The Recent Bank Failures

Feilding Star, Volume XIV, Issue 127, 15 April 1893, Page 2

The Recent Bank Failures

(PBE PBESS ASSOCIATION.) Sydney, April 14 Rumours are rife regarding the stability of several minor banks. Mklboitbne, April 14. The suspension of the Chartered Bank has caused comparatively little excitement. _ There are over half a million sovereigns in the bank's coffers, but the withdrawals were so persistent that they were compelled to suspend. London, April 13 The British deposits in the English, Scottish and Australian Chartered Bank amount to .£850,000, which is about equally divided between the three kingdoms. The bank's solicitors have been instructed to petition the Court for liquidation, with a view to protect the assets. The Directors believe the capital reserve is intact, and unless the affairs in Australia are found to be in an utterly chaotic state, there will be a surplus of more than a million. The present liability is set down at — Current accounts, £906,100 ; fixed deposits, £4,058,000. April 14. Several Scotch depositors and bank agents are in favour of the reconstruction of the Federal Bank on somewhat similar lines to the Commercial Bank, with its head oflice in London. An official receiver has been appointed fur the English, Scottish, and Australian Chartered Bank. The Standard upholds die reconstruction of this bank. The leading shareholders meet today to consider the proposal.