22 APRIL 1893, Page 3

Another bank in Australia, the "Australian Joint-Stock Bank," with its

head-quarters in Sydney, has been compelled to suspend payment. The blow is a very heavy one ; for its deposits amounted to £10,840,000, of which sum £4,000,001) belongs to depositors on this side of the water. As usual, the cause is alleged to be withdrawal of deposits, and as usual, also, there is to be a "reconstruction." It is difficult to believe that the mischief will not spread further, the borrowed capital with which most Colonial banks trade being withdrawn on account of panic. Australian business, it is quite clear, has a very depressed cycle to pass through.