THE FINANCIAL CRISIS.

Wairarapa Daily Times, Volume XV, Issue 4412, 6 May 1893, Page 2

THE FINANCIAL CRISIS.

Improved Feeling in Sydney, London, May i. The opinion in the Cily favours the action in Sydney with regard to the banks. It is probable that the Union Bank of Australia will ship £500,000 in gold to the colonies. Sydmy, May 4, Them is a feeling ot greater security in financial circles in the city. At a meoting of shareholders and depositee of the Australian Joint Stock Bank, the Chairman announced that if the other banks had promised the assistance whicli was asked for to the extent of £1,000,000, or possibly £8,000,000, ibo pauio would have been avertd, and nnlyasmallpoition of the-sum asked for would have been required; but the assistance was declined, owing to the amount being so large and the notice so Bhort. It was proposed to call up 80s a share, payment extending over twelve months The schorao was unanimously adorn ted,

Owing to the recent suspensions many merchants had to give accommodation to their customers to-day. Melbourne, May 4, At a meeting of depositors and shareholders of the National Bank of Australasia, a resolution w»B carried agreeing to the proposal forthereoonstruction of the institution, London, May i. Sir John Bray, Agent-Genoral for South Australia, upon seeing the failure of the National Bank of South Australasia announced in Monday's papars, rushed off to the Bank and demanded the surrender of three bills of £12,500 each which had been en* trusted to it for collection. The officials demurred, but Sir John Bray insisted on his strict legal rights, and eventually ob.aioed the bills. The whole amount thus saved was lodged in the Bank of Adelaide, At a banquet at the Mansion House Mr D. Powell, Governor of the Bank of England, expressed the sinoerest sympathy with the Australians, and recognised their pluck in meeting the difficulty without running to the Bank of England for assistance. He deprecated the abuse which was being heaped upon the colonies. The Times considers that if the English, Scottish, and Australian Chartered Bank and the London Charjterod Bank were to amalgamate, the reconstruction would perhaps he such cessful.

Forty depositors and shareholders attended the meeting in Edinburgh of the English, Scottish, and Australian Chartered Bank,

Mr Blair, writing to the Signet, representing the small depositors, objected to the scheme, bscause it was proposed to carry through the composition by paying the oreditovs with a security of unknown value, and not in oash, Tho details, too, he thought, were radically bad. Oiher depositors also objected to the scheme; on the ground that it was unfair to involve the depositors in a loss of three-quarter million pounds when the shareholders lost nothing. Mr Blair estimates that if the assets are liquidated there will be a sum of £4,900,000 avaiiablo to meet a liability of £3,848,000. Svdnw, May 5. The paßsingof the Bank Issue Bill has already apparently had (he desired effect, as the Government doos not intend to issue any proclamation declaring notes a legal tender, for whioh power is givea in the Bill, for the present. Melboubne, May 5. With the exception of the Cokwiol Bank of Australasia all the banks have re-opened, Dulness and stagnation have sue ceeded the rush and excitement of a few days ago.