BANKING AFFAIRS.

Press, Volume L, Issue 8487, 19 May 1893, Page 5

BANKING AFFAIRS.

Pr«M AMoeU4_»—Btoetrfo Talegr_pfa—Oopyrfchl London, May 17. The hearing of the petition for winding up the Australian Joint Stock Bank has been postponed till the 7th June.

Au order has been made for wiudiog up the London Chartered Bank of Australia.

The failure of the Gity of Melbourne Bank caused no excitement in the city, as the news was discounted. The deposits in Edinburgh amount to about a quarter of a million. The insurance companies in Edinburgh and the legal profession have appointed a Committee to consider a scheme for the re-con-struction of the suspended Banks. It is expected that most of the suspended Banks will liberate the funds remitted to them in time to meet the Victoriau interest, but it is officially suggested that it would tend to cause a revival of confidence if the Government would indicate their intention to remit a quarter of a million of gold in view of contingencies, but if Sir Saul Samuel's remittances are blocked up in a similar manner, the payment of interest has been arranged.

The Duke of Edinburgh is a heavy loser by the recent failures of cUllett and Co. aud the Commercial Banking Company of Sydney. The Daily News says that the fall in colonial stocks is due to the forced realisation of securities owing to the money being locked up in the various Banks, and has no reference to fueure value.

The petition to wind up the National Bank of Australasia has been adjourned until June 7th.

The Directors of the Australian Joint Stock Bank have undertaken to protect ita assets. Judge Williams insists ou an Official Liquidator being appointed.

May 18. There are eighteen British shareholders in the Royal Bank of Queensland holding 1800 shares. The British deposits in the Bank amount to £300,000, two-thirds of which are Scotch.

The London manager of the Royal Bank of Queensland is confident that the Bauk will be reconstructed on a very sound basis.

The Scotch Press urge depositors in colonial suspended Bauks to adhere to the local Committee to protect their interests.

Sydney, May IS. An application was made iv tbe Equity Court for an order directing the Australian Joint Stock Bank to pay moneys coming into its possession into another Bank, and thus put more gold in circulation. The Court declined to make the order, as the Bank was already placing considerable sums in circulation by paying in notes Government claims. The Court pointed out that even if the order was granted it would only have the effect of placing a large sum of money temporarily, in use, to ba drawn suddenly and added to the reserve fund when arraugements for the reconstruction of the Bank were completed.

The Government received £300,000 in gold in payment of their accounts in the Commercial Bank of New South Wales.

Melbourne, May 18.

The Attorney-General being of opinion that there is no direct evidence of conspiracy, or sufficient evidence of intent to defraud against Sir M. Davies and Mr P. Milledge, who were recently committed for trial on a charge of conspiracy, arising out of the failure ol the Mercantile Bank, the Crown has decided to enter a nolle prosequi in the case of both the accused. Brisbane, May IS. The general abstract of the Royal Bank of Queensland for the March quarter shows liabilities £862,000, including deposits £779,000; assets, £1,286,000, including coin and bullion of the value of £700,000. Paris, May 13. The Comptoir dcs Sondes Nationeaux, Paris, has failed for a million sterling.