THE CITY OF GLASGOW BANK.

South Canterbury Times, Issue 2400, 25 November 1880, Page 2

THE CITY OF GLASGOW BANK.

SECOND EDITION

KUIX CJIAXGKI) to tohtuxi-:. By a strange irony of fortune says the “ Financier.” the shares of the failed City of Glasgow Bank have become a valuable property ! Once more the truth is illustrated that a thing is valuable according to its scarcity. City of Glasgow Bank shares have became scarce because very few shareholders have survived .the blood-letting process of liquidation. Every bolder who has been “sold up,” or has made a compromise with the olTieors appointed by law for the winding up of the bank loses bis right tis a shareholder. The remnant of solvent holders being thus enormously reduced, the value of the shares which remain to represent the claim upon the I! ankVasscts becomes proportionately enhanced. Point is given to these reflections by the appearance the other (1 ay T of an advertisement offering for sale a share in the bank, on which all calls have been paid. The advertisement requests that —“The liquidators have already paid 17s per pound on the liabilities. As regards the remaining 3s per pound, it is, of course, possible, but not considered probable, that a further call will be made : and it is now publicly known that the liquidators bold asset's of great and admitted magnitude and valve, but requiring time for (heir realization. To any one who can afford to await the realization of these assets, it is reasonably anticipated that a satisfactory result will ultimately ensue, and. having regard to the small number of remaining shareholders, tins is an investment well worthy attention.” The price asked for the share is £3OOO. “ and upon this,” the advertisement alleges, an unusually large return may be confidently expected.” Willi what feelings must a notification of Ibis sort bo read by the hundreds of ruined shareholders in (his unhappy concern, and by the thousands of now impoverished persons dependent upon them ! To think, too, that the directors of this so-called Bank, just released from prison or still expiating (heir olVenee there, should have the questionable satisfaction of knowing that (bey have actually raised the market value of each share to £3OOO !