Though events of a calamitous character to general commerce intervened, the shipping interest escaped, and, indeed, flourished. Beyond the large quantities of corn necessary to import, so as to meet the urgent wants of the famishing people of Ireland, it was found by the end of December, 1846, that the deficiency of grain in France, Belgium, and Germany, as well as in the south of Europe, was greater than had been apprehended, and, consequently, prices rose throughout the Continent, the average reaching 75_s._ per quarter in England.[77] Suddenly, large quantities of shipping were again required to execute orders received from France and Belgium for purchases made at advanced prices. The alarm lest the scarcity should still further increase became general; and, in consequence of this, together with apprehensions for the home crops, the average price of wheat rose in May (29th), 1847, to 102_s._ 5_d._[78] Such prices naturally led to great speculation; while the efforts made to bring corn from the most distant regions gave an enormous impulse to the carrying trade, both in Europe and elsewhere.[79] [Sidenote: and distress of 1847.] [Sidenote: Suspension of Bank Charter Act.] But a frightful reaction soon followed. Corn was poured into the ports of Great Britain from all parts of the world with astonishing rapidity. The docks of Liverpool exhibited a quantity of flour that, perhaps, had never been, at any previous period or in any country, imported by merchant vessels to one market. Prices fell to 56_s._ per quarter for wheat, and heavy commercial disasters ensued. Money advanced in value; in August and December the pressure for it increased to a panic. The Bank rate of interest rose to 10 per cent.; and the discount of the best paper became almost impossible. Numerous failures followed; and as representations were made that the credit of the country itself was seriously threatened, Government, on the 25th October, reluctantly stepped forward to arrest further disasters, and took upon themselves the responsibility of risking the violation of the provisions of the Bank Charter Act of 1844; Lord Russell, as First Lord of the Treasury, and Sir Charles Wood, then Chancellor of the Exchequer, advising the Bank to enlarge the amount of its discounts and advances to a minimum of 8 per cent., promising if any infringement of the law should result that Government would secure a Bill of indemnity for the Bank on the meeting of Parliament. The measures taken by Government produced a salutary effect on commercial circles; and as no actual infringement of the Bank Act of 1844 had occurred, Ministers, considering the purpose they had in view by their letter of October 25th fully answered, intimated that it was unnecessary any longer to continue in force this letter of relief and indemnity. FOOTNOTES: [61] See ‘Report of the London Shipowners’ Society, 1833.’