BANK FAILURES.

Temuka Leader, Issue 2508, 27 May 1893, Page 1

BANK FAILURES.

London, May 24. Bank stocks are steady. The Chamber of Commerce at Glasgow at the request of depositors in the Australian banks, has appointed a committee of observation. The Chamber advises the bank to give fuller details as to their position. New York, May 24. Nearly 2,000,000 dollars in gold was shipped to Loudon this week. The National Bank of Elmira, Now York, has suspended payment. Sydney, May 24. The Bank Bill has passed the Legislative Assembly. May 25. A conference of Premiers will be held in Melbourne on Saturday to consider the financial crisis. Sir G. G. Dibbs will endeavour to iudilco the other colonies to adopt similar legislation to New South Wales. It is also probable that a suggestion will be made to obtain a great financial expert from England to investigate the whole system of financing in the colonies. They will also deal with the question of a Customs union for the colonies. Melbourne, May 25. A meeting of the depositors in the English, Scottish, and Australian Chartered Bank adopted the reconstruction scheme. Brisbane, May 25. The Government have decided to ask Parliament to sanction a temporary inconvertible note currency. The proposal is to supersede the bank note circulation by legal tender Treasury notes to the value of £500,000; also to deal with locked-up current accounts in a similar way to New South Wales.