FINANCIAL TROUBLES IN AUSTRALIA.

Taranaki Herald, Volume XLII, Issue 9682, 26 April 1893, Page 2

FINANCIAL TROUBLES IN AUSTRALIA.

ANOTHER BANK "GONE BUNG."

LONDON CHARTERED BANK OF

AUSTRALIA SUSPENDED.

| PER PB3SS ASSOCIATION. |

Melbourne, April 25. — Tho London Chartered Bank of Australia suspended payment to night. A circular issuod states that owing to the ne dle?8 alarm of shareholders comtnunica ing itself to customers of tho Bank, resulting in heavy and continuous withdrawals, it was decided to temporarily suspend, pending reconstruction of the Bank. Lond >N, April 25. — The Scotch and J Engl sh depusitors in tlie Australian Joint Stock Bank favor the proposal to re con -tract the institution, if a reasonable scheme is promptly submitted. Tho bankers, brokers, and merchants suggest that the Government should de mand the custod . of the gold resorvea in the banks which havo 6topped, for the purpose of re-depositing them in tho existing banks. Notos of the first class of the Associated Binks in Australia, to the value of a million sterling, are being printed in London for early despatch to the colonies. The Standard considers the London Chartered Bank's circular is frankly worded, and will lead to a belief in the Bank being considerably strongor than the public thought. Melbourne;, April 26.- -The London Chartered Bank held a good record having been established in 1852 It transacts business in Now South Wales, Queens land, and Victoria. Tho lost quarter's returns shows assets in Now Sonth Wales to the extent of £2,583 000; liabilities, £896,000. In Victoria tho deposits amount to £2,381,000, and ad vances to £3,530,000. On Decombor 31s the Australian deposits totalled £3,186,000 and Briti lr £3,583,000. The Bank re opens this morning to receive new accounts, ami ca3h notes. The Aesociated Bunks were willing to assist, but owing to tho excited condition of the public the management considered monetary aid would be ineffectual. ' , Sydney, April 2G.— Sir G. R. Dibbs announced in the Houso of Assombly that the panic had been entirely averted, and said there was no necessity for passing the New Banks Bill without the iul'ost discussion 1