FINANCIAL PANIC IN SYDNEY.
RUN ON A SAVINGS BANK. ALL DEMANDS MET. STATEMENT BY THE PREMIER. Press Association.—Electric Telegraph.—Copyright. Sydney, February 11. A sensation has been caused to-day owing to a run on the Savings Bank of New South Wales. Close on £50,000 has been withdrawn, and the bank is still (eight p.m.) open paying all claims in gold. The position of the bank at the end of the year was. —Deposits, £3,188,000 : total assets, £3,433,000. These include £1,158,000 out on mortgage ; £95,000 invested in debentures ; £600,000 lent to the Government ; and £1,500,000 deposited in other banks. Nothing is known as to the cause of the run. . The bank is besieged by an excited crowd. The Associated Banks have issued a notice that they are prepared to receive the Savings Bank doposit receipts as cash or for deposits. The Premier announced in the House this afternoon, in order to allay the alarm, that the bank was one of the strongest in the world.
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New Zealand Herald, Volume XXIX, Issue 8799, 12 February 1892, Page 5
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163FINANCIAL PANIC IN SYDNEY. New Zealand Herald, Volume XXIX, Issue 8799, 12 February 1892, Page 5
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