CITY OF GLASGOW BANK.

Globe, Volume XXIII, Issue 2179, 18 February 1881, Page 3

CITY OF GLASGOW BANK.

At a meeting of shareholders, held in Glasgow on the 30th of December, Mr John Wilson, the chairman, said they had fair reason to be satisfied with the progress made in liquidation. The liabilities as they originally stood on the 22nd of October, 1878, were £12,400,000, whereas now they stood, as submitted in the balance-sheet for the 22ad of October, 1880, at £1,823,174. This sum, of course, represented every conceivable claim that could possibly be made against them. But to the credit of this indebtedness the liquidators had on hand in cash, £260,000, so that, practically, the indebtedness stood at the date last mentioned, in round .figures, at £1,563,000, He expected that within the next twelve or eighteen months the liabilities would bo brought down to about £900,000, and that without any harried realisation of their property, provided the liquidators were allowed quietly yet securely to gather in such of the assets as might wisely be realised. Mr Milne, of Aberdeen, suggested that, in order to meet the debts of the Bank at the end of two years, about £300,000 worth of the ordinary stock of the New Zealand Land Company should bo disposed of ; that, after the liabilities were paid off, would leave about £BOO,OOO of that stock to be divided ratoably among the contributories.