THE FINANCIAL CRISIS.

Wairarapa Daily Times, Volume XV, Issue 4407, 1 May 1893, Page 3

THE FINANCIAL CRISIS.

Failure of a Sydney Bank. Sydney, April 29, The Standard Bank, which was incorporated sotno time ngo, lias suspended payment, "V:: The failure was duo to a depositor refusing to sign an agreement, extending his deposit, and demanding bis money, I rc-construction.is being prepa™' The liabilities amount to £1,235,000 and the advances to £1,135,000. The cash in the bank is £13,000. There ars no branches in the other colonies! Sir John Downer is .communicutiiig With the Premiers of other colonies aa to the bcti step 3 to be tiken.toput an end to the financial crisis. Ho suggests that a Conference should ho held at onco to consider the matter. ' ' Loxdonv April 28. Tho Commercial. Banking Co., of Sydney has shipped £250,000 in gold by the K.M.S. Britannia,. ■ The failure of "the Standard Bank., has further depressed iheimarkcfe.';; The chief depositors in the London , Chartered - Bank ' will. discues. tho reemislrucljon scheme on, Monday. Scottish,...and t ; Australian :Chai;tered' Bank, th 1 ) Australi-m Joint Stock,. and tho London Chartered Banks, are all considered sound, and it is believed that they will apeedily recover their position, aod resume business, • • The sum of £50,000 in gold has : been withdrawn from the Bank of England, and.sent to Western Australia. - . ■ ; ■'-i< Sydney, April 28. .. The reconstruction scheme of tho, Australian. Joint Stock Bank piovides for 143 preference shares ot , £lO, to be subscribed by the creditors of the bank . out. of their deposits, or by shareholders, who also \ receive ' shares .paid up to £4 10s in ■ lieu of their present; shares. Tho ! capital of the new . company is £3,000,000. f Tlip dejpositoils':balapfces..! after their buying preferential shares, will be paid at the end of five ycarg ' with 4i per cent, interest, payable half-yearly. The holders 'of current 1 accounts are to be allowed to opbr-. ■ »to up to £IOO, All drafts will bo paid in full. Tbo globo assets a.u ■' to be transferred to the realisation account, any. deficiency being, paid ! out of the dividends of the new com-, pany, . London, April 29. ■ ■ A Colonial Assets Companyjs being :J formed, with a capital of one million asserts that the < in the'. English . press ; thanßpMWi persisted in for : y ears i has produced the prejeiit crisis. He \ is confident that credit will aoon ie- ' vivo. The Standard publishes' a correc- 1 tion of its statement regarding the -J Queensland National Bank,,'' .;. ' Tho Times suggests; that, the < Colonies should establish a central -. institution similar to the Bank of, England, The Queensland : National Bank: claims £IOO,OOO. damages from the , Standard. " 1 Proceedings will also be taken against the St.' James I 'Gazette and tho Echo, claiming £50,000 damages j from eaohfor repeating the libel.'■,

Tho scheme for ; the reconstruction of the English, Scottish; and Australian Chartered Bank will be submitted to the shareholder.) and creditors in London on Tuesday, and in Edinburgh on Wednesday,.... :