THE CITY OF GLASGOW BANK.

Daily Telegraph (Napier), Issue 3248, 29 November 1881, Page 4

THE CITY OF GLASGOW BANK.

"Hie Glasgow Daily Mnil says :—" Tf the present hi'Khly-oolorerl prospects of the Tndian CJold Minpi Company are realised, the remit will be immensely to the advani>i£e of the Pity of Olas.ow Bank, including both the solvent nnd tho insolvent shareholders, but. especially to the former. The posi'ion of the Mty of Glasgow Rank towards the Tnrlian Gold Mines Company stands thus : —l. On the formation of the Indian Gold Mines Cornpanv it was arranged that of the profits there should first be paid to tho company out. of the dividends £50,000, being the amount subscribed by them for preliminary expenditure. 2. After that payment, the profits were to be apportioned equally between the Tndian Gold Mines Company'ind tho vendors—William Nichol and Co., Bombay, and Fleming and Co., Kurrachee—until the gross sum amounted to four million sterling. After that payment, the profits were to be apportioned 50 per cent, to the Indian Gold Mines Company, 20 per cent, to tho vendors, and 30 per cent, to tha liquidators, to be distributed among the cont.ributories of the City of Glasgow Bank or tlieir representatives— whether these contributories have paid in full or not—at the rate of £250 for each £100 of stock, with the addition thereto of the amounts respectively paid by them towards the calls made by tho liquidators. The said 30 per cent, is to continu.- m be paid by tho Indian Gold Mines Company to the liquidators r.v. behalf of the conbribntors until the same have amounted to five millions. Thereafter the profits aro to belong to the Gold Mines Company and the vendors equally. The firms of William Nlchol and Co. and Fleming and Co. are, as indicated in the City of Glasgow Bank report, debtors to them ; so that the bank will carry away a large amount of the two millions, supposing it ever to- he earned, mentioned in section 2."