BANK FAILURES.

Temuka Leader, Issue 2500, 9 May 1893, Page 1

BANK FAILURES.

STILL ANOTHER CLOSED

London, May 4

At a banquet at the Mansion House, Mr David Powell, Governor of the Bank of Bnglard, expressed the sincerest sjmpathy with the Australians, and recognised their pluck in meeting their difficulties without running to the Bank of England for assistance. H e deprecated the abuse which was being heaped on the colonies.

Sir J. 0. Bray, Agent-General for South Australia, upon seeing the failure of the National Bank announced in Monday’s papers, rushed off to the bank and demanded the surrender of three bills of £12,500 each, which had been entrusted to it for collection. The officials demurred, but he insisted on his strict legal rights, and eventually obtained the bills, and the whole amount thus saved was" lodged in the Bank of Adelaide. May 6.

The Victqrian Government have remitted through the Associated ban ha £600,000, the July interest. The recent suspensions have locked up £350,000. An Assets Oompano is forming in London, with a capital of a £1,000,000, hoping for profitable chances in the Australian financial crisis.

The gold shipped by the Ophir was—for the Bank of Victoria and the Commercial Bank of Sydney, £BOO,OOO each, and for the Union Bank of Australia and the Bank of Australasia £250,000 each. The Statist asserts that the English depositors regard their money and interest as safe, and that it is simply locked up. The general feeling is more reassuring, owing to the bankers declining to accept the bank holiday proclaimed in Victoria, and also tq the large shipments of gold tq the colonies,.

Kk\V Tons, May 6

Thp New York Exchange is greatly excited over the failure of the National Cordage Company. President Cleveland has postponed the Monetary Conference until November. Melbourne, May 5.

The Colonial Bank of Australasia has suspended payment. At the annual meeting, which \va’a held fast thq balancesheet showed that the profit had been £32,000,and a dividend of B percent, was declared, while £13,000 was carried forward, and the directors transferred £150,000 from the reserve fund to meet their contingencies.

May X

Despite the suspens ! on of the Colonial Bank of Australasia, the business transacted at the hanks tq day was nothing out qf the qommqn. Tho business of the Colonial Bank of Australasia was confined to Victoria. The bank declined the assistance of the Associated Banks. Its liabilities are £4,394,000, including deposits and interest £3,431,000. The assets Include coin, bullion, and casl} balances £557,000, and advances £3,530,000.