BANKING AFFAIRS.

Press, Volume L, Issue 8479, 10 May 1893, Page 5

BANKING AFFAIRS.

ANOTHEP. SUSPENSION. Press IwaeUUoo—ElMUlo X-ltgnpk—C«.*fd_tu London, May 8. Messrs Pringle, Dallas, and Co., deposit agents ia the Edinburgh Standard Bank hare resigned, as they disagreed with the scheme of reconstruction, aud the Sank refused to call a meeting of Scotch depositors. The Gompauy have called an opposition meeting for to-morrow. A meeting of forty shareholder*, of the Bank has approved of reconstruction, with but five dissentients. The meeting of depositors was adjourned, but a Committee was appointed to discuss the scheme with the London Board. Melbourne, May 9. Bishop Goe has issued a circular setting Wednesday, the 17th inst., apart as a day of humiliation and prayer in connection with the recent financial troubles. In the Mercantile Bank prosecutions Sir _L Davies and Milledge are being tried by Mr McDonald, the Magistrate, alone. The rest of his coadjutors were in favour of acquitting the whole of the accused and withdrew from the proceedings. Later. The charge of conspiracy against Sir M. Davies and Milledge is still proceeding. The Bank of Victoria has suspended payment. The Directors have issued a circular, stating that owing to heavy withdrawals they propose to immediately reconstruct, ou similar lines to those taken by other Banks. They announce that they are satisfied the Institution is perfectly solvent. The last balance sheet showed liabilities amounting to £8,746,000, including deposits £7,057,000. The assets include advances to the extent of £6,430,000. The Bank of Victoria, Limited, was established in 1852, and early in 1889 was registered under the Companies Statute (Victoria), 1864. The subscribed capital is _31,200,t)00, in shares of £10, of which £600,000, or £5 per share, is paid up, bub the liability extends to twice the amount of the shares. Tho amount of dividend paid has been 10 and 12 per cent. The head office is in Melbourne, but there is also an office in Londou. The report submitted to the Directors of the Bank of Victoria, Limited, at the general meeting, held in Melbourne on February 7th, stated that the balance of undivided profit on 30th June, 1892, was £20,952 11a lid; net profit for the past half-year, £33,427 9s Id; total, £54,380 Is; which the Directors propose to apportion as follows:—To dividend at 10 per cent, per annum, £30,000; to reserve fund, making it £250,000, £15,000; total £45,000; to balance carried forward to next half-year, £9380 Is. Instead of declaring the usual bonus, the Directors on the present occasion recommend the above addition of £15,000 to the reserve fund. The following is the aggregate balance sheet for the half-year ending 31st December, 1892 (including London branch,to 28th November, 1892) .*— Dr. Proprietors'capital .. .. £600.000 0 0 Reserve ttmd .. .. .. 235,000 0 0 Profit and loss .. .. .. 54,380 1 0 Notes in circulation .. _ 171,57_ 0 0 Bills in circulation .. .. 579,126 0 8 Deposits (including interest accrued) and other moneys payable on demand and rebate on bills current ... .. .. 7,057,342 5 5 Due to other Banks ._ .. 49,058 18 3 £8,716,785 5 4 Cr. Coin, bullion, and cash balances£L,2s7,OSo . 6 Consols, inscrioed. etock, and municipal debentures .. 2.4,351 8 0 Money at short call ia London.. 200.000 0 0 British bills in transitu .. 238,-62 9 8 line from other Banks .. 85,133 6 11 Bills receivable and other advances.. .. ._ .. 6,430,673 19 4 Bank premises .. .. .. 211,045 16 11 £8,746,785 5 4 On March 31st last the position of the Bank was as follows:— Deposits .. .. .. .. £5,772,706 Advances .. .. .. .. £6,202,570