THE COMMERCIAL BANK FAILURE.

Wairarapa Daily Times, Volume XV, Issue 4389, 10 April 1893, Page 3

THE COMMERCIAL BANK FAILURE.

Uhe Reconstruction Scheme ft Fauovrably Viewed,

London, April 7. 'Ae financial Times, referring to tl'ifftroposed reconstruction of tbe Commercial Bank, considers the Bcheme very satisfactory, provided the shares aro credited with only £1 paid up, the remaining £8 being available only in the event of liquidation. The Daily News belioves that the right course is being taken by tho Bank in issuing a circular explaining its position, and assembling the London depositors, The Scotch depositors demand that provision should bo mado for reserve capital, The London Board of tho Commercial Bank suggests that depositors in tho Bank should hold meetings in London, Edinburgh, and Glasgow, Tho manager of the Union Bank of Australia, the Bank of Now South Wales, the Bank of Victoria, the Bank of New Zealand, and the Bank of Adelaide, favor the reconstruction of the Bank. The Exchango also approves. Tho Times says that after careful

/ enquiry it iB satisfied that tho Aua- \ tralian banks are sound, and that it is nihjanlikely that tho "boom" injured colony of them badly except the CommerDaily Cbroniole states that tho m,Sm m J foeling prevalent at the first

"Wpth e City is still unsettled ie suspension of the Commercial ft, the acceptanco of the reconaction schemo by the Melbourne iiing has been received with great Ifeginr. Mr G. Niven, the London H&ager, is awaiting orders to call a to approve tho scheme, T J Melbourne, April 8, ffhere are signs of a general rewml of confidence in Commercial ißank affairs, k LoNDON/April 7. ■The coupons upon the debentures of A Metropolitan' Gas Company, MelHme'Fire Brigades, -Metropolitan iHrdof Works, Melbourne, bare Hbeen paid by ■ the Commercial Hhe Times says that after careful Ktiiry it cannot believe tho unfavourH rumours which aro in circulation Hrding Australian Banks. It Sis that one chartered institution HReen freely referred to, but it has H authority for asserting that the

position of that Bank is sound, and the fcarß of a collapse are needless, The shareholders and donositurs of the Commercial Bank meet in London on Tuesday and in Edinburgh on Wednesday, to discuss the reconstruction scheme,