RUN ON THE COLONIAL BANK.

Otago Daily Times, Issue 290, 24 November 1862, Page 6

RUN ON THE COLONIAL BANK.

On Tuesday and Wednesday there was a rush on the Colonial Bank, which seems to have begun by the refusal of the-bank's notes by tradesmen in Coliingwood, the alarm that proceeding occasioned in the minds of small depositors, who had the receut fate of the Provident-Institute before their eyes, leading to the withdrawal of several small deposits, more especially oh .Wednesday. The bank at once adopted the proper means to meet the emergency, paying in gold the notes presented, and caching at once the cheques and deposit notes presented vto it. The demand abated soon after mid-day on Wednesday; but the directors posted a notice, intimating that the doors would be kept open till ten o'clock at night, if necessary, and would be opened at nine o'clock again next morning, that depositors might have no difficulty in obtaining their money. The subject was alluded to in Parliament on Wednesday, when Mr O'Shanassy—the chairman of the Board of Directors of the Colonial Bank—in reply to some remarks by Mr Graham Berry, explained the position of the bank, showed the folly of the rash upon it, and attributed the movement to intrigue on the part of his political opponents. The Treasurer, in auswer to a question stated that the bank had L208;000 of the money of the Government amongst its deposits, and expressed his perfect confidence in the soundness of. the institution. When the crowd in the bank was at its height, Mr O'Shanassy took occasion to address those who "were hurrying to the counter to. the same effect. It was most noticeable that those who have the largest deposits in the bank, and the best knowledge of its condition, did not share the alarm, and that large sums were paid in to account in the course ofthe day. There is no doubt that, it the Colonial Bank required assistance torneet the sudden demands upon it. it would receive it from all the other banking institutions in the colony. It is stated that an action will <at once be instituted by the directors of the bank against the originators of the rumors detrimental to its interests.— Examiner, Nov. 15. The run has since entirely ceased. :