BANK SUSPENSIONS.

Otago Witness, Issue 2051, 15 June 1893, Page 16

BANK SUSPENSIONS.

0 ■ - (Per Press Association.) Melbourne, June 9. Preference shares in the Bank of Victoria have been taken up within four days. One firm offered to take the whole issue. Sydney, June 9. The Committee of the Chamber of Commerce have reported against relief beiDg granted to current account holders except by reconstruction of the banks. At the statutory meeting of the shareholders of the Commercial Banking Company of Sydney, tbe scheme of reconstruction was accepted. June 13. The Treasury notes issued to current account holders in the suspended banks amount to L 226.000. Gold is slowly returning to the banks, j and everything points to the normal state of affairs being resumed at an early date. The s.s. Britannia, from London, landed a quarter of a million in gold here to-day. Sir R. W. Dnff, the new Governor, on proroguing Parliament to-day, referred to the excellent effect of the Bank Bills in restoring confidence. Adelaide, June 13. The s.s. Ophir, from London, brought a million pounds' worth of gold. London, June 7. Orders for compulsory winding up were granted against the Commercial Bauking Company of Sydney, the Standard, National of Australasia, and Australian Joint Stock Banks. The official receiver will, however, take no steps without the sanction of the court. The petition for winding up the Queensland National Bank was adjourned till July 8 pending the discussion of the reconstruction scheme. The petition in re the Royal Bank of Queensland was adjourned till August. At-the hearing of the petition for winding up the Australian Joint Stock Back, Mr Cozens Hardy pleaded that a compulsory order would do harm to the bank. Ho was satisfied that the law of New South Wales was binding upon the English section of tbe bank. Judge Wisliams directed that the English act gave control over the banks coing business in England. A meeting will be held on Friday, with a view to getting tbe approval of tbe court to the reconstruction scheme. June 8. Mr Henniker Heaton, in a letter to The Time?, advises depositors in the suspended banks to insist that the dividends to shareholders shall not be above 4£ per cent, until the creditors have baen paid, and that current accounts be roa'le a first charge. The bank managers do not believe that the recent decision of tbe court will interfere with the reconstruction schemes. June 11. The creditors of the Commercial Banking Company of Sydney have unanimously i approved of the reconstruction scheme. The shareholders in the English, Scottish, and Australian Chartered Bank have approved of the scheme, with one dissentient. At a laree meeting of depositors in the same bank, Mr Seddon, representing over 5000 Australian creditor?, moved the adoption of the amended rcheme. Considerable objection was raised by ths Scotch depositors, and a show of hands was slightly adverse to the proposal, but the Australian proxies are certain to cany it. Washington, June 7. There ia much financial uneasiuess in the United States. There has been a run on 11 banks in Chicago, the effect being to draw supplies of gold westward. Grant's locomotive works have failed. New York, Jure 9. Fuither failures of bank and business houses in the Western States are announced, and among the latter are included several wheat elevator companies. The Government has acquired two large blocks of Native land near Tauranga— the Gapamoa block, on the shores of Tauranga harbour, and Otawa block, on the raDges around. Both blocks are to be cut up and opened for settlement.