New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-16
THREE MORE AUSTRALIAN BANKS FAIL.
PANICKY FEELING on THE LONDON STOCK EX-
CHANGE-THREE FAILURES ANNOUNCED
AND A EOI.RTH COMING TODAY.


| CHANGE-THREE FAILURES ANNOUNCED
AND A FOURTH COMING TO-DAY.
Brisbane, May 1.-THE Queensland National Bank
| has suspended. Its deposits amounted In December
| TO c8,5O0OOO, OF which amount One-half was from
Great Britain. The subscribed capital Of the Queens
| land National Bank is e1GOOOOO, OF which one-half
is paid up. The bank has claimed a reserve fund OF
| e4s5,OoO The general manager In Brisbane Is Ed
ward Robert Drury, and the Colonial Board consists
| Of +. II. Hart, Boyd ID. Morchcad. Sir ~ H. Palmer
and Alexander Brand webster. The London Board
| consists OF Charles Edward Barnett, Edwin sandys
Dawes. Weary Gibbs and Robert ~ stewart. The
| bank has branch in sydney New South Wa'es, and
various other places in Australia.
| The Bank Of North Queensland (Limited) has also
| suspended.
The Permanent Building and Loan Association Of
| this city suspended payment TO day.
| The New south Wales Government has proclaimed
| bank notes legal tender.
London, May Private cable dispatches have
| been received to the effect that the Commercial
| Banking Company OF sydney, New South Wales, has
| suspended The Commercial Banking Company Of
sydney is OF the oldest banking establishments In
| the Antipodcs. having been established In 1884 and
incorporated In lSf.. The capital is 100000, and
| the reserve was stated to be es30.0CO. T. ~ Dibbs
| Is the general lalar in sydney, and the Board in
London consists Of sir James Arnd' Youl. F. a.
Dangar, \. o. Robinson. Il. buchanan. Edward Knox
manager. The Commercial Banking Company has
many branches in Queensland and New south Wales.
The official hour Of closing left the London Stock
Exchange eyerih and excited over the developments
OF the day Three dcfaultcrs had been posted while
1t was known that the fourth and most important
failure had only been deferred until tomorrow The
dealings in the Street proceeded from bad To worse.
and ended in feeling that might fairly be called
panicky. Besides the Australian co!lapSc,; among
which the failure Of the Commercial Banking Com
pany of sydney was the gravcsi yet announced the
OF lower prices IN Wall Street added 10 the depression
When the street business ceased. the Colonial GOV
Of > Il on tie days transactions. Railroads which
were heavily sold to close accounts and were freely
dcncy nj the last moment. The days fall on Lake
shore was per cent: Illinois Central. 1-o; Mil
American railroad securities from "a to / 1-2.
In regard to TO morrow it is feared that the
troubles both In financial and commercial circles, VIII
be Increased by the failures Of Glasgow and Elm
burgh houses heavily involved through the suspen-
Tho SUSPENSION Of the National Bank Of Queensland
caused excitement in fnor;ial c.rcics here. the the
the stoppage is due 10 the persistent withdrawal
of deposits. Tho shares of the National Bank M Of
the stock Exchange. The officials Of the National
express confidence that it will he reconstructed, rs
X. Hodgson d sons well known as brokers for for
the last thirty years, who were mentioned on 'r snt
urday as having failed, have been helped over th'lr
difficulties.
The three AusirdIiu DaHh Ju,t
orc tbc latest of long series that have occurred
within the last few weeks. The heaviest disaster
WAS the downfall Of the Australian JOINT stock Bank
on APRIL 20, with liabilities Of slI,OD0OO, JUS de
poJts aggrcgatng eli 100000 ON April 30 came
the suspension OF the National Bank Of Australia, ,c
liabilities of which IN the Colonies alone were ,
600. The suspension OF the Eank OF N,,i Nic,oiia
limited) was announced May 8. Its naDliltlc'
were about c2.5O0.OO0, It's subscribed capital was
cI 900 goo. and It's deposits. according u the bal
snce-shcet Of list December, Amounted TO more tiah
c7, ,OOOO0). Ptrlap' the chief If the minor ialiuea
was that Of he Colonial Bank Of Australia, on May
5. Each Of the institutions named had many