The Commercial Bank Failure

Feilding Star, Volume XIV, Issue 126, 13 April 1893, Page 2

The Commercial Bank Failure

ANOTHER BANK HI'HST ; ALSO, A BUILDING SOCIETY. (l'Ell IKESS ASSOCIATION.) London, April 11. Mr J. Malcolm (of Messrs McEwan and Co.) presiding at a meeting of the shareholders of the Commercial Bank, referred to t lie streng'h of this bank's profitable business, especially in the country branches. About -t'TiJO.OOO was represented. Mr Malcolm impbied the depositors to avoid liquidation and discourage the wreckers of the colony. The Scotsman considers the proposals the best that, could be adopted, and the Times thinks a wise course has been taken. The Edinburgh agents of the Commercial Bank aro daily receiving the assent of depositors to the reconstruction scheme. Sydney, April 12 The Northumberland Permanent Building Society, Newcastle, has suspended payment. The society's difficulties are due to the suspension of the Commercial Bank of Australia. The deposits amount to £111,000. The overdraft with the Commercial Bank amounts to £14,000. The society '« advances total £235,000. It is anticipated that if the depositors renew the deposits as they fall due, the society will ru-open its doors. Melbourne, April 12. The English, Scottish, and Australian Chartered Bank has suspended pa3>ment owing to heavy withdrawals since the suspension of the Commercial Bank of Australia. Since the first of the month two millions have be&n withdrawn from the Australian branches of the institution. A circular issued by the management states that the bank is perfectly sound, and will be immediately reconstructed. No further dotails are available. This Day. The December returns show the English, Scottish, and Australian Chartered Banks' advances amounted to £5,753,000, of which £2,076,000 were in Victoria and £2,126,000 in New South Wales. Tin bank held coin and bullion to the value of £768,000. Notes will be cashed at all branches and by the other banks. Yes- i terday the following were the approximate deposits in the various colonies : Vie- j toria— Fixed deposits, £1,407,000; current accounts, £376,000 ; Government deposit, £258,000. New South WalesFixed deposits, £1,055,000; current accounts, £273,000; Government, nil. Adelaide — Fixed deposits, £497,000 ; current accounts, £170,000; Government, £48,000. Queensland — Fixed deposits, £68,000 ; current accounts, £15,000 ; Government nil. The London deposits are about £900,000. ___ _________