CITY of MELBO URN E BANK.
fl'UKas ASSOCIATION."! London, Bth August. Parobasoa are being made of notes, drafts, and deposit recoipts of the City of Molbonrne Bank. Several thousand pounds' worth wero bought to-day at 17s 6diu the £. (Received August 10, 11.30 a.m.) Mbtjßodbne, This Dat. The Age states that the suspension of the City of Melbourne Bank will not materially affsot local interests, as the result was long previously discounted in financial oiroles. ft will be moat seriously felt in the country districts, whore a large sum has been advanced upon mining plants against calls to come in. If the borrowing companies oannot transfer tho loans, they will in some instances have to wind np. There are strong hopes that arrangements will be made to reopen the bank. The Argus doubts whether the British oreditors nave taken the wisest course in oloaing tho City of Melbourne Bank. It says there is no use in blinking the faot that the the oonfidenoe of the multitude of Soottish depositors in Australian institutions has brought more disastrous results to Sootland than did the closing of the City of Glasgow Bank. ' ■ ..-
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Bibliographic details
Evening Post, Volume L, Issue 36, 10 August 1895, Page 2
Word Count
188CITY of MELBOURNE BANK. Evening Post, Volume L, Issue 36, 10 August 1895, Page 2
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