THE FINANCIAL CRISIS. GREAT RUN ON A SYDNEY SAVINGS BANK. THE GOVERNMENT GARANTEE.

Evening Post, Volume XLV, Issue 94, 22 April 1893, Page 2

THE FINANCIAL CRISIS. GREAT RUN ON A SYDNEY SAVINGS BANK. THE GOVERNMENT G ARANTEE.

! Al< iNKY BE/NO REAIOVIJ) T<; PCI VATK j SAFE.-, QUEENSLAND KI.OoD AloNE^ LOCKED UP. [united press association.] Sydney, 21st April. Although the recent failures had caused uneasinoßH, it was not until the announcement of llio suspension ot the Joint Stock Hank that anything approaching alarm was felt among the public. The Savings Bank of Now South Wales came in for a largo share of attention. Thie institution was subjected to a heavy run some eighteen months ago. To-day's run \va3 not quite so bad as the former one, but this was probably the result of a proclamation issued by the Government guaranteeing that all depositors would bo pajd by the Government if such a course wero necessary. Georgo-streot, in which several of the leading banks are located, was orowded witli people, and for a time the oicitement was intense. There must have been a large number of withdrawals, but no official information on this point is forthcoming. 1 he banks interested state that there has been a blight run, but nothing serious. As the closing hour approached matters qniotod down. An important conference was held this afternoon betwoon the representatives of the Government the Commercial Bonking Company, and the Bank of New South Wales, The Government offered every assistance ir its power to maintain the credit of the solvent institutions Despite the run, deposits wore lodged ir the Now South Wales Savings Bank to the extent of JBII.OCO, while tho Post Offic< Savings Bank benefited to the oxtout o: .£29,000. Safes iv the Sydney Safe Deposit Com pany's promises wore at a premium, owinj to tho number of firms who withdrew coil from the banks and placed it in these pri vat safes. Brisbane. 21st April. Tho balance of the Queensland Flooi Fund, amounting to .£35,000, is looked up ii the Joint Stock Bank.