GRAVE IRREGULARITIES.

Feilding Star, Volume VII, Issue 111, 27 February 1886, Page 3

GRAVE IRREGULARITIES.

BBUTEE'S TEI.EGEAMB.I Adelaide, February 25. A meeting of shareholders in the Commercial Bank of South Australia was held to-day, to consider the position of the bank. The chairman reported that great irregularities had been carried on, on the part of the manager and accountant, dummy advances having been sanctioned by them to the extent of £170,000. February 26. A further meeting of shareholders in the Commercial Bank of South. Australia was held yesterday, when the chairman of the Board of Directors stated that the liabilities of the Bank vere •-£1,100,000, and the assets £1, 280,000 cash, and the securities oh hand are sufficient to fully cover the notes in issue. He announced that the manager had, without the knowledge., {$ the directors, .advanced money to no less than nine persons in order to save them from bankruptcy, and it has also transpired that there is a deficiency in cash of £7,600, for which the manager and accountant are responsible: 'A committee of shareholders has been appointed to make a full investigation into the affairs of the bank, and to report on March 15th. In consequence of t n c irregularities vhich have boon diocovevod in the disposal of tho funds of tli.e Commercial 1 Bank of Australia, the manage* of the bank has been suspended, and will be delivered up to the police. Continuation of reading matter on kthpagi

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