The Mercantile Bank of Australia.

Manawatu Herald, 27 September 1892, Page 2

The Mercantile Bank of Australia.

Mr F. Millidge, formerly manager of the Mercantile Bank of Australia.' denies that he was guilty of juggling finance, and states that he is convinced that Sir Matthew Davies /Frill be able to explain many of the.. things now apparently dark, espe* cially if ha removes the impression that the doings of the board wer« secret Mr Millidge advises that the bank should be reconstructed on the basis of 15s in the pound by the issue of one half in debentures and the other in preference shares. If this is done, he considers that in a couple of years the bank origfrt to earn 5 per cent. Mr Millidge had an exciting infer hours' interview with the official receivers and the committee appointedby the shareholders of the Mercanr tileßank,|who examined him severely as to the whole history of the institution, and rejected his scheme pf reconstruction . The committee assert that Millidge made a sorry exhibition, and declare the business a swindle. It was resolved to hold the statutory meeting on Ootober- 19th, and it was agre>3Jhat a dividend .' of . ; about 2s 6d in the ps?*id should^ be payable on November 2nd* Millidge says the committee entertain- the idea of taking the criminal proceedings, but that they canndt succeed, as Sir M. Dayies always acted legally, and is not worth sixpence now. though he was a rich man when he. went into the affair. Sir Matthew Davies denies that he has made any private provision. He declares that he was worth a million four years ago,' but at present every shilling is looked up in the companies in whioh he is interested. •