Colonial Bank Affairs.

Feilding Star, Volume XVIII, Issue 218, 18 March 1897, Page 3

Colonial Bank Affairs.

ME MACKENZIE'S EXAMINATION (Per Press Association.) Dukedin, March 17. Mr Mackenzie's examination this morning was mainly deroted to Ryley's account. He explained tbe bank hesitated finding advance for Ryley's extensive purchases, but when the market showed a strong upward tendency he found the necessary money, but specially earmarked wheat- Correspondence was read which showed that Ryley was being pressed to sell wheat and take advantage of a rise, and allow a special accountant to supervise tbe business, but it did not accept the advance. None of the Bank's authorities or officials had the slightest suspicion of the state of affairs disclosed in Ryley's latest balance sheet. Mr Mackenzie said to the best of bis belief all the Inspectors' reports are laid on the table at board meetings, but be could not acconnt for the fact no minute of this was recorded except in 1895. He coald not give any reason why other Inspectors reports did not appear. In course of discussion it turned out that in the agenda book of tho meeting of June 12th, the chairman, Mr McLean, wrote : •• Report laid on table to be written in minntes." Mr Solomon said both Mr Downie Stewart and Mr Neill were prepared to say that this was not seen or examined by them. MrHosking retorted if these directors had not a better way of escaping their liability it was a poor look out for tnem.