Page:Item 6 1854.pdf/208

From Historical Hastings
This page has been proofread


pecuniary engagements falling due on the 4th, and for which large deposits had been lodged with the bankers previously to the latter closing their doors. The next to suffer would be those who employed a large number of mechanics and labourers, who might have been in the habit of drawing from their deposits at certain times the moneys wherewith to pay the weekly wage. The fishing interest would also suffer to some extent. but the class of persons who would probably suffer most, would be that to whom large advances had been made and on whom a demand would soon be made for repayments. Bad, however, as the case might have been, there was much cause for thankfulness that it was not even worse. The savings banks and benefit societies the latter of which were numerous - might have been deprived of the major part of their funds, and thus have been obliged to close the door of benevolence against their members at a time of their utmost need. There was reason to fear that the Bank's liabilities, stated to be £150,000, would exceed that amount; but whateer it might prove to be, it was of course hoped that the assets would be more than equal to the general anticipation, and that the ultimate loss would be so small as to restore in some degree commercial confidence, which by that even had received a sudden shock. Some of the inconvenience which was felt was partly relieved by additional facilities promptly afforded by the London and County Banking Company, who having establishments at Hastings and Rye, also arranged with Mr. Southall to superintend a branch bank at St. Leonards. In addition to this arrangement, not more than a week had passed when Mr. O'Neil, the Hastings manager, stationed himself at Battle for a similar purpose. At each of these branches accounts were immediately opened, and through them payments could be made in London at the head establishment, 21 Lombard street, or at Masterman, Peters and Co. It was not to be supposed, however that a district of so much commercial importance as that of Hastings and its neighbourhood would be content with one bank, when even thirty or more years before, with less than half the population, it had no fewer than three. There was sure to come another bank, howsoever accommodating the London and County company might be. In the mean time it behoved all classes to unite for the general good. To assist each other as much as possible should have been the aim and effort of all, and especially of those who had the means at their command. Doubtless the payment of accounts and ready-money purchases did much to relieve the pressure and -