THE BANK FAILURES.

Wairarapa Daily Times, Volume XV, Issue 4405, 28 April 1893, Page 3

THE BANK FAILURES.

London Chartered BanH of ■■■-. Australia, London, April 25. The news of the suspension of the London Chartered Bank of Australia was not until after the hour of closing, and it created much surprise.

The , London Chaitrred's shares rose jer joslerday, and some were sold at JEG 10s, Tho city men consider that the bank ought to be to-constructed, as the businoss is sound,

The failure caused no surprise in Edinburgh, where Hie local deposits amouutcd to half a million, but there wasconsiderable excitomont at Glasgow, whore tho deposits are about the same. : ■ >, ......

■ . Mklbourse, April 2G, The London Chartered Bank has half a . million, of sovereigns in the safe, and another half million worth of.assets can be realised immediately, The... Government deposits amount to £200,000.. Over 150 new accounts, aggregating £IOO,OOO, were opened yesterda^^K'i;;^.-:^-;; ; Losdcn, April 26. .. Owini; to recent failures, the final liquidation of the /Federal Bank may be.deferred for three year?, and a call on shareholders is probable, ; . The action of the Government of New, South Wales, in guaranteeing notes in generally'.approved, and it is hoped that other colonies will, follow

The Scotchman;.denounces ! Sir G. Dibit's proposal 10. authorise tho banks to issue notes against uncalled capital, on- the ground that such a course would deprive British depositors .of ' their chief guarantee in the event of liquidation; . ~. . ' ; . . Tho petition of H, Guinness, praying, for the compulsory winding, up of tho Commercial .Bank, has been adjourned to May 15, The question was raised, whether, being an Australian company, the. Court could interfere, : v Tho Court mode the usual order for winding up tho English and Scottish Bank.