THE FINANCIAL CRISIS.

New Zealand Herald, Volume XXX, Issue 9185, 27 April 1893, Page 5

THE FINANCIAL CRISIS.

LONDON CHARTERED BANK.

THE SUSPENSION CAUSED BY

PANIC.

ASSISTANCE DECLINED.

THE NEW SOUTH WALES

BANKING BILL.

STATEMENT BY SIR G. R. DIBBS. Press Association.—Klcctric Telegraph.—Copyright.

Melbourne, April 26. The London Chartered Bank held a good record, having been established in 1852. It transacts business in New South Wales, Queensland, and Victoria.

Last quarter's return showed that the assets in New South Wales amounted to £2,583,000, and that the liabilities were £890,000. In Victoria, deposits amount to £2,381,000, and the advances to £3,535,000.

On December 31st the Australian deposits totalled £3,180,000, and British deposits £3,538,000. The bank re opens this morning to receive new accounts aud to cash not< ; s.

The associated banks were willing to assist, but, owing to the excited condition of the public, the management considered monetary aid would be ineffectual.

Sydney, April 26. Sir George Dibbs announced in the House that the panic had been entirely averted, and said there was no necessity for passing the new Bank Bill without the fullest discussion. The Bill was introduced to-day.

London, April 25. The news of the suspension of the London Chartered Bank of Australia was not known until after the hour of closing, and created much surprise. The Daily News says that, owing to the reported demand in Australia for notes of first-class banks, one Australian bank is having notes to the value of a million sterling printed in London for early despatch to the colonies. The Standard considers the London Chartered Bank's circular is frankly worded, and that it will lead to the belief that the bank is considerably stronger than the public thought. Queensland National Bank shares have fallen steadily, and are now at £1 10s.

London, April 26. The Times ad vocates that in the reconstruction schemes a clause should be inserted compelling the new banks to draw on independent sources here, and not on the branches.