NEWS FROM THE CAPE.

Manawatu Standard, Volume 4, Issue 290, 12 November 1883, Page 2

NEWS FROM THE CAPE.

— The South Australian Register ha* been favoured with the following extract from a South African .let^qr j usjb received by ;a gentleman . i^ Ad?|iide : — "The stats of trada here at present is qaite a(vpallin», and seem^-tabegetr ting wow(e : ev#ry day. The polony has already.expflrieoced two bad years, and there is every appearance that this one islikely to be as bad, if not worse, than its predecessor 3. The banks have been losing; lots %i money, and;,faaa natural ■ consequelioe, are now doing a restricted' and safer business. The Standard Bunk wer -formerly pretty liberal' m their business transactions with bo "rowers, but lately \ they have adopted a cose. fisted policy. The Cape.Cpmmercial Bant has gone into liquidation, and it is expected ; that their de6cit will be considerabiy/more than tbe directors estimateo itto/be. This inatitutibp, like the City o£ Glasgow Banlc, is "-unlimiited," so that the depositors are i perfect-L 4y t afe:. : ;; . .What the effect of the d^lf on .shareholders may be it* ia difficult to say ; m many cases it mnst mean roioi The, Union tJsnk of Cape Towii have also mads considerable losses, have bad to utilise the whole of the reserve fnnd, £35j00O t .apd hare a debit of to p ofit and loss account besides. '! think.they esti/naj;ed their losses for last year ',at ;; £35,'606. 1^ Stindatd v arid African Banks have also lost a deal' of TOotiey; SnU "tha'Bank'oHSouth Africa (Limited), has ; not escaped. Compared"" with other -Banks^this- last-has not lo3t so much, the profits almost sufficing for the losses. Cape Towa has had more than it 9 share: of losies."