unbounded confidence in Our establishment.
" I must further add, that my partners have constantly remonstrated and expostulated against CVCry irregularity and departure from the legitimate busi- ness of the house; and for these reasons I prefer making this announcement in my own name, however painful and humiliating it is to me to do so. " Henrietta Street, Covent Garden, London, JOHN WRIGIVE." November 213d, 1840."
The Bankers' Circular remarks on the failure of Messrs. Wright and Co.'s bank, that Mr. John Wright was the principal means of raising and sustaining a great number of public companies in the Metropolis and elsewhere. Among other companies in which he was engaged, it is said he had expended 150,000/. in a new white-lead-manufactory at Lambeth, which is considered a total failure; that he was the principal m a manufheture of alkali in Shropshire ; that he commenced a new steam-navigation company, with a great number of shares, not one- fourth of which were taken, and when a call was made to pay fbr the ships built, the shareholders hung back and threw the burden on Mr. Wright. The liabilities of the hank in deposits is stated by the Bankers' Circular at 700,000/. Among the deposits the Duke of Nor- folk's is mentioned at 80,000/.; other accounts reduce it to 50,0001., 40,0004, and 14.0001. As to the assets, the best reliance for the cre- ditors is the private property of Mr. Anthony Wright, which is esti- mated at 300,000/. It' this and the other private property of the part- ners is not strictly entailed, and is available for debts, it is supposed there may ultimately be no deficiency. The Morning Chronicle yesterday alluded to false rumours that have been circulated respecting the stability of other private banks- " The failure of Wright's bank lute given rise to reports of a very calunmious nature .against the idahility of other London establishments. Rumours of the most sinister description have been current touching the position of other pri- vate banks, without the smallest ground. Believing that they were the mere Offspring of idle gessip, and would soon die a natural death if not kept alive by being honoured with attention we have not previously said 8 wind regarding them. Finding, however, that they have been repeated in various quarters, and spread about with renewed activity, we are called upon to express our re- probation of them, and to caution thoee who have been engaged ne such pro- ceedings of the great impropriety which they have connnitted."
The firm of II. Johnson and Co., whose stoppage was lately noticed, have issued a circular stating their intention to resume such business as is compatible with the earl y liquidation of their affairs ; arid that it will lie carried on under the tirm of Johnston, Butler, and Son. A detailed statement of their affairs is forthwith to be laid before their creditors. They have given notice of payment of I Os, in the pound on the 28th instant (to-day.)
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