THE GLASGOW BANK FAILURE.

Kumara Times, Issue 744, 17 February 1879, Page 2

THE GLASGOW BANK FAILURE.

The national subscription for the relief of the shareholders of the Biink has now reached close on .£309,000. Of this sum £156,570 has been subscribed in Glasgow. T"he sum which, in the first instance, was estimated to be fully adequate to cover the distress of the sufferers was £300,000, but from closed investigation the Committee have come to the Conclusion, that double the original sum, or at least £500,000, will be required to effectually carry oitt the object in view. The London Gaftebte of November 29 confcaini? the notice of an intended application to Parliament for leave tc bring in a Bill to settle the affairs of the Bflnk by arbitration. A lottery scheme is being framed for the relief of the unfoFtun&te shareholders. It is thought that by offering prizes of the aggregate value of £3,000,000 the promoters will be able to procure 6,000,000 subscribers of XI each, and the £3,000,000 accruing thereby to the lottery treasury is to be handed over to the liquidators of the Bank in. reduction of the deficit Dr Anderson Kirk wood, an eminent Scotch lawyer* is reported to have consented to drawup a scheme which shall not infringe the lawi The affairs of Messrs J\ Innes Wriuht and Co. were again before the Sheriff on December 16, and Mr Scott, one of the partners, was at the close of his examination, taken into custody by Mr Boyd, the Superintent of Police, The charge against Mr Scott is that on various occasions between January 1877, ami January 1878* he stole or embvzzled £48.000, bein* the proceeds of bills accepted by the City of UUsgDw Bank, which lud bee.ii. handed by Glen Walker and L'o., mer* chants, lioudoo, "to the firm of John limes Wright and Co., Glasgow.,, or to the credit of Glen Walker and Go. Mi? J. Innes Wriidil, the leading" partner of the firm, ia one of the imprisoned Director*.