THE COMMERCIAL BANK OF AUSTRALIA.

New Zealand Times, Volume LIV, Issue 9880, 11 April 1893, Page 2

THE COMMERCIAL BANK OF AUSTRALIA.

Rv Ki.kothio Tklkhiiaph.—Copyright. (PRESS ASSOCIATION. I London, April 9. The Scottish Leader, ah Edinburgh paper, considers the scheme for the reconstruction of the Commercial Bank an ingenious plan, which will make the shares as good as gold, and has no fear of its success. lb asks whether the extinction of the reserve covers the depreciation, and prefeti to face the loss of half the old capital rather chan imperil the prospects of the new bank. It suggests that the capital should be four millions, one of which is to be uncalled, and it would like to see the other banks advance a portion of the Commercial’s deposits.

The feeling in Glasgow among the depositors in the Commercial Bank is favourable to the reconstruction.

The total amount of the Glasgow deposits is about a million sterling, but there are only four shareholders in the city. The leading English and Scotch journals continue to discuss the affairs of the bank, the opinions expr-ssed being conflicting, but in the main favourable. Ths Financial Times remarks that, in the teeth of the disaster, the way in which the Victorian Government stocks keep up their price is really wonderful. It considers it is probably due to the shortness of the stuck offered, which shows the confidence the holders have in it.

The Economist considers the suspension of payment was prudent, as all the creditors should be placed on an equal footing. The following are the latest quotations of bank shares : —Australasia, L 77 10a ; New South Wales, LG4 ; Loudon Chartered, LlB ; Union Bank of Australia, L 47. „ (Received April 10, 7.45 p m.) Sydney, April 10. The Commercial Bank of Australia reopened its branches in this colony to day.