THE BANK FAILURE.

Hawera & Normanby Star, Volume XX, Issue 2395, 7 April 1893, Page 3

THE BANK FAILURE.

(PER PRESS ASSOCIATION. ) LONDON, April 5. Depositors in the Commercial Bank of Australia remain quiet, bat it is stated they intend to ask the protection of the - English courts. The London management is not blamed in Connection with the suspension. The bank has been besieged, is is believed, by heavy holders of Broken Hill proprietary shares, which fell £8. The management reaßaureß depositors that shareholders will be the only sufferers, and that it is possible to tide over the diffionlty. LONDON, April 6. ,' ' Dhe Viotorian Agent-General's Depart* ment has about £5000 looked op in the Commercial Bank. Later telegrams from Melbourne have

considerably modified the unfavorable feeling at fitßt expressed in the city. The fdda of forming an Estates' Company is alrongly favored. Several bankers and brokers express the opinion that the tacent failures will have the effeot of modifying the system under wbioh large amounts of deposits are received by financial institutions having comparatively ■mall paid-up capital. In the event of the

proposal for reconstruction failing the 1 prospect of forming a new and powerful

bank to take the place of the Oommeroial ~ hfts already been canvassed.

The Fmsnoial Times considers the Associated Banks must be acquitted, under toe cironmstanoeß disclosed! of any

dereliction, of duty in refusing to comply

with (lie demand for unlimited assistance. '" TheStandaid tbibksjany help required . in the reconstruction must come from Xogjlandi v there ia no financial strength in tht eolonieß at the present.