THE MELBOURNE SUSPENSIONS.

Press, Volume XLVIII, Issue 8047, 16 December 1891, Page 5

THE MELBOURNE SUSPENSIONS.

■& i ■■.» SENSATIONAL DISCLOSURES. (PK& P8839 ASSOCIATION.) Received December 15th, noon. Mbheourne, Deoember 15. The investigations held into the affairs of the Land and Credit Bank, one of the institutions which recently suspended payment, disclose the fact that Taylor, the manager, hie wife and eon, were overdrawn in their accounts to the extent of £114,000, while the securities are estimated at £11,000. Mrs Taylor's bill for £43,000 is held, but its value is uncertain. The shareholders of the Bank require to pay calls amounting from £25,000 to £45,000 to meet the liabilities. Received Deoember 16th. LlO a.m. Mblboubnb, December 15. The Standard Building Society has called a meeting of depositors. The statement presented showed assets equal to 35a for every £ of liabilities. The present action of the Directors was not due to pressure, but merely to give satisfaction to the olients of the Society. The management suggested that the deposits should be renewed for three years. The Melbourne correspondent of the " Otago Daily Times " writes as followe:— " One would like to be able to say that the end had arrived, bat X know that men best able to form an opinion look forward with grave fears to the future, and not only to the immediate future, bat to the effects upon this place for years to come. It may be that our troubles are at their culminating point; but the signs are the other way. Just imagine the harm that must ensue from the locking up of the deposits, even if the Societies do come out all right in the end. Somewhere near three millions of money held on deposit is involved in the institutions already in suspension. Confidence has received a check ; speculation is dormant; the public treasury is empty, without prospect of early replenishment, business is dull, land and houses area drus, wages are being reduced (witness the Tramway Company), the Banks are putting on the screw. Are there any other signs of depression required? Melbourne saw its biggest boom three years ago. Has it seen thebottom of the depression yet ? In the meantime we have only two facts to /■jonßol? us and give us heart. The farmer is certain of a good harvest and the pastor&liste of a good cup- But for these two things, there is no saving when bottom would be reached."