The Commercial Bank Failure.
■. ..' ♦ MEETING OF SHAREHOLDERS. DISCOVERY OF IRREGULARITIES. . . .{bLECTBIC *ELEGRAPH. — COPYRIGHT.) {(iREOSfEE'B TEEEGRAMS-) Adelaide, Thursday. A, meeting of shareholders m the Comatercial Bank of South Australia, was keld. to-day, to consider the position ot the bank. The Chairman reported great irregularities had occurred on the part of the manager and the accountant, dummy advances having been sanctioned by them to the extent of £170,000. Friday. A further meeting of shareholder* of the Commercial Bank of South Austra • lia was held yesterday* when the Chairman of the Board of Directors stated that the liabilities of the' bank were £1,100,000, and the assets £1,200,000. The cash and securities on hand are sufficient to fully cover the notes i» -issue^ lie announced that the manager had, without the knowledge of the directors., divapced money to 9 persons m order to • >■■■■'• ■■.■":' .-. X "■.■ ■■' •■ ' '•- '3 " : :'■ ''■;"
transpired that there is a deficiency m cash 0f£7,600. for which the manager ami aecmntant are responsible. A committee oE shareholders has been apprnni ed to make- a full investigation into the funds of the bant, and to report on the 15th of March.
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https://paperspast.natlib.govt.nz/newspapers/MS18860226.2.23
Bibliographic details
Manawatu Standard, Volume XI, Issue 1645, 26 February 1886, Page 4
Word Count
185The Commercial Bank Failure. Manawatu Standard, Volume XI, Issue 1645, 26 February 1886, Page 4
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