BANKS. In Australasia there are twenty-two banks, most of them having numerous branches in Australia. The banks are organized on a broad basis of ample capital and surplus, and until the crash of 1893 they enjoyed almost un interrupted prosperity. In that year fourteen of the twenty-six banks then in operation failed. The misfortune was inevitable, in the general condition of affairs. The extensive borrowing of the Government and the construction of public works had led to speculation and a general in flation of prices. When further loans by the Government became impracticable and work stopped, the masses were without employment, money grew 'tight,' and runs on the banks fol lowed. The banks were quickly reorganized, however. The paid-up capital of banking compan ies now operating in Australasia increased from about $73.000,000 before the crisis to more than $105,000,000 in I900. The total liabilities of
the banks of the Commonwealth in 1900 exceeded $472,000.000; the assets $578,000,000. The de posits aggregated $450,000,000; the coin reserve amounted to $105,000,000; and the bullion, $6,000,000. The savings banks are to a certain extent under State control, and enjoy the public confidence. The post-office savings banks are operated in conjunction with the post-office. The number of depositors in the Commonwealth sav ings banks increased from 110.000 in 1871 to 909,000 in 1900, and the deposits in proportion. The combined deposits of banks of issue and sav ings banks in 1900 exceeded $593,000,000. Gold is the standard of currency, and the coins circu lating are of the same denomination as those of Great Britain.