Banking News.

Nelson Evening Mail, Volume XXVII, Issue 104, 4 May 1893, Page 2

Banking News.

Londov, May 2. At a meeting of shareholders and creditors of the E ig-lish. S:ott : sb, and Austrian Chartered Bank, a resolution was carried approving of the principle of reconstruction of the institution on the lines suggested after payment was suspended. Mr Stuart, the official receiver, stJites that according to the statement of the Directors, the Bink his a surplus of £1,210 000, overdrafts and advances am uut to £5,111,711, and the Directors expect they will realise half a million leas than ta»t sum. The scheme for the reconstruction of the London Chartered B.ink of Australia is very similar to that adopted in co nectLn with the Eiglisb, Scottish, and Australian Chartered Bank. I -i fiiiancUl and banking circles in the city the acfua of several of the Banks in Melbourne in opening their doors for the transaction of business in gpita of the Government proclamation declaring a holid-iy is approved. The city newspapers, in commeating on the situation in Victjria, urgently reoomni.md depositors to refrain from renewing the panic when the other Bink* resume business after the holidiy on Saturday. At a private meeting of large depositors in the Australian Joint fimk the scheme of reconstruction of the institution was favourably received, London, May 3. The idea of aanlgai>ating some of the Australian banks is much favoured in the city. Three of the leading Australian b.mks are sending tliroe-quattors of a million iv gold to Australii, find, if l^ecaasary, another halt-million will follow. A rise in the bank rata of discount is probable in consequence. At a meeting of shareholders acd depositors of the English aid Scottish Chartered B mk ab Edinburgh, a noisy m'.rodty were in favour of liquidation, but tae majority supported the reconstruction scheme It was however, adversely criticised beo.nuse the shareho'ders were made partners, ai:d all the creditors were not treated alike. Ihe meeting ultimately adjourned i'or tan dnys. MeluoukN'E, This Day. The reconstruction scheme of the National Dank of Australia provides that the capital of the bank shall be four millions sterling, of which the shareholders will be asked to take two millions and a half and the depositors the remainder as preferential s'mres. The shares will be £10, but it is not proposed to call up more than i' 3. Tlie depositors will take new deposit slips for live, six, and seven years to bear interest at 4 per cent Current accounts w.ll receive deposit slips for half amount for live, six, and .seven years and the balance fur two, three, and four years, bearing 1 per cent.