INCIDENTS OF THE ORIENTAL BANK FAILURE.

Te Aroha News, Volume II, Issue 56, 28 June 1884, Page 9

INCIDENTS OF THE ORIENTAL BA NK FAILURE.

Mr David Cohen, a wealthy trader, who had £7000 deposited in the Oriental, had already made arrangements to invest that amount on the date of the deposit becoming due, but acting on the advice of his son-in-law, who knew the affairs of the bank Had. been a.lverrcly commented upon, Mr Cohen withdrew the £7000 and lodged it at another bank. Messrs Jolmoton Brothers, fruiterers, of the Western Market, who, besides being shareholders, also have a current account at the bank, sold out their business lately and lodged £15,000, the amount of flu purchase money, in the bank awaiting investment. Sir Byran O'Loghlen mentioned the case of a lady who has £4i),000 invested in the bank. She is probably tin 1 largest investor in Meliourne. Mr E I ward Weelces, whose transactions witu India ii hoises are very extensive, dealt with .he Oriental, and it is stated that he lodged several thousands in the bank on Safurlay befoie he went to the races. Mr Dan Warner, anot'ier horse-buyer, also had a deposit of £1700 in the bank on Saturday. A small conti actor who drew on Saturday £180 from the bank, on finding the. notes were not negotiable, sacrificed the whole amount .for £80 to be enabled to pay the men their wages. A bookmaker bought at Bowes's Hotel yesterday afternoon 350 £1 notes at i 6? O'd, and some sailors who were compelled to leave this port yesterday sold their pound note>, through Captain Allbeury, of the Sailors' Home, for 15s each. A ra'fh'er serious case was placed in the h arid 3 of a solicitor yesterday in connection w'th a dispute over Oriental notes. A Norwegian sea captain who owed £100 to a sliipbroker for commission paid that amount to the latter on Saturday about noon. Subsequently the broker discovered that the bank had suspended payment, and, hunting up the captain, he in luced him to produce the receipt he had given him, fur inspection, and theieupon the agent returned the Oriental notes and refused to return the receipt. The matter in dispute will very likely be decided in a court of law. There was, of course, great inconvenience caused to those customers who had overdrafts at the bank. Such of the customers, however, whose position' was sound, altuouga they had large current accounts at the Oriental,' felt no in'con.venience. A large firm of clotning nanurnerurers, who employ about ll)0 uiuds, nad uo open a Irosu account in .mother bank, and are carrying on t'.eir uusi'uess without iiuenupuou. — A^je,