BUN ON A SAVINGS BANK.

Star (Christchurch), Issue 4739, 2 September 1893, Page 5

BUN ON A SAVINGS BANK.

The Panic Subsided. Resolution of the Trustees. TPeb Pbbss Association.] AUCKLAND, Sept. I.The run on the Auckland Savings Bank naturally spread to the suburban branches, but it was not nearly so heavy as it was at the central establishment. Of course the same system of pajment waa adopted, and the depositors went away satisfied. Trustees in cabs ' accompanied clerks to the suburban I branches with gold, in order that all • demands should be promptly met. The branches closed at four, and reopened at five till seven. When they closed only a scOre of people appeared, and THE PANIC HAD EVIDENTLY EXHAUSTED ITSELF. The bank will reopen to-morrow morn- ; ing, ready to meet all demands which may , ''. be made upon it. The Bank of New : Zealand kept open till four o'clock to cash • j the Auckland Savings Bank cheques. In consequence of the withdrawal of money i from the Savings Bank a largo number of new accounts were opened with the Government Savings Bank. Depositors thronged the Government Office all day paying in money. There is some reason to suspect that • the rumours affecting the bank were maliciously set afloat by a number of Australian spielers who made a rich harvest among the ezcited crowds in Sydney and Melbourne. One spieler was stopped by the . police when endeavouring to enter the bank. *• Several were in the crowd, and some women I were stated to have been robbed. One woman in her excitement, having got her money (JE4S) and pass-book, left them on • a corner of the counter, where they were ' found by a clerk three hours afterwards. The run upon the bank was the most ' senseless that haa ever happened in Auckl .land* When ..the- tyjatk, olpsed afc ion*

o'clock the floor was littered with papers, s handkerchiefs, torn gloves, cloak buttons : I and keys, torn from persons in the mad i rush to get to the pay-counter. Several i women fainted, and one or two suffering 4 from heart disease will probably pay the . 1 penalty with their lives. AUCKLAND, Sept. 2. i The Auckland Savings Bank to-day re- i sumed business as usual. Yesterday's < panic has completely subsided. The de- j ; posits were exceptionally heavy owing to j < the re-investment of yesterday's with- j ! drawals. i A meeting of the Savingß Bank Trustees : was held at noon to-day. The Manager i reported that the run was at an end. The '. deposits had more than doubled the with- ■ drawals. The following resolution was i adopted :— " That the Trustees of the « Auckland Savings Bank desire to i thank Government for its prompt i unsolicited action in reference to the run ■ on the Bank yesterday, and to recognise i how largely that action is calculated to i restore confidence. The trustees further ; desire to inform the Government that the resources of the Bank well in hand are '. amply sufficient to meet all demands." ' WELLINGTON, Sept. 2. ■, The Colonial Treasurer has received official intimation that the run on the Auckland Savings Bank has ceased, that confidence is restored, and that a large amount of money is being re-deposited.