LONDON BANK FAILS
"SMALL MAN'S" INSTITUTION
ERRORS OF MANAGEMENT
ALLEGED
By Teleerarli-l'resß AaßOciatlon-Oosyrlirlit London, December 20. Farrow's Bank tins suspended payment. The failure is regarded as unimportant from a financial point of view, but it is likely to cause considerable hardship. Farrow s is known as "The People's Bank," and lias scventv-threo branches. The customers are mostly small shoptapers and clerks. Thi; Board of Trade slates that the failure is due to losses la trading over a series of years. The bank's authorised capital amounted to. 0i1,400,000, and shareholders' deposits and other accounts totalled over i't,oCfl,(KW. The establishment, of the ban!: was the direct outcome,of the anti-usury campaign, anil it was designed to compete with usurers, by lending'money on equitable terms.—Aus.-N.Z. CabK l Assn. A KF.POIi.TED A-BEEST. (Ree. December 21, 8.5 p.m.) London, December 21. The failure of Fiutow's Bank is duo to citoi's of and not to circumstances of tho present time. It is reported that an arrest has . been made in connection with Farrow's sus-pension.—Aus.-N.Z. Cable Assn.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/DOM19201222.2.35
Bibliographic details
Ngā taipitopito pukapuka
Dominion, Volume 14, Issue 75, 22 December 1920, Page 7
Word count
Tapeke kupu
169LONDON BANK FAILS Dominion, Volume 14, Issue 75, 22 December 1920, Page 7
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in