SECOND EDITION.

Hawera & Normanby Star, Volume XX, Issue 2420, 6 May 1893, Page 2

SECOND EDITION.

THE FINANCIAL'- CBl|slS IN A=OSTRA%IA?T SUSPENSION OF TBbf COLONIAL BANK. (per peess association.) MELBOURNE, May 6. The Colonial Bank of Australia has suspended payment. At the annual meeting, whiob was beld last week, the jalance sheet showed that the, njrafit had been £82,000, and a dividend of 8 per cent was declared, while &&,000j was oarried forward. The directors transferred from the reserve fund to provide for contingencies. The bank occupies a strong position, and has 82 branches io the colony. It was thought, that tbe demands from theße branches might mean a very considerable withdrawal on the reopening to-morrow, and tbe director! therefore decided to open, but to r«. construct the bank and bring it nnd'er the Limited Liability Companies AoU. LONDON, May i. At a private meeting of the principal Scotch shareholders and depositort'ih tbe London Chartered Bank of Australia a draft scheme for the reoonstrnctidh of the institution was accepted. The 1 dirtcton of the English, Scottish, and Australian - Chartered Banfa have .slightly modified the reconstruction scheme whioh.will be proceeded with irrespetive of opposition on the part of a number of Seotoh depositor! and shareholders. Experts declare that it would be easy to arrange amalgamation between tbe London Chartered Bank of Australia apd the English, Scottiib, and , Australian Chartered Bank.