CANADIAN BANK FAILURE.
CONDUCT OF DIRECTORS. Vancouver, Feb. 9. The official inquiry into the recent failure of the Merchants’ Bank has produced ?a painful impression throughout Canada. The directors blame the manager for making unauthorised loans, resulting in the loss of 12,000,000 dollars. Officials on the other hand assert that the directors personally received loans totalling 2,000,000 dollars, practically unsecured, for the purchase of new houses, automobiles, stocks and bonds. The collapse has caused no loss to the depositors, as tfie Bank of Montreal has absorbed the Merchants’ Bank. At a meeting of the Merchants’ Bam< to-day charges were made that the bank had been looted and wrecked, and that one director had sold his holdings before it was publicly known that the institution was collapsing.
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Taranaki Daily News, 24 February 1922, Page 7
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126CANADIAN BANK FAILURE. Taranaki Daily News, 24 February 1922, Page 7
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