... . All is not Gold that Glitters Deae Sie, Capel Court, Doc. 30, 1893. For tlie last time in this most disastrous year we have to write to you, and we sincerely hope, dear Sir, that neither you nor ourselves will ever have to pass through so severe a time of depression again. The year, as you will remember, opened with general hopes of improvement, which continued until the early weeks of April ...

... NOTES FBOM THE EXCHANGE. All is not Gold that Glitters. Deab. Sin, Capel Court, April 29, 1893. The Australian position remains the unknown quantity in all future calculations. When, a fortnight ago, we wrote you that with the great Australian banks it was a case of the Devil catch the hindmost, and that the old gentleman's appetite would probably prove voracious, we did not expect the truth ...

... NOTES FROM THE EXCHANGE. All is not Gold that Glitters. Dear Sir, Capel Court, May 6, 1893. Again, before the ink of our last letter to you was dry, we were startled by a further development in the Australian crisis, but one which you will not have been quite unprepared for. Within about a month six large banks of issue have suspended payment in the Australian Colonies, involving a lock-up of ...

... NOTES EROM THE EXCHANGE. All is not Gold that Glitters. Dear Sjr, Capel Court, May 13, 1893. The position in the City is far worse to-day than it was when we last wrote you. The week just over has been one of the most trying that we can remember for years, and general surprise has been expressed in many quarters that the settlement has not proved more disastrous than it appears to have been. ...

... NOTES FROM THE EXCHANGE. All is not Gold that Glitters Dear Sir, Capcl Court, May 17, 1893. In consequence of the coming holidays, you will, no doubt, as at Easter, forgive us for writing to you in the middle of this week and not at the end. Paralysis is the only word which expresses the situation in relation to either investment or speculation, while general and hopeless demoral isation ...

... . All is not Gold that Glitters. Dear Sir, Capel Court, May 27, 1893. We are gratified to hear that you took our advice and went off for your holiday without troubling yourself any further about the price of stocks and shares, in the full assurance that upon your return you would find things at least no worse than when you went away. On the whole, the position has distinctly improved, and if ...

... NOTES FROM THE EXCHANGE. All is not Gold that Glitters Dear Sir. Capel Court, June 3, 1803. The Bank return, showing such a large influx of gold, and increasing the proportion of reserve to liabilities from just over 37 per cent, to something under 42 per cent., has improved the tone of the money market, and brought discounts down, so much so that the rates on deposit have been lowered, and in ...

... NOTES EROM THE EXCHANGE. All is not Gold that Glitters. Dear Sir, Capel Court, June 10, 1893. The continued influx of gold, backed by a 1 per cent. reduction in the bank rate, has caused a still weaker tendency in the discount markets, and, however unhealthy these sudden fluctuations in the value of money may be, we cannot conceal from ourselves that during the last fortnight the drop has ...

... NOTES EEOM THE EXCHANGE. All is not Gold that Glitters. Dear Sir, Capel Court, June 17, 1893. The continued influx of gold has induced the Bank directors to again lower the official rate, and everything points to still further depreciation in the value of money during the next few weeks. For those who want a safe and quiet 41 per cent, investment (and who does not we can confidently recommend ...

... NOTES FROM THE EXCHANGE. All is not Gold that Glitters Dear Sir, Capel Court, June 24, 1893. The millions which of late have weekly poured into the Bank seem for the moment to be exhausted but the return, showing a proportion of reserve to liabilities of over 50 per cent., is quite unusual. Discounts, however, have hardened somewhat since we last wrote to you, and the fear of gold shipments to ...

... NOTES EEOM THE EXCHANGE. All is not Golcl that Glitters. Dear Sir, Capel Court, July 1, 1893. in matters hnancml we live in days ot wars and rumours ot wars, tor since we last wrote to you not only have Goldsborougli, Mort, and Co. suspended payment, but a financial revolution lias taken place in silver, tlie meaning and effect of which we do not even yet realise or fully understand. It is ...

... . All is not Gold that Glitters. Deak Sin, Capel Court, July 8, 1893. By degrees the effect of the Indian legislation is beginning to be understood, and the heavy drop in silver which had brought that metal down to thirty pence an ounce, lias produced a considerable reaction, thanks to which more than half last week's depreciation has been recovered. We were not surprised to hear that ...