THE AUSTRALIAN BANKS

New Zealand Times, Volume LIV, Issue 9903, 17 May 1893, Page 2

THE AUSTRALIAN BANKS

Bt Electric Telegraph.—Copyright. (PRESS ASSOCIATION.) London, May 35. The Queensland National Bank is applying to the Court fur voluntary liquidation. The Exchange is excited by the suspension, for which it was not prepared, and surprise is expressed that the Whitsuntide term was allowed tn approach so near before the intentions of the bank were intimated.

Sydney, May IC,

The result of the conference yesterday between the Ministers and the bankers is a proclamation by the Government declaring the notes issued by the Banks of Now South Wales, Australasia, City of Sydney, and the Union Bank a legal tender for six months. The Government had L 300,000 with tho Commercial Banking Company. The scheme for tho reconstruction of the Commercial Banking Company of Sydney provides for selling tho property and assets of the old bank to the new institution for 80,000 shares at L 25 each— L 48,000 paid up to Ll2los, the remainder to he subscribed over a period of three years. Creditors with current accounts are to accept 10 per cent of the principal now owing within a month of the registration of the new bank, 5 percent within the next six months, and then 5 per cent every quarter, interest to be paid at the rate of 31 per cent. The directors will be empowered to pay drafts in full, and the creditors may exchange deposit receipts for debentures paying interest at 4 pet cent. Brisbane, May 16. The Permanent Building Society holds deposits to the extent of L204,0(j0, mostly on fixed terms. A scheme of reconstruction is being prepared.

LATER. LARGER CASH RESERVES REQUIRED. UNREASONING CREDITORS. (Received May 17,1 a.m.) London, May IC. The Standard states that it is impossible for the Bank of England to assist the Queensland Government, The Times asserts that a prosperous future awaits the banka still standing it common sense reasserts itself, but that the way the creditors are yielding to unreasoning fear destroys tho interests they seek to protect. It adds that it is incumbent on the banks to hold larger cash reserves. Intense surprise was caused here by the suspension of the Commercial Banking Company of Sydney. The. liability here is LBOO,OOO, which assets fully cover. Tho Cork depositors are applying to tho Court tor the protection of the assets. The Standard says that city financiers teel genuine regret at the temporary stoppage of the Commercial Banking Company of Sydney, and declares that tho London office was conducted most ; admirably. The suspension of tho Queensland National Bank caused but little surprise, and had been fully discounted. Sir J. P. Garrick does not expect much trouble respecting his Government’s drafts.

The Edinburgh deposits amount to LBOO,OOO, and those in Glasgow to L 500.000. In tho Nortli Queens’and Bank the

Scotch deposits amounted to L 90.000. SUSPENSION OF A BUILDING SOCIETY. (special.) (Received May 16, 9.10 p.m.) Brisbane, May 16. Tha Federal Building, Land and Investment Society has suspended. The paid up capital is L 85,000 ; the deposits amount to L 43,800. QUEENSLAND PARLIAMENT. (PRESS ASSOCIATION.) (Received May 17, 1 a.m.) Brisbane, May 16. In view of the excitement over the financial crisis, Parliament will probably be called together on the 25th inst.