BANK FAILURES.

Temuka Leader, Issue 2505, 20 May 1893, Page 1

BANK FAILURES.

London, May 17. The petition to wind up the National Bank of Australasia, has been adjourned till 7th June. The directors of the Australian Joint Stock Bank have undertaken to protect its assets. Justice Williams insists on an Official Liquidatar being appointed. Andrew King and Company, Australian merchants, have called a meeting of their creditors. The firm propose voluntary liquidation. May 18. There are eighteen British shareholders , in the Royal Bank of Queensland, holding 1800 shares. The British deposits amount to £300,000, two-(birds of which are Scotch. Paris, May 17. , The Comptoir Funds Nationeaux of Paris has failed for £1,000,000. Sydney, May 17. General opinion iu the city is favorable to the action of the Government in making the notes of the four banks legal tender for six months. The Government accounts are prinoipally divided between the Bank of New South Wales and the City Bank, the former having the bulk. The Commercial Banking Company will pay their indebtedness to the Government in gold which has been paid into the Bank of New South Wales. Steps have been taken whereby the gold collected by reconstructing the banks shall be restored to circulation. The final report of the Select Committee upon the establishment of a National Bank was laid on the table cf the Assembly. It suggested the establishment of the bank as not only practicable but urgently necessary, and the members of the Com mittee consider that such an institution word i add greatly to the welfare of thq cflnpn\\o,ity. They believe it would ho a source of profit and saying to the (JoveyomeLt, and would conserve'the financial credit of the colony its functions would include the sole right to issue note curren' y and tne transaction of the meats. Melbql’ene, May 17. The City of Melbourne Bank has suspended owing to the withdrawal of Scotch deposits. A scheme of reconstruction will be prepared. The deposits amount to £3,750,000, including £2,750,000 of Scotch money. Considerable attention is being devoted | in business circles to the proposal iha*- • the Government should issue & paper *■_ reucy on the Qf OtlPWO* payment. 1 , Metropolitan Board of Works have a mrther sum of £300,000 locked up in the City ox Melbourne Bank which suspended to day. This will probably result in the sewage works being brought to a standstill. May 18. Edward Jenkin, merchant, has failed. His liabilities are set down at £138,000, and his assets at £50,000. The failure of the City of Melbourne Bank caused no excitement in the city as the news was anticipated. Tim depo nts in Edinburgh amount to about £250,000. May 18. The Government have received £300,000 in gold, iu payment of their account in the Commercial Bank of New South Wales. Brisbane, May 17. The Royal Bank of Queensland has suspended payment. The balance-sheet to December 31st shows the liabilities as £1,359,000, including deposits £798.000. The assets include coin and bullion £109,000, Government securities £29,000, and advances £1,100,000. Steps are being taken to reconstruct the bank. May 18. The general abstract of the Royal Bank of Queensland for the March quarter shows liabilities £802,000, including deposits £779,000 ; assets £1,280,000. including coiu and bullion of the value of ' £IOO,OOO,