THE FINANCIAL CRISIS.

Wairarapa Daily Times, Volume XV, Issue 4410, 4 May 1893, Page 2

THE FINANCIAL CRISIS.

The Australian Cities now quiet

London, May 2. The shareholders and depositors of tho English, Scottish and Australian Chartered Bank have approved the reconstruction scheme,

The Investors' Beview says that Melbourne has proved a regular milking-machine to the Scotch investors.

Sydney, May 8. In the Legislative Assembly, tho Premier, in moving the second reading of the Bank Note Issue Bill, oxpressed the opinion that unless the measure was passed they had not seen the end of tbe disasters of the colony.

Mr Wise strongly opposed the Bill, and declared thet, should it beoome law, it would bring about infinitely worse results than it was sought to remedy.

Mr M'Millan, ia a powerful speech, supported the Bill in a qualified way, holding that only the greatest necessity justified it, Everything, he said, depended on the administration of such an Act,

The second reading was carried by 76 to 25.

In committee, an amendment providing that the Banks shall pay their own notes in gold when demanded was inserted.

The third reading of the Bill was carried at 7 o'clock tliia morning, when the House adjourned to await the Council dealing with the measure.

r ihe speech of the Premier on the second reading is regarded as weak, but those of Messrs Wise and McMillan arc looked upon as two of tho most able deliverances from opposite standpoints ever made in tho House. Tbe National Bank of Australasia has threo quartersofa million pounds worth of available assets in London, This ia sufficient to meet all claims of depositors at this end for the next eighteen months,

Sydney, May 8. During last evening a dastardly handbill was issued predicting moro bank smashes, and alleging that Par* liament was throttled, also that tho Government were acting illegally, and tbe newspapers were suppressing tbe facts, and further urging tlio public to demand their gold.

The Government issued a Gazette extraordinary early this morning, offering a reward of £IOO for the perpetrator of the outrage, and granting a free pardon to any accomplice who would give information, Melbourne, May 8. The Premier expresses himself satisfied with the effect ol the proclamation of the bank holiday, and states that ho has no objection to the Bank of Australasia and the Union Bank of Australia remaining open. May 2, The excitoment has, entirely subsided. The following Banks have resumed business deßpito tho Government proclamation with regard to the holiday: —Bank of New South Wales, Bank of New Zealand, Bank of Australasia, Union Bank of Australia, and Royal Bank of Australia,

The Bank of New Zealand posted a notice on itß premises to-dny stating that businoss would be continued as usual, and that payments would be made in gold. At a meeting of the shareholders and the depositors in tho Standard Bank, the proposal for the rcconstruotion of the institution was unani. raously adopted. At the annual meeting of the National Bank of Australasia to-day, the Chairman stated that the balance sheet was one of tho strongest thati had ever been submitted, The report, after omitting the declaration of a dividend, was adopted. The Chairman then proceeded to comment on the disaster which had o»erlakeu them. He pointed Out that the bank had not allowed the land boom to influence its business, and it still occupied a thoroughly sound position. Adelaide, May 2. Bank matters in thia oity aro quiet,

London, May 1, The news of tho suspension of the National Bank of Australasia came as a complete surprise, but had no ( effect, owing to the closing of the exohariges. The. leading bankers in the oity express regret that the Yiotorian

Government should havo thought fit to proclaim the bank holiday, and state that they would havo preferred to havo seen the Government guarantee tho deposits. Sydney, May 2. Matters in financial oil'clesare quiet. The Bank Bill is before the Legislative Assembly to-night.