BANKING TROUBLES.

Evening Star, Issue 9124, 3 May 1893, Page 2

BANKING TROUBLES.

•; : ? IfVCj , -"Jl .., I'f !i. ; li-'M- b«|Pm>ifi—a ABBIWLWtoNtII-id. v ;.’= .*H : The excrement hasentirely subsided,; 1 > The fpßawing bhnkshaye ieshShed nesedtepite the Government proclamation with' regard to l! tHfe holidayßank of New South' Wales, Bank of New- Zealand, : , Bidrilc W:Australasia, Pijjoh 5 Bank of Australia, and' Royal Bank of Australia. The •Bank of New Zealand posted a notice on thejr ■ premises eteting that business would be continued as usual, and that payment would be made in gold. [p 'c v At" a WlffireESdera and depositors inV the the proposal for the reconstruction of the institution was unani&'daSfy SdOpted. . Af the annual meeting of the. Rational Bank of Australia to-day, - the chairman stated that the balance-sheet was one of the been sub-, nutted. The report, after omitting a; declaration of 1 dividend, was adopted.' The chairman then proceeded to comment on the disaster which had overtaken them. He pointed out that the ’ bank bad not allowed 1 the laud boom to influence its business, and it still occupied a thoroughly sound position. . . May 3. (Received May 3,1893, at 12.35 p.m.) The magisterial inquiry into the charges against the directors of the Mercantile Bank has been concluded, and the decision will be announced to-day. Premier Patterson i expresses himself satisfied with the effect of the proclamation of the bank holiday, and states that he has no objection to the Bank of Australasia and Union Bank of Australia remaining open. SYDNEY, May 2. Matters in financial circles are quiet. The Bank Bill is before the Legislati ve Assembly to-night. May 3. (Received May 3,1893, at 11.20 a.m.)

In the Legislative Assembly, Premier Bibbs, in moving the second reading of the Bank Bill, expressed his opinion that, unless the measure were passed, they had not run to the end of disasters in the colony. Mr Wise, Q. 0., strongly opposed the Bill, and declared that if it became law it would bring about infinitely worse disasters than those it was sought to remedy. Mr M‘Millan, in a powerful speech, supported the Bill in a Qualified way, holding that only the greatest necessity justified such a measure. Everything, he said, depended on the administration of such an Act. The second reading was carried by 7G to 25, In committee an amendment providing that the banks should pay their own notes in gold when demanded was inserted. The third reading of the Bill was carried at seven o’clock this morning, when the House adjourned to await the Council dealing with the measure.

The speech of the Premier on the second reading is regarded as weak, but those of Messrs Wise and M'Millau are looked upon as two of the ablest de|iverances from their standpoint ever made in the House. f (Received May 3,1893, at 0.35 p.rn,) During last evening a dastaidly handbill was issued predicting more bank smashes, and alleging that Parliament was throttled, that the Government were acting illegally, and that the newspapers were suppressing the facts ; and further urging tub public to demand gold. The Government issued a gazette extraordinary this morning, offering ft reward of £IOO for the conviction of the perpetrators .of the outrage, and granting a free pardon to all accomplices.

LONDON, May 1.

The news of the suspension of the National Bank of Australia came as a complete surprise, but had no effect owing to the closing of the Exchange. Loading bankers in the city express regret that the Victorian Government should have thought fit to proclaim a bank holiday, and state that they would have preferred to have seen the Government guarantee deposits.

May 2, (Received May 3,1893, at 11.10 a.m.)

The shareholders and depositors of the English and Scottish Bank have approved of the reconstruction scheme.

The ‘ Investors’ Review ’ says that Melbourne has proved a regular milking machine for Scotch investors. (Received May 3,1893, at 11.50 a.m.)

The National Bank of Australia have three-quarters of a million pounds’ worth of available assets in London, which are sufficient to meet all the claims of depositors at this end for the next eighteen months.