Another Bank Failure
• ■ — 140,100,000 LOCKED UP. (per press association.) Melbourne, May 7. Tho Bank of Victoria has suspended payment. The directors have issued a circular stating that owing to heavy withdrawals they have proposed to immediately reconstruct Jon similar lines to those taken by other banks. They announce they are satisfied the institution is perfectly solvent. The last balance sheet showed liabilities amounting to i.8,7-36,000 including deposits of £7,057,000. The assets inc)nde advAJieea to the extent of £6,4.60,000. May 10. The suspension of the Bank of Victoria has caused a disturbed feeling, especially in the country districts, in some of which there is no other bank available. The reconstruction scheme leaves it optional with depositors to accept shares. It is estimated that tho suspension of the six large banks has locked up £40,100,000 of money, of which A' 19,000,000 is in Victoria', £11,600,000 is in England, and the rest in other colonies. Sydney, May 10. The suspension of the Bank of Victoria caused no stir here. The banking business appears to have resumed its normal course. ________
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Bibliographic details
Feilding Star, Volume XIV, Issue 138, 11 May 1893, Page 2
Word Count
176Another Bank Failure Feilding Star, Volume XIV, Issue 138, 11 May 1893, Page 2
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