The Evening Star. PUBLISHED DAILY AT FOUR P.M. Resurrexi. FRIDAY, MARCH 9, 1883.
I r seems somewhat conflicting that while we receive news from England that money was never more plentiful, and that the rate of discount is lower than it has ever been; when we see a four per cent, colonial loan doubly subscribed for at three«and-sixpence above par; in fact, when we hear on all sides that the market is overflowing with capital—the Banks, for a reason best, known to themselves, are attempting to "put on the screw." This action seems to us quite inexplicable. Commercial stability here is proverbial; such a thing as bank" ruptcy is' unknown to •us almost, and on no side can we discover any trade weakness to warrant the exercise of the power placed in the hands of the bank managers. It must be that some unholy alliance has been entered into by them, and why the combination was formed must be for the benefit of the banks them* selves, in the way of gratifying a desire to ■how good statements, and to be in a position to declare large dividends. On all sides are heard complaints of customers being pressed, who are, on the. whole, perfectly sound in their business positions, but are likely to be very seriously inconvenienced, if not really injured, should they be compelled to respond to the pressure in the direction mentioned. Surely the managers of the local banking institutions are competent to advise their chiefs as to the healthy financial condition of their customers, and prevent any trouble such as visited the colony a few years since—and which was chiefly caused by the action of the banks —again occurring. Many men in business require accoinodation for trade purposes, and if called upon to suddenly extinguish any such obligation are compelled to realise at a loss, pay heavily for assistance to enable them to do so, or should they be unable to manage it as expeditiously as they are required ; to protect their other creditors and do justice to themselves, they seek the protection of the bankruptcy laws of the colony. Should a repetition of the occurrences of three years ago, before referred to, take place, all we can say of the banks is " on their heads be it."
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Thames Star, Volume XIV, Issue 4424, 9 March 1883, Page 2
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381The Evening Star. PUBLISHED DAILY AT FOUR P.M. Resurrexi. FRIDAY, MARCH 9, 1883. Thames Star, Volume XIV, Issue 4424, 9 March 1883, Page 2
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