THE AUSTRALIAN DEPOSIT AND MORTGAGE BANK.

Otago Daily Times, Issue 9390, 1 April 1892, Page 3

THE AUSTRALIAN DEPOSIT AND MORTGAGE BANK.

The financial unrest which has been affecting the commercial community lately (telegraphs ttie Melbourne correspondent of the Christchurch Press), chiefly owing to the extreme nervousness of depositors in several financial institutions, was in some measure renewed on Friday, the 18th, when heavy demands for money were made on the Australian Deposit and Mortgage Bank (Limited). The withdrawals continued during the Friday, Saturday, and Monday, the total amount taken in the three days being about L2OOO. On the 24th the run was much more severe, the total sum withdrawn during the day amounting to no less than L 50,000, making an aggregate of L 32,000 withclra-Vn in four days. The directors, after a long consultation, decided to suspend payment and call the shareholders and depositors together. This step is the more extraordinary because of the apparently strong position of the institution. On the Exchange its paid-up shares (L 25) were quoted on the 22nd at L4O, and the contributing shares (L 5) at L 7 10s, and it is certain that no large number could have been purchased at any such terms, the shares being well held by influential citizens, who had every confidence in the business. No ascertainable cause of an unusual character can be given for the run excepting that it is believed to be due to the circumstance that very recently a small shareholder, being in need of ready money, forced a few shares ou the market, and caused a slight fall. That alarmed depositors, and within the last few days there was.a steady withdrawal from current account. Clients asked for advances on their deposit receipts, and fixed deposits as they fell due were not renewed. In common with other financial institutions, tho bank has in the last few months experienced a disinclination on the part ot depositors to renew, but there has been also an influx of money, and not for a moment was it thought the position was serious. The bank always had ample cash reserve to pay demands on current accounts, and, generally speaking, did not suffer much by the withdrawal of depositors. The bank was established 18 years ago, and has had a prosperous career, its operations having been confined to legitimate renewal business. Its authorised capital is L 1,125,000 in 45,000 shares of L 25 each, of which 5000 are fully paid up and 40,000 paid to L5. The subscribed capital is L 575.000, the paid up capital L 215.000, tbe reserve fund LIOO.OOO, and the reserve liability L 360.000. The directors areMr Balfour, M.L.C. (chairman), Mr C. J. Ham, M.L.C, Mr Harper, M.L.A., Mr J. Thomson, Mr Edward AVaters, and Mr Staughton, M.L.A. The manager is Mr AVm. Reid, and there are agencies in London, Edinburgh, and Glasgow. The deposits amount to L 1.200,000 in round figures, of which L 400.000 is held on British account and LBOO.OOO for local creditors.

A farmers' co-operative association is in process of being formed in the Oamaru district. Already 200 shares have been taken up, and it is proposod to call a meeting at an early date in connection with the matter.

'? Dr Cartwright writes to the AVoodville Examiner re dehorning rams : —" I keep a few sheep. I have beon greatly annoyed at the rams fighting. Last month I picked out four rams with very large horns. I cut them off as close as I could to the head with a very sharp saw. They have all done well; did not lose a feed. I know it has completely stopped their fighting. One pair of horns weighed Total weight of tha four pairs,