Australian Financial Crisis

Feilding Star, Volume XIV, Issue 140, 16 May 1893, Page 2

Australian Financial Crisis

FAILURE OF THREE MORE BANKS. (l'l-.lt PUESS ASSOCIATION.; Bimsimnk, May 15. Tho (^(eetislatid National Hank has suspended payment. Its liabilities arc iMO.G-2'2,970, including £8,52*3,962 of do posits. Tho assets include £8.133,387 worth of advances aud other due debts ; also £'106, 595 worth of com and bullion, Tho cause of the suspension is attributed to tho continuous withdrawal of money in tho London office. [In January last tho bawk declared a dividend o\ ttm per cent, and tho directors' report was ehoorful aud reassuring] Tho Bank of North Queensland has also suspended payment ponding the reconstruction, Its liabilities aio £<i 61,30o > including £350,776 deposits?. Tho assots include £109,114 coin and bullion, and £494,457 in advance. Tho Government are guaranteeing notes of the National Bank. [The Bank of Nerth Uuoonslaud which divided 5 por cent last January, was also the subject of a reassuring report. ] Tho Permanent Building and Benefit Society has suspended, owing to its b»nkmg with, the Queensland National Bank. This Day. Tho Permanent Building Society holds deposits to the extent of £204,000 mostly on fixed terms. A scheme of reconstruction is being prepared. Sydney, May 15, Tho Commercial Banking Company of Sydney havo suspondod payment, ponding reconstruction. Tho liabilities are over i' 14 ,000,000, including £11,344,000 of deposits. Tho assets include com and bulhou, M 1,702,000., 702,000. and advances, &c, i; 11,016,000. Tiie suspension has caused considerable surprise, as it was hoped that goneral confidence hud been restored. Tho withdrawal of deposits has boon stoadily kept up, and over £1,000,000 havo been taken out of tho bauk dunug tho last few days, This Day. The result of tho conference held yesterday between Ministers and Baukers is a proclamation by the Government declaring the notes issued by the banks of Now South Wales, Australasia, City of Sydney, and Union Bank legal tender for six months. London, May 15. The Queensland National Bank is applying to the Court for voluntary liquidation. The Exchange is excited by the suspension for which it was not prepared and surprise is expressed that tho Whit Sunday term was allowed to approach so near before the intentions of the Bank were intimated.