Local Branch to Remain Closed:
Statements by the Bank and French Consul-General London, June 30.
Reports that the Banque Industrielle de Chine is in difficulties caused a drop in Peking Syndicate shares on the London Stock Exchange to-day. These shares subsequently rose again to twelve shilings.—Reuter.
Paris, June 30.
The Minister of Finance has called a meeting of the leading banks to consider the position of the Banque Industrielle de Chine. Paris, July 1.
The Banque Industrielle de Chine has suspended payment.
the President of the Seine Commercial Tribunal has ordered an} inquiry.
one Directors of the Banque de} Paris et des Pays-has, interview-od by the "Zemps,' expressed! profound regret at the suspension at a moment when the Leutsch-Asiatische Bank is re-opening all its branches. They declare that energy und goodwill could have} saved the bank, The "Liberté" affirms that the situation could have been, saved if the proposal had been accepted that the Bank of France advance Frs. 100,000,000 on a guarantee of! Frs. 147,000,00Q in Chinese Treasury bonds.—Reuter, Summing up the news regarding the suspension of operations by the Banque Industrielle de Chine, "UVkicho de Uhine" states: ''The} Bank is neither in a state of bankruptcy, nor in a state of judiciary liquidation and there is no reason to be unduly excited about the matter." This, too, is indicated in statements issued by the French Consul-Genera] and by the management. M. Wilden's statement to the above newspaper was as follows "The management of the Banque Industrielle de Chine has received fron Paris a telegram advising it that the Banque Industrielle de Chine has filed before the Tribuns} of Commerce of the Seine an application for a transactional settlement. In ccneequence, al] branches in China, including that in Shanghai, have received orders to close their offices and to suspend all operations until this settlement shall have been effected.
"No official communication has been received from Paris by the French Consul. General. The transactional settlement consists of an agreement with the Bunk's creditors which will eventually permit of a resumption of operations, with the assistance of a judicial administrator. This mode of settlement has authorized by a judgement which can only emanate from the Tribunal of the Seine."
Text read from the printed page and cleaned; old type leaves the occasional error.