YESTERDAY'S "RUN."

Auckland Star, Volume XXIV, Issue 208, 2 September 1893, Page 5

YESTERDAY'S "RUN."

A GOVERNMENT GUARANTEE,

THE PANIC OVER,

DEPOSITS EXCEED WITHDRAWALS,

As we anticipated yesterday, the inexplicable " run " on the Auckland Savings Bank has ceased, and the financial panic which prevailed amongst so many inhabitants of Auckland yesterday has quite passed over. Acalmerframeof mind evidently cameduring the night to those depositors who had not already withdrawn their money, and the statement in the Stab last) evening, together with the reassuring declarations of the bank officials, appeared to fully restore confidence, The alarm of many depositors, in fact, had bo far passed away that many of them re-opened their accounts with the bank this morning. Once the people listened to reason, many soon were forced to admit thab their conduct in "rushing "the bank was very foolish, especially in view of the fact that the panic was entirely groundless. Ib will be reassuring bo all faint-hearted depositors to know that the Hon. Mr Ward, PostmasterGeneral, speaking in the House of Representatives last) evening, said that the Government were so thoroughly satisfied with the soundness of the Auckland Savings Bank that they were prepared, if necessary, to guarantee depositors. Fortunately |no such extreme step will be nocossary, the run on the bank being now practically over, all demands made upon the institution being satisfied.

LAST EVENING'S PROCEEDINGS,

When the Savings Bank rs-opened ab 5 o'clock yesterday evening, very few depositors were waiting to obtain their money. There was, howevor, one energetic old lady who seemed especially anxious, and three times she tried to get in jusb as the door openod slightly, only to be put back again. Only 27 persons, moßtly females, entered during tho firoti five minutes, and the next two were gontlemen who wished to place deposits, but found they would not be accepted. The next was a boy about ten years of age who wanted to Becuro his small savings. After that the clerks had libtle to do, and long before 7 o'clock were sbanding idle, as there wero no applicants for money.

THE BANK THIS MORNING,

When the bank opened ab ten o'clock this morning ib was evident thab the turn of the tide had come and thab the rush was over. Only aboub a dozen deposibors wore waiting when the doorc opened, and nob all of them wished to withdraw thoir money. During the day several deposits were withdrawn, but the money re-deposited considerably exceeded the amount withdrawn. It is estimated that the Bank will net a respectable sum through the interest forfeited by the panic-stricken depositors. Largo supplies of gold were on hand ab the Bank this morning, bub fortunately, tho "rush" was over.

INCIDENTS OF THE RUSH.

Many amusing incidents occurred in connection with yesterday's " run " on the bank. One old lady knocked over a quieb little man in her anxiety to withdraw her whole 3s 6d. Another ruahod to the Nowton branch and recklessly withdrew the whole of her acount—ninepenco— wibhoub waiting for the interest ! The small boys at the Penny Branch in the Ponaonby Agency all wanted iheir half-crowns and five shillings out at once, bub were told to wait till to-day. Probably the Star relieved their youthful fears last night. An amusing incident of the " panic " was the behaviour of a very much alarmed old lady. She gob her cheaue at the Savings Rank and posted down to the Bank of New Zoaland as fast as she could to cash it. Arrived at the cashier's counter ab the Bank, she presented her cheque to the trembling clerk with most belligerent gesticulations and a frautic order to "Give me my money, you robber!" One greatly excitod individual rushed down to the Bank of New Zealand with his cheque for £197. In his hurry and anxiety to get his money, he dashed away with £100, leaving the other £97 in notes lying on the counter, where it was found by a clerk. The old ladies who besieged the Bank of Now Zealand yesterday with thoir cheques would not take notea ; they wanted solid gold, and nothing less would satisfy their perturbed minds.

DEPOSITS EXCEEDING WITH.

DRAWALS.

At noon, a meeting of the trustees was hold, when ib wtiß officially reported that the run was at an end. The manager stated that during the morning the deposits had more than doubled the withdrawals, and at the Newton branch considerably more was paid in. Aa showing how transient was the panic, in Borne instances the same cheques were paid in again this morning by depositors which they had received yesterday, and not taken tho trouble to cash. The trustees were quite prepared thia morning had a rush Bob in, as the Bank of New Zealand tent up 20,000 sovereigns in order that gold might be paid across tho countor and nob cause extra business in their own establishment cashing Auckland Savings Bank cheques. Fortunately, poople had during the night had time to recover full possession of their faculties, and thus the run was not continued.

THANKING THE GOVERNMENT.

The trustees also passod the following resolutions at the meeting to-day :—" That the trustees ot the Auckland Savings Bank desire to thank the Government for the prompb and unsolicited action taken by it in reference to the run upon the bank yesterday, and to recognise bow largely that action was calculated to restore confidence. The trustees desire further to inform the Government that the resources of tlie Bank are well in hand and amply sufficient co meet all demands. The trustees are pleased to inform the Government that the business of the bank has returned to its normal Btate." p

Ib was also decided to thank Inspector Hickson and the police force for the excellent manner in which order was preserved yesterday.