AUSTRALIAN BANKS.

New Zealand Mail, Issue 1315, 13 May 1897, Page 36

AUSTRALIAN BANKS.

Melbourne, May 4. At the half-yearly meeting of the Colonial Bank of Australasia, the profits, after paying interest, were shown to be .£3013. Since 1893 the old liabilities had - been reduced to the extent of .£957,000. The report was adopted, including proposals to write down the capital and make & call of <£2 per share. Melbourne, May 5. At the half-yearly meeting of the National Bank the net profit for the half-year was shown to bo .£IS,OOO. A dividend at the rate of 5 per cent, on the preference shares was declared, and a sum of ,£10,400 was carried forward. The long dated fixed deposits stood at .£6,333,000 in September, 1893, and they were now reduced to .£3,015,000, while on July 22nd they would be reduced to <£1,650,009. Adelaide, May 6. At the annual meeting of the Bank of Adelaide a 7 per cent, dividend was declared. The bank has convertible assets of over 10s in the pound against the whole liabilities. , Svdney, May 10. The Court has sanctioned the Australian Joint Stock Bank re-arrangement scheme. London, May 5. Mr William Hemmant, a London director, presiding at the meeting of the depositors of the Australian Joint Stock Bank, said the chief cause of the lamentable position of the bank was due to mismanagement in the past. The payment of .£500,000 made in 1896 was unjustifiable, and Mr Francis Adams, the general manager, who was then in London, ought to have disclosed the real position to the shareholders and creditors, who were allowed to remain under a wrong impression. It was no wonder that the committees insisted on a thorough change in the management and the retirement of Mr Adams and three of the old directors. This opinion was shared by every member of the London board. He would not have the assurance to ask fcr the approval of the scheme which left the management in the old hands. A depositor suggested that they should adjourn until an independent accountant examined the books in Australia, whfie another requested the publication of a full report of the committee’s accountant. Mr Hemmant replied that this was a confidential document. The new scheme was adopted by an overwhelming majority. Alfred Johnson, an Australian draughtsman employed in the Admiralty Department, has committed suicide by shooting himself with a revolver. It is stated that his father wa§ ruined by the late Australian financial crisis.

denco of tho Duke of Sparta, burned the Duke’s papers and seized all the arms they could find. Tho King of Greece is suffering from cardiacal spasms, and his physician has ordered him to proceed to the Island of Milo or tho Island of Syra. British, French and Italian warships have arrived at Volo, and 200 Frenelr sailors are patrolling the streets. General Vassos has been recalled from Chete. Colonel Starkos succeeds him. London, May 5. The Times Athens correspondent states that the Greek Government, after consultation with tho Ministers who visited Phersala, has resolved to continue the war. .Colonel Yassos, of Cretan fame, takes command of the troops in Epirus. Constantinople, May 5 The Porte has consented to British and

A Greek ironclad captured a schooner at the entrance to the Gulf of Salonika. Amongst those on board was Sir Ellis Ashmead-Bartlett, member for Eeclesall, Sheffield. He was sent on to Athens. On Friday last the Turks reported that they had lost 1200 men during reckless assaults on the strong position held by the Greeks at Velestino. Continuous fighting has since taken place and extended to Phersala. General Smolenski declares that the country in the vicinity is deluged with blood, and that he has lost 1000 men. Tho Duke of Sparta has retreated upon Dumoku K to the southward of Phersala, while the forces under General Smolenski are retiring towards either Voloor or Almyro, to the eastward. The news of theseretrograde steps has thrown the populace of Athens into despair.