BANK FAILURES.

Temuka Leader, Issue 2507, 25 May 1893, Page 1

BANK FAILURES.

London, May 22. The Scottish Leader says that a section of the depositors in Australian banks desire that deposit receipts should be negotiable in exchange for land or debem tures. The Telegraph considers that the financial troubles are virtually over. The Statist pronounces against the State Bank suggested by the New South Wales Parliamentary Committee. It further considers it absurd to suppose that the colonies are unable tq meet interest, Baqk shares have an upward tendency. The worst has been reached, May 23. A committee, consisting of lawyers and accountants, has been formed in Glasgow to protect Scottish depositors in the Australian banks which have recently suspended payment. Sydney, May 28Over 57,000 people in the colony havo current accounts looked up in the banks that have suspended. May 23. The Cabinet sat till 1.30 this morning considering a Bill to set free current accounts in the suspended banks. It provides for the issue of £2,000,000 worth of Treasury notes with which to pay the current account-holders half the amount of their balances. It also provides for legalising and regulating trust accounts opened with the suspended banks. It is expected that the Bill will pass both Houses to-day. At a meeting of shareholders and depositors of the Commercial Banking Company of Sydney, the scheme for the reconstruction was adopted by large majorities. Melbourne, May 22. Thera is nothing new in banking matters excepting that efforts are being continued with a view to reconstruction,.