AUSTRALIAN BANKING.
THE RECENT FAILURES.
SUSPENSION OF THE JOINT STOCK
THE NEWS IN LONDON.
London, April 23. City men are quite satisfied that the Joint Stock Bank merely closed its doors in order to prevent undue preference being shown, and expect the bank to resume business. The London Board was in consultation the whole day. It advises speedy notification of a scheme for reconstruction, as rapidity is essential to success. Bankers, brokers, and merchants suggest that the Government should demand custody of the gold reserve in banks which have stopped for the purpose of redepositing it in existing banks. The •'Chronicle" states that confidence in banks is universally depressed. The "Scotsman" suggests that banks should show that their affairs are on a sound basia by publishing authentic details regarding their assets without waiting for half-yearly periods. The Scotch banks and insurance companies, in conjunction with the creditors, have aeceptod the scheme for the reconstruction of the English, Scotch, and Australian Chartered Bank.
Two Australian banks cabled an offer of a million ot gold to tho Australian Joint Stock Bank, but the offer was declined.
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Bibliographic details
Auckland Star, Volume XXIV, Issue 95, 24 April 1893, Page 3
Word Count
184AUSTRALIAN BANKING. Auckland Star, Volume XXIV, Issue 95, 24 April 1893, Page 3
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