FORE:SPADE GUINEA OF GEORGE III.The winter of 1836-7 was marked by great commercial activity, and a strong tendency to over-trading, chiefly on the part of the banks. The result was a reaction, and considerable monetary embarrassment. In the reckless spirit of enterprise which led to these consequences, the American houses took the lead. The American speculators indulged an inordinate thirst for gain by land jobs, and over-trading in British produce. The most remarkable examples of this were afforded by three great American houses in London, called "the three W.'s." From an account of these firms, published in June, 1837, it appeared that the amount of bills payable by them from June to December, was as follows: Wilson and Co.,[411] ¡ê936,300; Wigan and Co., ¡ê674,700; Wildes and Co., ¡ê505,000; total acceptances, ¡ê2,116,000. This was upwards of one-sixth of the aggregate circulation of the private and joint-stock banks of England and Wales, and about one-eighth of the average circulation of the Bank of England. The shipments to America by Wigan and Co. amounted to ¡ê1,118,900. The number of joint-stock banks that started into existence at this time was remarkable. From 1825 to 1833 only thirty joint-stock banks had been established. In that year the Charter of the Bank of England being renewed, without many of the exclusive privileges it formerly enjoyed, and the spirit of commercial enterprise being active, joint-stock banks began to increase rapidly. There was an average of ten new companies annually, till 1836, when forty-five of these establishments came into existence in the course of ten months. In Ireland there were ten started in the course of two years. The consequence of this greatly increased banking accommodation produced a wild spirit of commercial adventure, which collapsed first in America, where the monetary confusion was unexampled¡ªbankers, importers, merchants, traders, and the Government having been all flung into a chaos of bankruptcy and insolvency. This state of things in America had an immediate effect in England. Discounts were abruptly refused to the largest and hitherto most respectable houses of Liverpool and London. Trade, in consequence, became paralysed; prices suddenly dropped from thirty to forty per cent.; and the numerous share bubbles¡ªthe railway projects, the insurance companies, the distillery companies, the cemetery companies, the sperm oil, the cotton twist, zoological gardens, and other speculations¡ªwhich had floated on the pecuniary tide, all suddenly collapsed, and there was an end to the career of unprincipled adventurers. It is satisfactory, however, to observe that the sound commerce of the country soon recovered the shock thus given; and in less than two years the pecuniary difficulties had passed away. Commerce had resumed its wonted activity, and flowed steadily in legitimate channels. The American banks resumed payment, and the three great American houses, which had involved themselves to such an enormous extent, were enabled to meet all their liabilities.
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FORE: "London, December 28, 1828.
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FORE:On the 19th Collingwood signalled Nelson that the French fleet was coming out of Cadiz. On the morning of the 21st, when the British fleet lay about seven leagues north-west of Cape Trafalgar, the hostile fleet was discovered about seven miles to the eastward. Nelson ordered the fleet to bear down on the enemy. As Villeneuve approached, he veered so as to bring Cadiz under his lee, and thus secure a retreat into it. This compelled Nelson to shift his course a little more northward. Villeneuve had preconcerted a plan of action which he boasted would prevent Nelson from cutting his line, as was his custom. He determined to advance in two lines, with each alternate ship about a cable's length to the windward of her second ahead and astern, so that his fleet would represent the chequers of a draft-board. This plan, however, did not succeed. Nelson found now the shoals of San Pedro and Trafalgar under the lee of both fleets, and, dreading that he might be carried upon them at the end of the battle, he signalled, from the Victory, for the fleet to anchor at the close of the day. He then told Blackwood that he should not be satisfied unless he took twenty of the enemy's ships, and asked him whether he thought a general signal of action were not wanting. Blackwood replied that he thought the fleet all understood what they were about. But Nelson hoisted on his mizen top-mast his last signal¡ª"England expects every Man to do his Duty." It was seen, and responded to with loud hurrahs.
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