BANKING AFFAIRS.

Press, Volume L, Issue 8482, 13 May 1893, Page 7

BANKING AFFAIRS.

FAILURES IN THE UNITED STATES. Fnm __wliltnn Hlmmo TMtagnp-—Ooprrish*. London, May 11. The shareholders of the Australian Joint Stock Bank unanimously approved of tho re-construction scheme. A meeting, consisting of 300 depositors, is now being held to discuss the question. At the shareholders' meet* ing an amendment was moved hostile to the scheme, and that the meeting should adjourn pending the receipt of a special independent audit of the affairs of the bank. Mr Blair. Writer to the Signet, opposed the scheme, and urged liquidation. He suggested that it should seize tbe assets in England. Mr Williamson combated the arguments of Mr Blair. Only twelve voted for the amendment, and the scheme was adopted by an enormous majority. The Directors of the English, Scottish, and Australian and the London Chartered Banks are conferring over the scheme for amalgamation. It is expected that they will agree upon terms to-day. The Bank of Australasia and the Union Bank of Australia are each shipping a quarter of a million of sovereigns for Australia to-morrow. Messrs Hallett and Co., bankers, at Martin's place, W.C., have suspended payment. The Hon. J. B. Dicksou, who is a director of several of the leading bauking and financial institutions of Queensland, in the course of an interview said that there was not the slightest foundation for the rumours with regard to tbe condition of the Queeusland National Bank. During the lasc six years that institution had been severing its connection with building societies, and was now free from all embarrassing alliances. It is expected that the Deposit Insurance Companies will jointly support the schemes of re-construc-tion. May 12. The Directors of the English, Scottish and Australian Chartered Bank and the London Chartered Bank are framing a plan of reconstruction, which will enable the two Banks to easily amalgamate after re-opening. This is delaying the promulgation of the scheme. Melbourne, May 12. Meetings of shareholders and depositors iv the Bauk of Victoria have adopted a scheme of reconstruction on lines similar to those proposed by the other Banks. Washington, May 12. The Capital Bank of Indianopolis has suspended payment, and also the Columbia Bank of Chicago. These failures have evoked a nervous feeling in financial circles in the Unite a States.