Commercial Bank of Australia.
A BAD YEARS BUSINESS. (Per Press Association.) Melbourne, This Day. The half-yearly report of the Commercial Bank of Australia shows the operations resulted in a loss of £24,054, thus reducing the credit balance to £5474, which was carried forward to a new account. The causes which led to this unfavorable position are stated to be the great reduction in the lending rate, keen competition for discounts, and an increase in the funds lying idle. The directors consider the result a proof of the absolute necessity for a modification of the reconstruction scheme. London, July 23. Letters which passed between Jas. Webster, member of the depositors' committee formed to oppose the Commercial Bank of Australia reconstruction scheme, and Harper who represents the latter institution, have been published. Webster declines to divulge the composition proposed in the interests of his committee. The bank is receiving a large number of proxies favorable to the scheme.
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Bibliographic details
Feilding Star, Volume XVIII, Issue 21, 24 July 1896, Page 2
Word Count
156Commercial Bank of Australia. Feilding Star, Volume XVIII, Issue 21, 24 July 1896, Page 2
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