MORE BANK FAILURES

Temuka Leader, Issue 2244, 22 August 1891, Page 1

MORE BANK FAILURES

Melbourne, August 19. The Anglo- Australian. Bank, which has its head-quarters here and branches at Adelaide, Hobart, and London, suspended payment this morning. It is understood that it is involved with the British Bank. It was intended when the latter closed to have effected a reconstruction of both institutions by amalgamation. The liabilities are £54,400 and the assets the same amount, consisting of freehold properties and advances. The suspension has not created any sensation. Sydney, August 19. The Australian Mercantile, Loan, and Guarantee Bank, with its head offiice here and branches in the different colonies and London, has suspended payment. Its report for the period ending June last is a curious document, and very little can be made out of it. So far as can be seen, the profits last year amounted to £375, but the Directors thought it inadvisable to declare a dividend, and carried the amount forward. Singularly enough, the document is not signed by any Director. The nominal capital of the bank is half a million and the called-up capital £70,000. The suspension is said to be due to the run on the Melbourne branch through the failure of the British Bank and defalcations of one of the Directors, who has fled. ____.