THE FINANCIAL CRISIS.

Wairarapa Daily Times, Volume XV, Issue 4417, 13 May 1893, Page 2

THE FINANCIAL CRISIS.

Failure of an English Banting House. London, iriayK. The shareholders of the Australian Joint Stock Bank liavo unanimously approved the reconstruction echemo. A meeting of three hundred depositors is now being held to discuss tbo question.

At the shareholders' meeting an amendment was moved hostile to tho scheme, declaring that the meeting should adjourn pending the receipt of i special independent audit of the affairs of the bank. Sir Blair, writer to Signet, opposed the scheme, and urged liquidation. He suggested that tho Court should seize the assets in England, Mr Williamson combatted the arguments of Mr Blair. Only twelve voted® the amendment, and tbo scheme was adopted by an enormous majority, The directors of the English, Scottish, and Australian Chattered Bank and the London Chartered Bank are conferring over a scheme for amalgamation , It is expected that tho; will agree upon torms to-day. The Bank of Australasia and the Union Bank of Australia are each shipping £250,000 in sovereigns to Australia to-morrow. The Hon, J, R, Dickson, who is a director of several of the leading hanking and financial institutions in Queensland, said, in the course of an interview, that there was not tho slightest foundation for the rumours with regard to the condition of the Queensland National Bank. During tho last six years that institution ihas been severing its connection vitb

the building societies, and it was now fron ffom all embarrassing alliances. ; • Messrs Hallet and Co, bankers, StMartin's place, \V T . 0., linve suspended payment. The bank rate' of discount ia 8i per cent.' '■"■'' :: ' " . It is exprcted that tlio deposit inBurancc companies will jointly support the ecJhiucs of reconstruction.