Bank Pressure.

Manawatu Standard, Volume 4, Issue 204, 4 August 1883, Page 3

Bank Pressure.

VSt Mukgo. in 'the w aikato Times ] At the tlafe" the other day a number of ue were discussing Mr Justice Gillies's remarks abeut the objectionable habit that s Dine b&nka have of squeezing all they can out of their client*, and then letting them drop. - One gentleman mentioned a cane m point. A firm which.badiftlarse overdraft at one (f the banks (not the Bank of New Zealand by the way), dissolved partnership, the wealthier of the two partners retiring from the; 'concern, and the le?s wealthy carrying on the business. The letter received "an invitation from the manager oftha banVto go and spend a short time m the "sweating-room. He went, and found the maaasrer vmry bland but very determined to have the overdraft reduced; After along parley the manager promised the merchant that ll he would reduce his overdraft to £2000 it might; remain at that amount. It was a herculean .task to undertake, but the merchant undertook it, and by begging, borrowing,- and stealing (well ! I don'i think he did any. stealing) he accomplished it. As-sftOD as be had dom so he retired a note .from the manager informing him that he had received .m« structions from the inspector to call uj. bis overdraft at once. The result wai that the merchant was compelled to seel the protection of the Bankruptcy Court and that those who had assisted him t< reduce hia-oYerdrait lost most of the! money.