AUSTRALIAN TELEGRAMS.

Taranaki Herald, Volume XL, Issue 9195, 24 September 1891, Page 2

AUSTRALIAN TELEGRAMS.

Sydney, September 23. The Australian Mutual Investment Building Company, one of the largest of its kind in Australia, has suspended payment. The collapse is duo to a falling off in deposits, and the effect of winding up of kindred institutions. The authorised capital is £100,000, of which £24,800 is paid up. The reserve is £5,400. The last balance-sheet • showed the deposits had increased by 1 £41,000 on the previous year, and a ' dividend' of 25 per cent was declared. 1 The liabilities were then set down at ; £555,000, of which the chief items are, ! deposits £353,000. The assets were ■ estimated to equal the liabilities, the , chief item being balances due from purchases of land and borrowers, 1 £224,000. The value of properties belonging to the Company is £318,000. Last quarter's returns shows the liabilities at £510,000, and assets at , £575,000. It is feared the failure will bring down other institutions. The Australian Mutual Investment Building Company and similar institutions complain that the Banks will not 3 grant them overdrafts, with an object of crushing the financial bodies which pay j a higher rate of interest than the Banks 3 themselves. The latter deny the accusar tion, and allege the overdrafts are re3 fused in the ordinary order of business. 5 Brisbane, September 22. 1 An investigation into the affairs oE r the Transpacific and General Insurance Company, reveals an extraordinary state 3 of affairs. The nominal capital is I £1,000,000, but only £400 has r been paid up. The liquidators report I that even the furniture had been 1 mortgaged to enable the affairs to be " kept afloat. The net losses are estimated J at £6,400. r Hobart, September 23. I The Bank of Van Diemen's Land is to be wound up.