AUSTRALIAN BANKING.

Auckland Star, Volume XXIV, Issue 94, 22 April 1893, Page 5

AUSTRALIAN BANKING.

FAILURE OF THE JOINT STOCK BANK.

RUN ON A SAVINGS BANK.

INTENSE EXCITEMENT PREVALENT

Sydney, April 21. Although the recent failures had caused uneasiness, ib was not until the announcement of the suspension of the Joint Stock Bank that anything approaching alarm was ielt among the public. The Savings Bank of New South Wales came in for a- laree share of attention. Tbia institution was subjected to a heavy run eomo eighteen months ago, and to-day's run was not quite as bad as the former one; but this was probably the result of a proclamation issued by the Government guaranteeing that all the depositors would be paid by the Government if such a course was necessary.

George-streeb, in which several leading banks are located, was crowded with people, and for some time the excitement was intense, There must have been large nviinbera of withdrawals, bub no official information on thi3 point is forthcoming. The bank's state that there has been a slight run, but nothing serious. As the closing hour approached matters quietened down. An important conference waa held this afternoon between representatives of the Government, the Commercial Banking Company, and the Bank of New South Wales. The Government offered every assistance in their power to maintain the credib of solvent institutions.

Despite the run, deposits were lodged in the New South Wales Savings Bank to the extent of £11,000, while the Post Office Savings Bank benefited to the extent of £29,000.

The safes in the Sydney Safe Deposits Company's premises were at a premium, owing to the number of firms who withdrew coin from the banks and placed ib in these private safes.

London, April ',iO,

The suspension of the Australian Joint Stock Bank came as a complete surprise to city men.