One of the world's two most northern banks, Iceland's Bank, sus ponded business to-day, having' been unable forthe last few days to meet its" obligations.
Although nothing definite is known. as regards the extent of th losses, it-is generally foured: that the liabilities far exceed the assets because it is known that the beak became involved in the recent bank failures in Denmark.
Teeland's Bank having the privilege of note-issue, its failure has caused a wide-spread panic. Tt is believed, however, that Ieo; and's other bank, Ieeland's Landsbank, vhich is under government control will shoulder ithe obligations arising out of the note.issue-so as to avert disaster.
Feb 4.
-Ieelanil's hundred thousand me habitants axe staggering under the [blow dealt them by the crash of Teeland's "Bank which has shaken the economic structure of the coun try to its very foundations, ruining many traders and private persons.
Tis feared that the bank's total capital is lost whilst other liabilities are estimated at thirty million owns and the value of the assets is highly problematical. In order to stem the panic, the Danish Government announced that it woul assume responsibility for the bank' note-issue and also provide sum cient credits to enable the bank to liquidate its antota—Tram-Oceen Kuo
Text read from the printed page and cleaned; old type leaves the occasional error.