New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-01
ANOTHER COLONIAL CRASH
r.,rrRp OF TIE NATIONAL BANK OF AUS
rpA1As,A CAUSED BY A HEAVY RUN
IT'S 11.nrrlrIEs e7.SoOOOO IN THE COLONIES
.1oxr-uoRr THAN co'oO'OO' WITHDRAWN
From DEPOSIT SINCE APRIL 10
COLONIAL GOVERNMENTS
TAKING ACTION

COLONIAL GOVERNMENTS
TAKING ACTION.
.,ru so-A dispatch from Melbourne
Lo""V L tho failure of the National Bank. OF
l,os; The bank has about 80 branches
n.a,;. and agencies in most OF the large
' :, rho United Kingdom, the Continent ana
y-;,od States The directors of the head
o.. in Colijns-s.. Melbourne, are Arthur y
w. John Gricc and w A. Zeal. The London
oece is At No. l23 Bshopsgate-st. Within T. I.
The authorized capital of the bank is E9,ooo'ooo'
srbscribcd capital, fl,250000 paid up capital
sl 600 900: reserve fund.- ,s670,00O: reserve la
bility of shareholders. Gl,5O000O. It's assets
are now estimated at Ct 1000 900 its iablncs, In
The Colonies only az e7,j00.000. The cause OF
the failure was heavy run on the bank ana all
its branches Since April 10 more than 1o'o"o'-
600 had been withdrawn from deposit. AT the
official meeting on last Thursday dividend OF
10 per cent payable May 5, was det ared.
The deposits of the bank amount to nearly
60 900. 900, of which about ) per cent belongs
70 persons in England. Part of the deposits nave
been transferred to the banks now trying TO re-
construct the financial institutions which have
gone 10 pieces in Australia recently. The dlrec-
tors who are also discussing scheme OF recon-
struction, are receiving money meantime IN trust
With a view to afording time for the excitement
TO subsidc, the Victoria Government has proclaimed
bank holiday for the next five DAYS
Sir j. w. Downer, Premier of South Australia,
has invited the premers of the other colonies to
a conference which will consider measures Tor
alaying the panic and staying the progress Of
financial disaster
The Government Of Ncw-South Wales has de-
clined the invitation, the ground that II al
ready has taken the steps which II deems advls-
able. Premier Patterson, OF the victoria Govern
ment. says in an interview:
The financial situation is undoubtedly critical.
and arrangements ought TO be made to provide
for the calm consideration of the best course 10
lie pursued by the Colonial Governments. fear
that the success attending the efforts to reconstruct
tile Commercial Bank will tend to weaken conn.,
dence in the banks which have not suspended;
Possibly the Commercial VIII now ne a"ais"ih"'o"
with some other bank. .
The Commercial Bank referred 10 in the inter;
view has its head Office in Melbourne. IL lallen
recently. but by the efforts OF other nanHs rias &
been pulled together. II will open IT'S hcal o"''o
tomorrow, and its branch Offices on Iuesaay'
There have been many bank failures recehti! III
Australia. By far the most important was 'h"' o,
the Austria lan Joint Stock Bank. announced on NPrh
90 The liabilities OF that institution which had zoo
hr,,cbes in ,be colonies were cl3 900 900. and its
aerosi.s were nearly eli 100000. Its failure. IKE
tia, Of the National Bank of Australasia, was caused
BY heavy Withdrawals OF deposits
WOES OF THE BRITISH COLUMBIA MAINLAND.
Vancouver B. c.. April 30-As an outgrowth OF
tie late political agitation here. petition was 'o
day put IN circulation for the purpose OF obtaining SIG
natures throughout all the Hainlrnd Of British Column
bia The petition IS addressed to the Governor"en-
Graf OF Canada and rccltcs with dignity and Strength
tie wrongs OF the mainland. II shows that all the
rural districts without regard TO their political lean
forl lprrp
OF development quotes the estimates submitted to
The LEGISLATURE at It's last session showing deficit OF
s2lsoOo TO be made up from borrowed money IN
order 10 Gerry ont the ordinary work Of the country
and declares that with ll knowledge OF these facts
The Government, while refusing appropriations Tor
necessary works OF development. has taken the power
To borrow 100000 IN meet the first estimate OF the
cost OF new and unnecessary Capitol buildings, ana
hiss pronised consideration TO the demand OF pro
1ccted British Pacific railway for guarantee OF inter
%, nj a p.r cent "a year upon bonds of that railway
IN the amount OF S6.oOOo0O. The petition further
shows that the Legislative Assembly Of the Province
is not and has not for years representative
q, the people Of the Province. In conclusion II oo-
,cc,s 10 the resources Of Province BEING spent in
non productive undertakings and suggests the separh
zion OF the mainland from The i.hnd as the sures'
means Of relief from existing evils and II paXs thc
Governor- g eleral veto Tie Parliament Buld'ngs
Construction act a., ..,,,,,;oro,
,.ac"e which is now Tie crvSGllf2ed form OF the
nrto,,or that has been going on for monh or more
The Ieacue saws II Is receiving Supporl ana express
sions az sympathy from all parts OF the PROVINCE