THE BANK FAILURE.

Star (Christchurch), Issue 4614, 10 April 1893, Page 3

THE BANK FAILURE.

The Commercial [Bank of Australia, | [SPXOIAi TO Pj&BSB ASSOOIATION.I i LONDON, April 8. i Mr Andrew Hugh Turnbull, Man- ! ager and Actuary of the Scottish j Widows' Eund liife Assurance Society, Edinburgh, and Messrs James , Cowan, James Auld and J. 0. Jamie- | son, Directors o£ the Society, have ! sailed for Australia, in the steamer Australia, to examine the Colonial finances o£ the institute. At the ! annual meeting the Earl of Dalkeith i stated that- the deputation was sent simply aa a matter of precaution, ■ and not because the Directors were ; afraid of the investments. The Society's deposits were on fixed terms with the Australian Banks, and amounted to .£190,000, of which the | sum of £10,000 was in the Commerc ial Bank. A cable message received i from Melbourne Baid it waß believed that the funds o£ the Society were perfectly safe. j Mr Warwick, of Melbourne, who t represents Scottish depositors in the i Commercial Bank, has wired to the i Edinburgh agents of the Commercial Bank, advising them to urge their clients to concur in the reconstruction scheme in its entirety, and that he considers preference shares a good investment. Apeil 9. The Scottish Leader, an Edinburgh paper, considers the scheme for the • reconstruction of the Commercial

Bank an ingenious plan which will make tbe shares as good as gold, and has no fear of its success. It asks whether the extension of the reserve covers the depreciation, and prefers to face the loss of half the old capital rather than imperil the prospects of the new Bank. It suggests that the capital should be .£4,000,000, one of which is to be uncalled, and it would like to see the other Banks advance a portion of the commercial deposits. The feeling in Glasgow among the depositors in the Commercial Bank is favourable to reconstruction. The total amount of Glasgow deposits is about, a million, but there are only four shareholders in the city. The leading English and Scotch journals eontiuuM to discuss the affair* of the Bank, the opinions expressed being conflicting, but in the main favourable. The Financial Times remarks that in the teeth of the disaster the way in wbich Victorian Government stocks keep v [) their price is really wonderful. It considers it probably due to the shortness of the stock offered, which shows the confidence which holders bay' 1 in it. The Economist considers the suspension of payment prudent, as all the c editors should be placed on an equal footing. MELBOURNE, Apbil 9. Mr James Service has accepted the Chairmanship of tbe reconstructed Commercial Bank. Yesterday the bank opened for the receipt of new accounts, and tipwards of jBIOO.OOO was deposited within two hours.

The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cable message, dated LONDON, Apbil 7. Frozen Meats. — New Zealand mutton and lamb — The tone of the ma<-knt is better. Prime New Zealand lami>s are worth 5f per lb per carcase. Beef market has an upward tendeDcy. New Zealand beef. — Forequarters is worth 3f d per lb ; hindquarters 4^d. Other quotations unchanged since last telegram. Tallow. — Th«re is little demand. Fine mu'ton tallow is worth 35s per cent. Good beef tallow is worth 30a per cwt Quotations nominal.