FINANCIAL FAILURES.
Sydney, Sept. 25,
The Sydney Permanent Freehold Land and Building Society, one of the soundest financial institutions, has suspended payment. It is reckoned that the assets will pay 30s in the £. The whole of the securities are unincumbered and in the Society’s possession. The suspension was due to a panic caused by other failures, and it was thought better to take this course than pledge the securities. The balance-sheet shows a capital of £104,000; paid-up capital, £80,000; reserve, £65,000, due to depositors, £261,000. The assets include borrowers’ balance, £321,000 ; landed estate, £122,000. It is almost impossible that other societies can stand the strain. The instability of these institutions is undoubtedly due the fact that while the liabilities are generally short-dated, the obligations for the repayment of assets extend over long periods. Thorough reconstruction is necessary, and the time within which money can be withdrawn made to bear some workable relation to the time in which the assets can be called
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Temuka Leader, Issue 2260, 29 September 1891, Page 3
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162FINANCIAL FAILURES. Temuka Leader, Issue 2260, 29 September 1891, Page 3
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