AUSTRALIAN BANKS.

Lyttelton Times, Volume XCIII, Issue 10651, 11 May 1895, Page 5

AUSTRALIAN BANKS.

[Special to Psess Association.] LONDON, Mat 9. The London creditors of the City of Melbourne Bank have formed a com-; mitten to protect chair - ' !The City of Melbourne Bank Creditors’ Committee consists of Sir Evan Colville, Messrs Nepean, Yesey, Fitzgerald, Walter Morrison and A. i D. Fairborn, with Mr A. E, Webster laa secretary. They do nob intend to | oppose the steps being taken by Mr | Thomas Loader, Chairman of the | Melbourne Board of Directors, I but will endeavour to secure the best I possible terms for the creditors. Mr Loader thinks that the committee is not likely to affect the success of the scheme he proposed for the creditors making certain concessions. The annual report of the London Bank of Australia recommends a dividend of 5| per cent on preference shares, and that the sum of '£7862 should be carried forward. The report states the accounts again are adversely affected by a continuation of the circumstances mentioned in the last report. Farther reductions are being made in the expenses, and the directors express gratification at the recent signs of improvement in Australia, where the profit and loss account shows a credit balance of .£12,596.