Failure of tne Commercial Bank of South Australia.
♦ THE ASSOCIATED BANKS BEFUSED ASSISTANCE. ; LOSSES AMOUNT TO £300,000. . (by electric telegraph — copyrigtht) -," . (reuter's telegrams.) Adelaide, Wednesday. The Commercial Bank o£ South Australia closed its doors this morning. The ■ Stoppage of payment is attributed to the refusal of the Associated Banks to render assistance to the Commercial Bank to tide over a critical period. The losses of the Commercial Bank are roundly stated at £300,000. It is announced that the depositors and note-holdere are perfectly safe, as the uncalled capital amounts to -.£IOO,OOO, and a further sum of half a Uiillion is obtainable m the event of liquidation. A special meeting of the shareholders of the hank has been called for to-morrow to consider the position. ..... ;, ■ . Later. ; ' The investigation into the affairs of the Commercial Bank of South Australia "show the liabilities to be £1,100,000, while the assets, after deducting bad: debts are estimated at £1,280,000. The ■ failure is attributed to heavy losses on pastoral properties held by the bank.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MS18860225.2.18
Bibliographic details
Manawatu Standard, Volume XI, Issue 1644, 25 February 1886, Page 4
Word Count
168Failure of tne Commercial Bank of South Australia. Manawatu Standard, Volume XI, Issue 1644, 25 February 1886, Page 4
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.
Log in