AUSTRALIAN BANKS.

Waikato Times, Volume XL, Issue 3257, 13 May 1893, Page 2

AUSTRALIAN BANKS.

[BY ELKCTMO TEIKGHAI'H. - COPYRIGHT, | I London, May 10. j The Standard says that the Australian Joint Stock Bank has modified its reconstruction scheme on more equit iblc . lines, A council of foreign bondholders for the protection of the interests of depositors is being formed in Scotland. Tho suspension of the Bank of Victoria has had a bad effect in tho city, especially iu face of the re-assuring nature of the cablegrams which have been published during the lust few days. The suspension has also had a b.td effect in financial circles in New York. May 11. Shareholders of the Australian Joint Stock Bank have unanimously approved of tho ro'Construction scheme. A meeting, consisting of three hundred depositors, is now being held to discuss the question. At tho shareholders mooting an amendment was moved hostile to tho scheme, and that the meeting should adjourn pending rccoipt of a special independent audit of the affairs of the bank. Mr Blair, a writer to the Signet, opposed the scheme, and urged liquidation. He suggested tlmUhe Court should seize the assets in Bng> land. Mr "Williamson combattcd the

arguments of Mr Blair. Only twelve voted for the . amendment, and the schome was adopted by an enormous majority. The directors of the English, Scottish and Australian and London Chartered Banks are conferring over a scheme of amalgamation, It is expected tliey will agree upon terms today. MELiioum, May 11. Tho Melbourne Metropolitan Board of Works is placed in a serious position through the recent suspensions. Between the Commercial Bank and the Bank of Victoria the Board has £601,000 of the last loan tied up. A firm of solicitors has received instructions on bohalf of Scotch dc* positors to oppose the re-construction of the Standard Bank.