THE ORIENTAL BANK IN INDIA.

Inangahua Times, Volume IX, Issue 1411, 2 July 1884, Page 2

THE ORIENTAL BANK IN INDIA.

The Singapore correspondent of the Brisbane Courier, writing on May S, states : — " The Oriental banking Corporation, as your readers are aware, suspended payment on* May 8. This Bank has branches is Singapore, Hong Kong, Shanghai, and throughout ludia^ It had always a great name here and' in India. The old Bank, as the natives termed the Oriental Bank, had the honour of receiving a large, perhaps the largest, portion of the Government cash ; it was also the favoured depository for the army and navy men. The. Singapore Government had over 180, OOodol. in the bank when it closed its doors, the Straits Insurance Company

about 100,000d01., and the army amount must of amounted to a big sum. You can imagine the scene that occurred when the news of the closure became known. Arabs, Hindoos, and Chinese blocked the doors, and would • not be comfo'ted. A report that the Government, under the Crown Suits Act, intended to send a file of Sikh constabulary to the b;..nk and remove by fo>(;e the treasure to sa;ir;fy their claim added to the geneva! terror. At 10 o'clook on the Monday morning, when it was announced that 'O.R.C notes would be taken and honotcod by other banks, the panic decreased. The Hongkong and Shanghai Bay the Chartered Mercantile Dank, the Chartered Bank of India .aid Australia were thronged with noteholders, and a run threatened at noon. This was promptly averted by a reinforcement of 1,00,000d01, all in good ringing silver. At 5 p.m. the panic had subsided, and confidence was restored, there was some truth in the report that ihe Government intended withdrawing theasure. The Attorney-general made a motion in Chambers to the effect, and afterwards an application for a writ was heard in open Court. Tbj good sense of other lawyers was brought to bear on the Attorney-general and lie stayed proceedings. If what h« contemplated had been carried out, there is no knowing what might have happened, so hard pressed were the banks by the fear-suricken natives. I am pleased to say that things are rapidly settling down to their normal stage, and bamng a few minor fai'ii.^;, nothing serious in the way of fiuauelfU collapses has occurred. It may inuei'eaiyour readers to know that the note circulation of the Oriental Bank here was £300,000, which has been nea-ly all cashed."