Failure of the Commercial Bank
(beuteb's tklkgbams.) Adklaidb, February 24. The Commercial Bank of South Australia closed its doors this morning. The stoppaj^e of pnyment is attributed to the refusal of the Associated Bank to rondcr assistance to the < 'oiumercial Bank to tide over a critical period. The losse* of the Commercial Hank are roudly stated :it £300,000. It is announced thnt the depositor* and note-h>lder.i are perfectly safe, as the uncalled capital amounts to £H 10,000. and a further aum of half a million is obtainable in the event of liquidation. A special meeting of the shareholders of the bank has been called for to-morrow to consider the position. .Received February 25, 1.15 p.m. Adelaide, This Day. Aa investigation into the affairs of the Commrrciul Bank of South Australia show liabilities to be £1,100.000, while the assets, after deducting bad debts, «re £1,280,000, Riving a xurplus of £180,000. The failure is attributed losses ou past oral properties held by the Bank.
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Bibliographic details
Feilding Star, Volume VII, Issue 110, 25 February 1886, Page 2
Word Count
162Failure of the Commercial Bank Feilding Star, Volume VII, Issue 110, 25 February 1886, Page 2
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