Mr. Lidderdale, who retires this week from the Governorship of
the Bank of England, gave on Thursday a summary of the relation between the Bank and the Baring estate. All the liabilities of that great firm have now been paid off, except £89,000, and the debt due to the Bank itself of £6,928,000. Against this total sum of £7,017,000, the Bank holds £2,049,257 in Uruguayan bonds, £5,808,862 in Argentine bonds, partners' property valued at £984,350, and other securities bringing the total up to £10,338,000. This shows a surplus of £3,000,000 for the estate, but is dependent, of course, upon the price realised for that mass of South American paper. When that mass has been further reduced, the guarantors will, it is believed, take over the remainder, and hold it for better days, which, however, depend entirely on an unknown quantity, the power and willingness of the new Argentine Government, to be elected in June, to settle with its creditors. The market considers the statement cheering, and it undoubtedly is so,—for the Bank, which sees a prospect of getting rid of all that stuff which is not at present liquid capital at all.
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