FINANCIAL TROUBLES IN AUSTRALIA.

Taranaki Herald, Volume XLII, Issue 9685, 29 April 1893, Page 2

FINANCIAL TROUBLES IN AUSTRALIA.

RE-CONST RUCTION OF J >INT STOCK BANK.

SCOTCH DEPOSIT* IN CHAKTERED BANK.

ANOTHER BANK FAILED

STANDARD BANK SUSPENDED PAYMENT.

I prr pkksh association.!

Sydney, April 29.— The re-construction Bcbome of the Austialian Joint Stock Bank provides for 143,000 preferential t hares of £10 each, to be subscribed by creditors of the Bank out of their deposits or by shareholders wbo also receive shares paid up to £4 10s in lieu of present share*. Ti e capital of tho new Company is £3,000,000. The deposi • tors balances after buying preferential shares will bo paid at the ond of five yoais with 4J pur cent interest, payable half yearly. The holders of current accounts to be allowed to operate up to £100. All drafts will be paid in full. The globo assets to be transferred to realisation account, any deficiency be'ng paid as a dividend to the new Company. Melbourne, April 2B.— The total amount of Scotch deposits in tho London Chartered Bank of Australia is one million and a-half pounds. London, April 28.— 1t is etated that less than six hundred shares in the London Chartered Bank are held in the Colonies Sit J. F. Garrkk doubts whether tho Bank could have withstood a run hero had tho Melbourne branch not shut. lie states that tlio failure of the Commercial induced fresh withdrawals. The directors o£ to London Chartered Bank oro preparing a scheme of re construction, with the assistance of the direc tors ot the EJnglish, Scottish, and Australian Bank. Melbourne, April 29.— The Standard Bank, which was re incorporated some time ago, has suspended payment. The failure is due to a depositor refusing to sign an agreement extending deposit and demanding his money. A Bcheine of roconstruction is being prepared. Liabilities amount to £1,233,000, and advances to £1,135,000. The cash in the Bank is £13,000. There are no branches in other colonies. London, April 28. — Tho Cornmerercial Banking Company o£ Sydney has shipped a quarter of a million in gold by the Britannia. Tho failure of the Standard Cank has further depressed tho market. The chief depositors of tho London Chartered Bank discuss the re construction scheme on Monday. In financial circles tho English, Scottish, Australian Joint Stook and London Chartered Banks are all considered sound, and it is declared they will speedily recover their position and resume businoss.

The Hon. W. McCullongh,M.L.C, Hon. W. Jennings, M.L 0., and Mr T. Thompeon, M .H.R., arrived from Auckland thjs morning by the s.s. Glonolg, on route for VVanganui, where they go to attend tho funeral of the late Hon. 5r Ballanco A great many persons were rather surprised on going to the railway station on Friday njglifc to find both gatos leading to tho platform closed, and a railway official Btationed at each, who rofused admittance to anyone who could not show that he or she desired to go id on business. There was a large muster of the public outside the fence, and the romarka that were passed concerning the t iking away of tho the time h nored privilege of standing on tho platform were the reverse of complimentary to tho Department. However, the oih'cia's were obdurate to all appeals and denunciations, and rigorously onforco 1 tho new rule of exclusion without foir or favor. Tho reason of this departure is to prevent tho platform from being crowded (as has been tho caso in tho past) in order to allow paseongors arriving and departing, as well as tho railway officials, some freedom of movement while attending to their luggage and duties respectively. Anyone who can show a tclogram that ho dos res to meet a psesengor can gain occohb to tho platform ; or, on the other hand, if I a person, who has busineFs but cannot show qonio grounds for admission, canoasily got over the difficulty by pa, ing 6d for a t:okot to Motnroa. Tbe public generally will got reconciled to tbe innovation in a a few days, and it is hardly likely that fhore will, on any future occasion, ho tp much grumbling as there was on Friday