Sensation In Melbourne.
Failure of the Imperial Banking: Co Melbourne, July 24. Tbe Impenal Banking Co. h suspended payment, and the a
nouncement has created a sensation. It is not a bank of issue, but more of the character of a building society. A slight run took place on the Geelong branch of the Company yesterday aggregating £BOOO, and in order to prevent the ran extending to head quarters, the Directors resolved to suspend payment, in order that the creditors should be treated equitably. The indebtedness of the Company has not been disclosed, but it is understood that the assets will more than cover it. It is alleged that its difficulties are due to the stagnation of trade, caused by the late strikes following closely Hpon the collapse of the land boom. The nominal capital of the Company is £500,000, of which £82,000 is called up.
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Wairarapa Daily Times, Volume XII, Issue 3870, 27 July 1891, Page 2
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146Sensation In Melbourne. Wairarapa Daily Times, Volume XII, Issue 3870, 27 July 1891, Page 2
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