Run on the N.S.W. Savings Bank

Feilding Star, Volume XIV, Issue 130, 22 April 1893, Page 2

Run on the N.S.W. Savings Bank

(PEE PBKSB ASSOCIATION.) Sydney, April 21. Although the recent failures had caused uneasiness it was not until the announcement of the suspension of tho Joint Stock Bank that anything approaching alarm was felt among the public. There was a run on the Savings Bank of New South Wales, and great excitement was caused. As the closing hour approached matters quieted down. The safes in the Sydney Safe Deposit Company's premises were at a premium owing to the number of firms who withdrew coin from the banks and placed it in these private receptacles. London, April 21. The London office of tho Australian Joint Stock Bank was surprised to learn, through the newspapers, of the suspension of the institution, as they knew of nothing to induce fear. Itecent cables to Sydney from the London office stated the latter was in a position to assist, but such assistance had not been asked for. Securities in London amount to £461,500, which are free. The English Scottish and Australian Chartered Bank, cannot be reconstructed as a chartered bank, but must become a limited liability Co. It is believed under the nevr scheme calls will bo £10 per share.