THE AUSTRALIAN BANKS.

Wanganui Chronicle, Volume XXXVII, Issue 11801, 11 May 1893, Page 2

THE AUSTRALIAN BANKS.

[Br EiiKOTßic Telegbawi — CorrßiGM I .] The Bank of Victoria. (Pee Pbess Association Melbourne, May 0, Tho business of the Bank of Victoria was confmbd to Victoria, in which colony it had 70 branches. The Melbourne Board promised, assist once, but the panic in Victoria followed and compelled suspension. The shareholders and depositors of the Colonial Bank of Australasia havesdopted the reconstruction scheme. London, May 9 Tho Bank of Victoria is petitioning the Court to proteot its assets. Mr Hugh L. Taylor, chairman of the London Board of Directors and Fairclough, another of the directors, express amazpraent at the suspension, aB the bank was perfectly solvent here and quito prepared to pay all the deposits maturing in May. The editor of the Fortnightly Review invited the Agents-General of the Colonies to write an article on the stability of Australian securities, but they declined, explaining that the timo was inopportune. At the meeting of the depositors of the Standard Bankthere were only 25 present. Several objected to take preference shares, and the directors then proposed to adjourn. It was stated that early in the year a circular was issued to depositors whose deposits would fv.ll due in April, May, and June, asking them to asjreo to a renewal, but the request met with a very unfavourable response The Times says that two millions of tho Scotch deposits in the banks which have suspended recently are due on tho 15th inst., and it is very probable that a largo proportion of them will be withdrawn. The banks are propasing to maet the contingency. The prospect of tho suspended banks reconstructing on tho lines published >'a less bright, us the insurance question is raising an iinpoitant difficulty. Adelaide, May 10. The shareholders and depositors of the National Umk of Australasia havo accepted tho reconstruction scheme.