Banking News.

Nelson Evening Mail, Volume XXVII, Issue 126, 30 May 1893, Page 2

Banking News.

LONDON, «Jlfiy It. The reconstruction soheme of the L >udon Clartered Bank of Australia oulls up the remaining liability, £20 per share, r.nd provides fur the formation of a L ndon Bink of Australia, with a oapit >1 of £4,000,000, 62,500 ordinary shares to be issuel Ht £40 per-share, and 150,000 6J^ per cent, cumulative preference shares of -610 each. Holders of old Bhures will reoeive ordinary sh-ues oredited with £15 aud the balanoe payable in tnree instalments of £2 10-j each, in August, November, aod February next, with a further call of -85 after Maj, 1894, at the discretion of the direotors, the bin's remailing a reserve liability. Holders are to have the option of piying £20, and surrendering their inter-.fi; ia anaoU. The Bank issues to creditors deposit receipts at 4J par oent for oae moiety, payable in six yearly instalment?, commencing in June, 1900, and issues for the remainder moiety cither 4 J per oent iosoribed deposit stooks repayable at par pro rata in annual instalments of half a million pounds from June, 1908, or fully paid up 5£ per cent cumulative prefer* ence shares, and participating in surplus profit, preference as regards interest ceasing after five yearly dividends of 7£ per oent has been paid. All iuterest to bs begin on July Ist. Overdrafts to be allowed to holders of deposit, stook, or receipts issued in respect of amount of aooount?. Holders of inscribed depo3it stock to appoint at leiafc three members of the Bjard of Direotors ; a trust fund to be created to meet the liability of notes ; a quirter of a million of Bhare capital tt be set aside in udditidn to the present reserve t > form a contingenoy fund of £367,000. Power is taken to amalgamate if thought expedient' Melbourne, May 29. A meeting of the creditors of the St indard Bank, and of the National Baok of Australasia agree to the reconstruction sohemes.