The Federal Bank Scandal.
THE JUDGE CONDEMNS THE DIRECTORS. (PKR PRESS ASSOCIATION. t M elbourne, This Day. Justice Holroyd in his judgment re the Federal Bank said a careful perusal of the evidence indicated a strong impression that the bank was used by a majority at least of the Directors for their own convenience nnd that of their friends, without regard to the intercuts of the shareholders. The system on which the business was conducted was thoroughly unsound. It could not be doubted the intention of Mr Priestley, the liquidator, was to disguise as far as possible the wretched plight into which the bank had fallen. In making the order for his removal from that position it was not intended for instant dis inissul, or to make him a scapegoat If Mr Priestley preferred he mi?hl remain as liquidator until the end of the year at half his present salary upon entering into a bond of five thousand pounds and finding surety of a thousand that he would faithfully perform his duty.
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Bibliographic details
Feilding Star, Volume XV, Issue 309, 9 May 1894, Page 2
Word Count
172The Federal Bank Scandal. Feilding Star, Volume XV, Issue 309, 9 May 1894, Page 2
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