The Feilding Star. THURSDAY, APRIL 27, 1893. Australian Financial Troubles

Feilding Star, Volume XIV, Issue 132, 27 April 1893, Page 2

The Feilding Star. THURSDAY, APRIL 27, 1893. Australian Financial Troubles

The financial troubles in Victoria are not yet over, and a telegram from Melbourne informed us that on Tuesday night the London Chartered Bank of Australia had suspended payment. It would appear that the alarm of shareholders, which we are toll was " needless," was communicated from them to the customera of the bank and resulted in heavy and continuous withdrawals. With a promptness which implies that they were not unprepared for such a contingency, it was decided by the management to temporarily suspend, ponding tho " reconstruction of the bank " a phrase which hns now become rather hackneyed. The bank transacted business in New South Wales, Queensland, and Victoria. Last quarter's returns show assets in New South Wales of £2,583,000, and liabilities £896,000. In Victoria tho deposits amount to £2,381,000, and the advances to £3,535,000. On December 30th the Australian deposits totalled £3,186,000, and British £3,583,000. The bank was re-opened on Wednesday morning to cash notes, and receive now accounts — if any offered. It is said the associated banks were willing to assist but owing to the excited condition of the public the management considered monetary aid would be ineffectual— a most remarkable belief under the circumstances. In Sydney Sir George Dibbs announced in the House that tho panic in New South Wales had beon averted, therefore the new Bank Bill need not bo passed without the fullest discussion. The Bill was introduced yesterday. We sincerely hope that we will hear of no more of those failures.