BANK FAILURES.
London, April 28.
The Commercial Banking Company of Sydney has shipped £250,000 iu gold by the Britannia.
The Queensland National Bank claims £IOO,OOO damages from the Standard. Proceedings will also be taken against the St James’ Gazette and tlie Echo, claiming £50,000 damages from each, for repeating the libel.
A Colonial Assets Company is being formed with a capital of £1,000,000. Sir Saul Samuel asserts that the reckless writing in the Englirh press which has been persisted in for years has produced the present crisis. He is confident that credit will soon revive.
The Standard publishes a correction of its statement regarding the Queensland National Bank.
April 29
Mr T. B. Moxon, in a letter to the Times, suggests that Australia, instead of having a temporary circulating medium, had better follow the example of England in the banking crisis a century ago, when the Treasury issued several million pounds’ worth of Exchequer bills through a Board of Commissioners, thereby stopping the crisis with profit to the government.
The Australian banka have raised the rate of exchange £ per cent. Melbourne, April 30.
The Standard Bank, which was reincorporated some time ago, has suspended payment. The failure is due to a depositor refusing to sign. ?,n agreement extending his deposit and demanding his rnoppy, A scheme of reconstruction is being prepared. The liabilities amount to £1,233,000, and the advapqen £1,135,000. The cash iq tf\ e & £35,000. There aye no, branches hi ether coloniq^. if'he failure of the Standard Bank has further demised the market.
Tne National Bank of Australia w’ll not re-open to-morrow pending reconstruction. The sum of £650,000 has been withdrawn since Apri 1 10th. Auelaide, April 29.
Sir J. W. Downer is in communication with the Premiers of other colonies as to the best stops to be taken to put an end to the financial crisis. He that suggests a conference should be held in Melbourne at once to consider the matter,
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Temuka Leader, Issue 2497, 2 May 1893, Page 1
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324BANK FAILURES. Temuka Leader, Issue 2497, 2 May 1893, Page 1
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