THE COMMERCIAL BANK.

New Zealand Herald, Volume XXX, Issue 9179, 20 April 1893, Page 5

THE COMMERCIAL BANK.

Melboubne, April 9. The head officoandsuburban branches of the Commercial Bank of Australia were opened on Saturday for tho receipt of operative carrent accounts. This step was taken under counsel's advice. It is intended to suit the convenience of customers, and judging by yesterday's experience, it will provo of most important assistance in keeping tho largo clientele of tho bank together. The bank was crowded with customers, and tho volumo of business transacted was almost as great as on ordinary days beforo the suspension. Between 50 and CO new accounts were opened in trust, and some of these were opened by persons who had not previously been customers of the bank. Circulars were issued to the various country branches directing them to re-open at once for the receipt of the current accounts. it is expected that the majority of them will be in full operation to-morrow. The directors and manager of the Commercial Bank of Australia are gratified at the generous attitude of the other associated banks, which have studiously refrained from seeking to enlarge their clientele at the expense of tho suspended institution. Mr. Turner, tho manager, hopes that by the Ist May tho reconstructed bank will bo in full swing. Tho character of enthusiasm which marked the reconstruction meeting of the shareholders of tho Commercial Bank of Australia in Melbourne on Thursday is thus depicted by tho Melbourne Argus "Cheers, waving of hats, and a vote of continence accorded with ' threo times three,' are not the ordinary accompaniments of meetings hold to announco a suspension of payment. But the meeting of shareholders in tho Commercial Bank of Australia, held at the Athenanim Club, was a noble exception to the rule. Although the large hull was crowded until hardly standing room was available, not a single dissentiont voico was raised throughout tho whole of the proceedings; nay more, every spoaker met with such a welcome as is scarcely given to a popular actor. Every telling sentonco had its quota of ' hear hears,' every point its round of applause, and at tho end of an hour's speaking, without one single question having been asked, a motion for the reconstruction of the bank was carried in tho midst of a burst of enthusiasm seldom seen outside tho walls of a theatre. It seemed indeed, as though the groat body of shareholders had determined to give the lie to the depressing rumours, which were mainly .responsible for tho suspension of payment by the bank, and Mr. Henry Gyles Turner was, perhaps, hardly beyond the mark in expressing tho belief at the close of the meeting that ' tho name of Australia would bo recognised in England as that of a country whore the people could go straight about a business which was set before them with all their heart.'"