BIRKBECK BANK SMASH.

Auckland Star, Volume XLII, Issue 137, 10 June 1911, Page 5

BIRKBECK BANK SMASH.

ANXIOUS DEPOSITORS. WIXIi RECEIVE 17/ IN THE fi. (Received 10.50 a.m.) LONDON, June 9. The Birkbeck Building Sociefrv, with which the Birkbeck Bank is associated, has issued a statement, in which it is stated that the ordinary depreciation of securities held by the bank, including gilt-edged, represents a sum which does not warrant continuance of the Society's banking business without reconstruction. The official, interviewed, anticipated that creditors would receive 17/ or IS/ in the pound, and added that the run on the bank in November last led to the withdrawal of three millions, of which little was returned. An immense crowd of depositors besieged the building until late last night. The last balance-sheet showed depositors to number (13.000, and shareholders 1P.666. The current accounts aggregate £2.084.784, deposits £8,44f1.20<). and deposit receipts £250.281. It is understood that the recent selling of consols emanated from the Birkbeck Bank, and the unfavourable position of the institution is attributed largely to its investments in real estate and house property. Speculators are ofTerinsr the depositors 16/ in the £. One speculator in possession of £5000 sterling in bank notes is doing business in the queue of anxious depositors. (Beceived 11.50 a.m.) LOXDOX, June 9. Many of the leading banks are assisting the Birkbeck Bank," which suspended operations yesterday.