Australian Banks

Feilding Star, Volume XIV, Issue 139, 13 May 1893, Page 2

Australian Banks

(PER PttESS ASSOCIATION.) Mklbohrnk, May 11. Tho Melbourne Metropolitan Board of Works is placed in a serious position through the recent suspensions. Between the Commercial Bank and the Bank of Victoria the board has £600,000 of the last loan tied up. A firm of solicitors has received instructions, on behalf of the Scotch depositors, to oppose the reconstruction of the Standard Bank. Meetings of shareholders and depositors in the Bank of Victoria have ndopted a scheme of i e ?onslrnctioa on lines s : milar to those proposed by the other banks. London, May 11. The Bank of Australasia and tb.3 Union Bank of Australia are each shipping £250,000 in sovereigns to Australia tomorrow. The Hon. J. it. Dickson, who is a director of several of the leading banking and financial institutions in Queensland, said, in the course of an interview, that there was not the slightest foundation for the rumours with regard to the condition of the Queensland National Bank. The Directors of the English, Scottish, and London Chartered Bank are framing a plan of reconstruction which will enable two banks to easily amalgamate after reopening. This is delaying the promulgation of a scheme. May 12. The Australian Banks have raised tho rafco of exchange half per cent. At a meeting of Scotch depositors in the Australian Joint Stock Bank the reconstruction scheme was approved by 81 to 13.