Nr. 41, 25. Januar 1855.  
Mittagblatt  

X. London, January 22. (The Commercial Crisis.) It is well known that the Chancellor of the Exchequer, Robinson, opened the Parliament of 1825 with a dithyramb on the unheard-of upswing of trade and industry. A few weeks later the Bank of England was on the point of suspending its cash payments. Since that time Robinson has retained the nickname “Prosperity Robinson” given to him by Cobbett. Since people in England love historical precedents, Prosperity Robinson could not avoid finding successors. The speech from the throne with which the last extraordinary parliamentary session was opened congratulated the country on the extraordinary state of prosperity in agriculture, manufacture and trade. And yet, by then, even the semblance that could have dazzled Robinson had already vanished. Ministerial congratulations seem to be part of the ceremony with which convulsions of the world market are customarily announced in England. More strange, however, than the language of the ministers is at this moment the silence of the press. Does it believe it can “burke” the commercial crisis, just as in the literary coteries of Paris objectionable books are “burked” – by the conspiracy of silence? Meanwhile the price lists speak, the bankruptcy lists in the “Gazette” speak, and the letters of the “business friends” speak. Soon the newspapers will also speak. Last week very considerable suspensions of payment took place in the City, among which the most significant were those of Messrs Lonergan & Co., engaged in the Spanish and West Indian trade; of Messrs Rogers, Lowrey & Co., who did business with Manchester and the surrounding factory districts; of Messrs Kotherington & Co., belonging to the American trade; and finally of the brothers Aubertius, an old and respectable firm. The liabilities of these various houses are said to average from £100,000 to £150,000. For this week new suspensions of payment are expected from at least seven important City houses.

From a business letter from Birmingham, dated January 20, we glean the following details about the state of the South Staffordshire industry:

“With the exception of those houses of the iron industry which are producing war material to government order, very few have any orders at all, and those they have are at extremely reduced prices. £8 10s. now buys a ton of bar iron which in midsummer was quoted at £12, but even at these reduced prices sales can hardly be effected, so that production has to be curtailed. Few of the large interests of the United States of North America have suffered more from the commercial crisis there than the iron trade. Nearly all the large ironworks in the United States, on which enormous sums have been laid out, have thrown their workers onto the street, and this without any prospect of an early resumption of work. The iron consumption of America must therefore be considered as almost entirely suspended, and we have no further orders to expect from there.

Last Saturday many workers were discharged from the (Birmingham) tin factories, and more will follow them this evening (January 20). The iron and brass workers are no better off, as here in most of the large works only short time is worked.

In fancy articles the orders still on hand are very scanty, and the commercial travellers seeking spring orders in this branch are sending home very discouraging reports.

The state of the money market continues to have a disturbing effect on all branches of trade. The banks are screwing up in a most injurious manner, and at the present moment there is only one business that flourishes – that of the money-lender. The small pawnshops are thronged with applicants, and the bill discounters are reaping a rich harvest.”