The Financial Crisis in Australia.

Hawera & Normanby Star, Volume XX, Issue 2432, 20 May 1893, Page 2

The Financial Crisis in Australia.

(PER PRESS ASSOCIATION.) LONDON, May 18. At a meeting of depositors in tba . National Bank of Australasia, Mr Stewart presiding, objections were raised to several points of the scheme. It was urged that the fact that dividends were to be Doncumulative deprived depositors of their rights ; that the call on shareholders was unduly spun out ; that English depositors were placed at a disadvantage compared with Australian; and that all depositor! should be put on the same footing. Besolutions were passed insisting that no depositor should be compelled to take preference shares or extend currency of deposits beyond twelve years; that repayment to creditors should be pro rata, except to Government, to holders of notes, aud drafts upon the old bank; that the date of repayment of depositors should be calculated from the time of suspension or formation of the bank; that all current moneys should be treated similarly to deposits ; and that no shares should be transferred to make it transferable until a call of £2 was paid. The shareholders have unanimously accepted the eoheme of reconstruction, subject to the modifications made by depositors as above. There is a much better tone on the Exchange in regard to bank sharei. Australian investors are taking Cape goldmine shares, . • It is believed here that the worst it over, and that the existing banks will maintain their position. There is a better tone in the city than prevailed three days ago. Judge Williams granted Guinness' petition for the compulsory winding up of the Commercial Bank of Australia.