THE FINANCIAL CRISIS.

Wairarapa Daily Times, Volume XV, Issue 4431, 30 May 1893, Page 3

THE FINANCIAL CRISIS.

i Conference of Colonial ■ * ;, Premih:'■'■■■'. . '-. Melbourse/May 28; .. s At the conferenco of Premiers comf prising those of Victoria, New South Wales, and.South Australia, it was * agreed that'recent-events roquired - that laws should be enacted with re- :; spect;'to" banking in the colonies; 1 further that a Stato National Bank as 1 popularlyunderstood,waß not required, ' but that tho hanks should be subjeo- \ ted ;.:to conditions and restrictions 1 somewhat similar to those of the 8 National Banks in America, These conditions should require the deposit 1 in th« Treasury of bonds of the colony e or coin as against tho noto issue,which 1 the Governments should guaranteo; the inspection by Government officials 8 of the general businoas of the banks; t that the deposits not bearing interest 1 should be a first charge on the asiets, a ' and that the Governments should have I authority to interpose in the event of i a financial panic. It was arranged that the Premier of South Australia 1 should draft a Bill, to be submitted i to the other colonies. With regard b to the legislation adopted by New * South Wales in connection with free--8 ing tho current accounts in the sua--6 pended banks, the Premiers of Victoria and South Australia hoped that 8 the efforts for a speedy reconstruction d combinod with private enterprise, d would relieve ihe other colonies from e the necessity of enacting legislation' similar to that adopted by New Bouth ' Waleß, It was agreed that Savings ' l Banks should be under the control of d Government. The question of interf colonial Freetrade was discussed, but '• further consideration was deferred, The Conference bas closed. ' ,* ■..':•