AUSTRALIAN NEWS
CONVERSION LOAN. , (Australian Press Association.) ■ " 1 (Received this day at 9.25 a.m) MELBOURNE, September 4. The Premiers Conference decided that holders who refused to convert holdings in the Conversion Loan be compelled to convert. Dissentients number twenty-nve thousand and the total value of their holdings is £18,293,257 sterling. The total of actual and promised conversions now amount to £487,0/8,169 sterling. PRIMARY PRODUCERS BANK. (Received this ,rlay at 9.25 a.m) MELBOURNE, September 4. Acting on instructions from the Board of Directors of the Primary Pro. ducers Bank, the solicitors presented a petition to the Supreme Court asking the Bank be wound up in Victoria. BANK SUSPENDS PAYMENT. (Received this day at 9.25 a.m) BRISBANE, September 4. The Federal Deposit Bank of Brisbane has suspended payment till further notice. Its liabilities to depositors and others bankers approximate £870,000. The Directors stated that within the last few days, heavy withdrawals had been made by customers owing to the circulation of various rumours. This had resulted in a severe drain on the liquid assets. The Bank had suffered no trading losses. The Directors wished it to be understood that the Bank was quite solvent and there should he no occasion for undue alarm for either depositors or shareholders. MELBOURNE, September 5. The Commonwealth Bank Board informed the Premiers’ Conference that it will provide five millions sterling to carry the various Governments over the “revenue lag” in evidence in the early months of the financial year, and will also provide an additional million in order to carry on loan works now in progress in various States.
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Hokitika Guardian, 5 September 1931, Page 5
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263AUSTRALIAN NEWS Hokitika Guardian, 5 September 1931, Page 5
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