ENGLISH PRESS OPINIONS.

Feilding Star, Volume XIV, Issue 123, 6 April 1893, Page 2

ENGLISH PRESS OPINIONS.

London, April 5. Daily News says the suspension of the Commercial Bank has come upon financial circles as a severe shock. At first blush it may be expected to cause most unfavourable opinions as to the effect on the credit! of the colony, as it bad been thought that under the joint statement of the Associated Banks the Victorian Government, published a short time ago, the Commercial Bank would have been pulled through its difficulties. The Westminster Gazette, commenting on the failure, describes it as one of the largest of modern times. The Scotsman considers it imperative that the Victorian Government should prove its sincerity and help the bank, but such aid must be practical and calculated to impress the public by its effectiveness. Oilier Australian banks, it is apprehended, may suffer by haying narrowed the field for the realisation of their resources. The bulk of the five millions of British deposits in the Commercial Bank aro Scotcli. Nearly seven thousand persons in Edinburgh alone deposited £1,950,860. Much of this money came from legal firms and the wealthy classes. Of late years the minimum amount that would be taken on deposit was raised to a hundred pounds. Heavy payments for interest on deposits were due here to-day. The Daily News thinks the assets of of the bank should be handed over to an Estates Eealisation Company in the same manner as the Bank of New Zealand's assets were dealt with. Daily Chronicle considers the suspension the most serious Colonial fatfurs that has ever affected England. Victorian three and a half per cents have fallen one per cent. The bank had arranged to pay interest to a thousand depositors on Saturday, Ist April, but few applied owing to the holidays. .