THE CITY OF GLASGOW BANK.

Dunstan Times, Issue 1134, 25 January 1884, Page 3

THE CITY OF GLASGOW BANK.

The distressing circumstances which surrounded the failure of the City of Glasgow Bank about four years since will he in the recollection of our readers. By that disaster many of the shareholders were reduced to absolute poverty, and it is pleasing to find that efficacious steps have been taken to allovia'e their position. Funds wer;, it will he remembered, raised for the purpose in this colony as well as in the United Kingdom, and the following parti :ntars with regard to their distribition will be read with interest. The total number of applications for relief from shareholders whom the disaster had utterly ruined, which had been lodged withtho central committee in Glasgow, up to Slat December last, was 977. The loss sustained hy the shareholders represented L 4,470,000. The total amount of subscriptions received from all sources Up to 31st December, 1882, was L 386.680 10s lid, of which 1386,018 4s 7d was contributed by Scotland, six gentlemen giving the munificent sum of L3.O<K) each, two L 2,000 each ; one. L 1,500 ; 29, LI,CO each ; two, 1.600 each ; 35, LSOO each ; 15, L3OO each ; nine, L 250 each ; 13, L2OO each ; 18, Ll5O each ; and 63. LIOO each ; England contributed L 13,081 0s 41 ; the Australian colonies L 4.090 14s 91, and foreign countries L 1,490 11s 3d. 1 he item of L 4.090 14s 9d contributed by the Australian colonies is made up as follows : Victoria - Melbourne, L 1,778 (three prominent Melbourne gentlemen hailing from Scotland bending the list with LIOO each) ; Warrnambool, L 65 5s —making together Lx,843 ss. New North Wales, L 900; South Australia, L 743, 14s lid ; New Zealand, L 584, 16s 10 I ; and Queensland (Townsville), LIS 18s. It thus appears that Melbourne, notwithstanding the mercantile depression existing here at thatimo of the failure, contributed about one-third

of all the moneys which have been raise') for this philanthropic purpose outside of England and Scotland. The moneys which have been distributed by the ceot'-al com mitt-e in G'a gov, as annuities nr free mbs am on it to L 192 255 Oh fid. The striking featu-e in tie case is the adinirahl" sys'etn by which the great sum sub-wi-ibed has been male reproductive, inasmuch as maun at interest to some of the mined shareholders, to place them in a position in earn a dvelihnol, have been mule to the extent of L131.K10. These are repayable by instal ment, extending ov r (i e years ; the interest has been in all cases regularly naid. and ' ho nrinci al sums to the extent, of 1.58 177 9s 71 liave also hetn repaid. The balance of the funds has been judiciously invested at interest, and the committee are now eiideavourmi' to devise a scheme by which the remaining balance, with accumulations of interest, and such of the loms as may stdl be repaid, can be appropriated in annuities ov otherwise among those who from their helplessness are the most necessitous.