FINANCIAL PANIC IN SYDNEY.
RUN ON A SAVINGS BANK.
ALL DEMANDS MET,
.PRESS ASSOCIATION - ..
[BY KLISCTHIC TELEaKAPH-COPYRIGIIT.]
'■"-"-'• ■■••■>•"'-■-■• Sydney, February 13. A sensation has been caused to-day owing to a run on the Savings Bank of New South Wales.
Close en £50,000 has been withdrawn, and the bank is still (eight p.m.) open, paying all claims in gold. The position of the bank at the end of the year was : Deposits, £3,188,000 ; total assets, £3,433,000. These include £1,158,000 out on mortgage; £95,000 invested in debentures ; £600,000 lent to the Government ; and £1,500,000 deposited in other banks.
Nothing is known as to the cause of the run.
The bank is besieged by an excited crowd.
Tho Associated Banks have issued a notice that they are prepared to receive tho Savings Bank deposit receipts as cash or for deposits. The Premier announced in the House this afternoon, in order to allay the alarm, that the bank was one of the strongest in the world.
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Bibliographic details
Auckland Star, Volume XXIII, Issue 36, 12 February 1892, Page 4
Word Count
161FINANCIAL PANIC IN SYDNEY. Auckland Star, Volume XXIII, Issue 36, 12 February 1892, Page 4
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