BANK FAILURE IN MELBOURNE

Taranaki Herald, Volume XLII, Issue 9667, 8 April 1893, Page 2

BANK FAILURE IN MELBOURNE

THE SCOTCH DEPOSITORS' VIEWS. PROPOSED RECONSTRUCTION' OF BANK. IPEB PRESS ASSOCIATION.] Melboubne, April 7 — Mr Warwick, representing Scotch depositors of the Commercial Bank, speaking at a meeting on Thursday, said that if reconstruction waß carried out promptly he believed the Bank would temporarily open its doors within the next forty-eight hours. London, April 7.— The Financial Times referring to the proposed reconstruction of the Commercial Bank considers tbe scheme very satisfactory, provided the shares are credited with only £1 paid tip, tho re miining £B being available only in the event of liquidation. The Globe refers to the suspension of the Commercial Bank of Australia as one of the largest of modern failures. Though the city ib still unsettled by the suspension of the Commercial Bank, the acceptance of the reconstruction scheme by the Melbourne meeting has been received with great favor. Sir G. Niven, tte London manage', is awaiting orders to call a meeting to approve of the scheme. Melbourne, April 8. — There are no signs of a general revival of cenfidenco in the Commercial Bank affairs. The Times sayß that after careful onquiry it cannot believe tho unfavorable rumors which are in circulation regarding Australian Banks It eaye that one chartered institution has been freely referred to, but it has good authority for asserting that the position of this bank is sound and fears of a collapse are needless. T/ie Times also understands that none of the Australian Banks, with tbo exception of the Commercial Bank, were badly bit by the " land boom." The shareholders and depositors of the Commercial Bank meet in London on Tuesday, and at Edinburgh on Wednesday, to discuss the reconstruction scheme. The coupons upon the debentures of tho Metropolitan Board of Works, Melbourne, have not been paid by tho Commercial Bank.