THE FINANCIAL CRISIS.

Wairarapa Daily Times, Volume XV, Issue 4422, 18 May 1893, Page 3

THE FINANCIAL CRISIS.

Failure of a Brisbane Building Society. \ Suspension $f the City of Melbourne Bank Biwimnk, Mav IC. Tho Federal Building, Land, and Investment Society has'suspended. The paid up capital is £83,000. The deposits amount to £43,600; In view of tho excitement out the financial crisis, Parliamint.will.piov I bably ho called togetheromtho ;25tlt instant, ''H;C:;; v r The Standard etn'ea •jihiiV.; it -is. s* ' i Bacikof;-Kiiglai)d .to: assist tfao Qoeecaldnd Govi-rn'mcii'(. - : The Times asserUjh'af !a;pifosperous i futuro awaits the banks still standing, ! it common sonßO.reasserts rilself,. bills that thewa'y.thß'cri'ditprs.'''arbyield-, ing to unrcasonabln.'fciir.des.tfbys.l.lip, interests they seek ;tii?j>cpteet. : It adds. that it is incumbent;(HTtiie.b'an.ks' to if, hold larger cubli jeseives. Intcnso surprise,. ni caused, hcyo by llie suspension.o.f':i.ue;Cp.mmerci'a.r Banking Conipaiiy;,pf :: Sy,(i'ney.v Tlie. liabilities herqV(tr6. PQ;ofio, which; tho hsscls fuily'.':.cdvi'r'.;.: Tji'e Cork depositors aro applying to. tbo; Court. for the protection of'fho.iSF.Ret's. Tho suspension of;;! be: Queensland. National Bank cansu'i but 'little surprise, and had boeivfuliy■.•discouiiifdi The Edinburgh deposits. amount- tp JEBOO,OOO, aiHUboso>in: f Glnsgo? tp; _..'.' Sir J. jffiWfr'iCK (loes-n'ot:. expect: much double.respecting his: ment's overdrafts'.'; In the North.Qii eejisland Biinkthe Scotch deposits:pipbu]it;tp.JESJo,Qo<>* Three additional:. failutts on fir* Exchange are reported. One is of ti. serious character;:' '. ,'Svi)SEY, Maj 17:'.. The general opinion.in VliiH city isfavourable to.-thp.acti'on of the. Gov- '.. emment in'makirigtliq: notes, of ihe '.; four banksalready rpputioned iili'gai ■,i ■ tender for six;mbnths'; ~-; :\ .;MELB6uRNE|-May : i.f-. The City,of. Melbourne Bank .has; ;-' suspended, owing, ib: tlio withdrawal. •' of Scotch deposits. A scheme pf:reponstruction-'.i,s'.bei.ng prepared.. %[ Thedeposit3.;am.ounHo,£B,7so,o'oo, : ■■ including £2,760,0*00'' .Scptch'mpncy, [Tbo authoriecd ,co[>Ha(. dlfip Ui| ■ of Melbourne; Bank; -(Limited) ia : £2,000,000 (in 40.0,000. sbares of. £5 each), ofi.whicb.'£l,()|)o,ooo.is'sub- ' scribed and £so>),ool) : j>aid up. The ■| reserve fund ja (£410,000;. the. unapII propriated : ; profits: -£10,029, and llie reserve liability;£sppiooo;. .'lts.boadJ: office is at tho. of ;r'.-Cpl li pa.'. andi. Elizabeth ; sire e ts, ■ ;il el bo ur ri y. : ..Tiio directors arc^Mr';t.; : :Llpyd Roberts.. (Chairman), : )lip)jH6"rj.:Th6>. Loader/,' Messrs Jenkin Collier, Johti:'FergUßpn;-' : and James Williamson.; TlieGeiieral .Manager is Mr Colin :.M.. Lohgmdir,:: andSebastoppl.].'; .' ■■ ;. ■'-.... :-l The Premier-Bays it : isun] ikely that. the YictorianiGbyernment will iiittkf' note? a lpgalten.der,: Tho. Cqlpnlal- Treasurer, has arranged ■ for. ;tho'immediate 1 issue of 20,000£1; debentures,;..' ■"';". %V .. JBRISDANi!,iIay 17. ■ : In view'.pf tho crisis'tlie ! Govern--■ ment has .decided: tbjit ; all mining;; leases in thecplphy ejiajj ;be grtinted. ■ exemption from'th.e.bibonr-cbiiditibns;' . . without fee';.'.";. '''■'. ' .- r-j?"' ' Stdnky;Jlay 17. .;■ The finaUreport of the Select Com-: jnittee upon- theyeatabjishment .of a National B'ahfcfes: bpen. laid, on tho labia of tho "Aseemuly. It suggests the establishment :of,a: bank' asinot;.. only practicable;; but urgently necessary, and;the^raember'B'bf;'(he:cpm :: mitteo consider that:such, ariin'stitur -. tion would add;greatly -to- the welfare of the community,., They, bolie've,it would be a source of profit and saving, to tho Government',...and- would:Con--icrve the financial credit of the colony..' lt« functions would, iiicludo the sple; iiight to issueXa'/.nbte. parrency, ab.d' rthe transaction ofothe; business pf.alf the Government depa'rtme'nia,