BANKING AFFAIRS.

New Zealand Herald, Volume XXXIV, Issue 10378, 1 March 1897, Page 5

BANKING AFFAIRS.

Press Association —Electric Telegraph.—Copy right;

London, February 26. Under an order of the Court, Mr, Sheppard, representing the committees of inspection, and Mr. Byrne, of the Official Receiver's department, proceed to Melbourne to-day for the purpose of forming an assets company to take oveu the real property of the Mercantile, Federal, and English and Australian Moitgage Banks. A largely attended informal meeting of creditors of the Queensland National Bank was held to-day, Sir E. Daves presiding, The meeting was called at the instance of the depositors' commit' tee, the members of which frankly said they did not like the scheme proposed, but preferred the depositors to judge for themselves. Several creditors made violent attacks on the Queensland Government. After a long discussion a motion was carried declaring it the duty of the Government of Queensland to nominate one of the life members' of the Board at Brisbane, and if the Government refused, then, that the proposal be so amended as to provide for three depositors as directors. The resolution went on to say that the meeting could only recommend the depositors to assent to the scheme on these conditions. An amendment declining to adopt the scheme was re« jected. London, February 27. Several newspapers censure the Board of the Queensland National Bank and the Government. The Economist considers that the deposit tors have been befooled by the Board and misled by the Government. :