BANK FAILURES.
London, May 7. The Union Bank of Australia has shipped £1,000,000 in gold to meet possible needs arising from the amount of money locked up in the banks that have suspended. Further shipments will possibly follow. Melbourne, May 8. The general opinion on the Exchange is that the bank scare has ended. The suspension of the Colonial Bank of Australia created no surprise as it was expected. May 10. The Bank of Victoria has suspendsd payment. The directors have issued a circular, stating that owing to heavy withdrawals they propose to immediately reconstruct on similar lines to those taken by other banks. They announce that they are satisfied that the institution is perfectly solvent. The last balance-sheet showed liabilities amounting to £8,740,000, including deposits £7,057,000. The assets include advances to the extent of £6,430,000.
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Temuka Leader, Issue 2501, 11 May 1893, Page 4
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136BANK FAILURES. Temuka Leader, Issue 2501, 11 May 1893, Page 4
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