BANKING AFFAIRS.

Press, Volume L, Issue 8477, 8 May 1893, Page 5

BANKING AFFAIRS.

Prase AModttton—Htaetria Telegrmph—Oopjrijsht. London, May 6. The Victorian Government have remitted through the Associated Bauks £680,000, the July interest. The recent suspensions have locked up £350,000. An Assets Company is forming in London with & capital of a million, hoping for profitable chancej in the Australian financial crisis. The gold shipped by the Ophir was for the Banks of Victoria and the Commercial Bank of Sydney, £200,000 each; for the Union Bank of Australia and the Bank of Australasia £250,000 each. Several other Banks were consigned small amounts. Mr Buxton, Uuder-Secretary of the Colonial Office, in reply to a question of the House of Commons, by Sir R. E. Webater, stated that he had no official knowledge in connection with the New South Wales paper money. Bankers consider that the recent shipment of gold to the colonies was necessary, owing to coin beiug locked up during the reconstruction. In connection with the reconstruction scheme it is considered in many quarters vitally important that British depositors should not be compelled to accept preference shares for a portion of the deposits, but should be given the option to accept long-dated negotiable deposits, redeemable in even, say, fifteen or twenty years, and while recognising the superior right of the majority, yet advised the considerate treatmeut of the minority in view of future business relations. The various schemes are likely to be modified upon this principle. The Statist assert 3 that the English depositors regard their money and interest as safe, and that it is simply locked up. The general feeling is more reassuring, owing to bankers declining to accept the Bank holiday proclaimed in Victoria, and also the large shipment of gold to the colonies. Melbourne, May 6. The business of the Colonial Bank of Australasia was confined to Victoria. The Bank declined the assistance of the Associated Banks. Its liabilities are £4,394,000, including deposits and interest, £3,431,000. The assets include coin, bullion, and cash balances, £557,000; advauoes, £3,530,000. The Attorney-General has deoided not to proceed with the second charge against those acquitted in connection with the administration of the Mercantile. May 6. Despite the suspension of the Colonial Bank of Australasia, the business transacted at the Banks today was nothing out of the common. , Sydney, May 7. The final revision of the reconstruc tion scheme of the Australian Joint Stock Bank provides for the issue of negotiable inscribed stock to depositors unwilling to accept preferential shares with interest at 4i per cent. This gets rid of the compulsion to take preferential shares. < The Colonial Treasurer states that owing to the Bank suspensions funded stock is invested at the rate of £120,000 weekly. Hβ proposes to meet the debentures due at the end of the year out of landed stocks money, and does not intend to approach the London market for some time.