THE BANK FAILURES.

Wairarapa Daily Times, Volume XV, Issue 4404, 27 April 1893, Page 3

THE BANK FAILURES.

SmfflsionoftheLondoif 9 : Chartered Bank,fM£ Mklbouiine, April'2s.■ The London Chartered Bank .of Australiasuspended payment to-night. A oircular issued states that owing to theneeWJjfite rm of shareholders comfflunrpifltßolf to the customers of the Bank resulting in heavy and continuous withdrawals, it was decided lo temporarily 6uspeod,pcnding the reconstraction of tho Bank. Queensland National Bank Bhares have fallen steadily and are now at £1 10s. Sydney, April 20, Sir George Dibbs announced in tho Qouse tbat the panic had been entirely averted, and said there was no necessity for passing the new Bank Bill without the fullest discussion. The Bill ff'U be introduced to-day. Melbourne, April 26.

The London Chartered Bank hold A good record, having been established ia 1852, It transacts business in Nov South Wales, Queensland and Victoria. Last quarter's return shows the assets in New South Wales to bo $2 588,000, and the liabilities

£806,000. In Victoria the deposit 8 amount to £2.881,000, and tho advances to £8,585,000. On tho 81s' December the Australian deposits totalled £5,180,000 and the English £3,588.000. ' I

Tho Bonk ro-opens this morning tt recoivo new accounts and cash notes.

The Associated Banks were willing to assist, but owing to the excited condition of tho public the management considered that monetary aid would ho ineffectual.