Australian Financial Crisis

Feilding Star, Volume XIV, Issue 141, 18 May 1893, Page 2

Australian Financial Crisis

FAILURE OF TWO MORE BANKS. [_ri:B FBKSS ASSOCIATION.] London, Maj 10. Tbo Standard states Unit it is impo9siblo fur tho Hank uf En^luud to assist tho Queensland Crivernmont Intense surpriso was caused hero at tho | suspension of tho Commercial Banking Com pan vof Sydney. Tho liability here is £800,000. which tho iusjts fullj cover, and the Cork depositors are applying for the protection of tho assets. Tho suspension of the Queensland National Bank caused but little surprise. .M klhoimivr. May 17. Considerable attention is being devoted in business circles to t lie proposal that Government should issue a paper currency on the security of current accounts locked up in the bunks which have suspended payment. The City of Melbourne Bank hns suspended, owing to the withdrawal of Scotch deposits. May 18. The Attorney-Gonera), being of opinion that there is no direct evidenco of conspiracy, or sufficient evidence of intent to defraud, against Sir M. Dayies and Mr F. T. Milledge, who recently were committed to trial on a charge fof conspiracy', arising out of the failure of tho Mercantile Bank, the Court has decided to enter a nolh- pi'oscqiti in the case of both the accused. Brisbane, May 16. The Federal Building Land and Investment Society has suspended. The paid up capital is £85,000, and deposits amount to .£43,800. May 17. The Royal Bank of Queensland has suspended payment. The balance-sheet to December Dlst shows liabilities, £1,359,000, including deposits, £798,000. The assets include coin and bullion, £199,000; Government securities, L 29--,-000; and advances, L 1,100,000., 100,000. Steps are being taken to reconstruct the j bank. ! May 18. The general abstract of the Royal Bank of Queensland, for the March quarter, shows liabilities £862,000, including deposits £779,000. Asssets £1,280,000, including coin and bullion of value, £100,000.