THE FINANCIAL CRISIS.

Wairarapa Daily Times, Volume XV, Issue 4409, 3 May 1893, Page 3

THE FINANCIAL CRISIS.

Five Dans'BanhMdaji; Mklbovbnb, May 1. Tho dosing of the banks for a five flaya' holiday has caused great inconvenience to the public, Tho banks were not unanimous in : .obeying the proolamationiior (be Bank of Australasia, jbjpfyion Bank, and the' Bank of New Zealand,.-oponed.iias usual this morning; but acting on legal advice, they were unable to transact their usual business, and. confined {heir operations to ..oashing'cheques, notes and drafts. A. brisk business was done by these institutions,' and treble the number of .officials usually engaged to take deposits, ' Sydhey, Mayl,

The feeling in this city issthat the Victorian Governmeut;;mado a mistake in proclaiming the..bank:holiday, Stdhet, May 2. ; The Government baa: .further.conuidered the revised Bank Nolo Issue Bill. At a meeting of the Cabinet, the. proclamation of a holiday. 1 by. the Victoritn Government was .discussed; but it was resolved that as all the txoitement had calmed down in Sydney [nob a course was not necessary here, Melbourne, May 2, There is a feeling that' the depositors who caused the stoppage of the National folk Australia twere guilty ojftriece of stupendous folly,, The CTperintenpent of,tho Bank of Anstralasia says the Governments not consult bis bank about/proclaiming the holiday, If it had, he would have strenuously pointed:'out grave objections to the course proposad. The bank has large interests .evorywhire, and feels it ißonmbent upon it.to main' tain its credit throughout the. world. Ihe only effectual course f was to keep open, even at the risk of straining, tho legality of the position. Tho bank had always aoted loyally by the Goternment, but it was compelled to jhoff that it was prepared to meet all eventualities.