CANADIAN BANK FAILURE.
OFFICIALS TO BE PROSECUTED. Vancouver, March 24. Under the instructions of Mr. W. L. Mackenzie King, Prime Minister of Canada, two of Canada’s leading bankers will be prosecuted (states a message from Ottawa) for making false returns to the Government regarding the assets of the defunct Merchants’ Bank, the recent failure of which cost the shareholders 9,000,000 dollars. The men charged are Sir Montagu Allen and Mr. Duncan Macarow, formerly the president and general manager respectively. The bank failed when it. became known that it had lent 5,000,000 dollars to a Montreal “bucket shop” which collapsed.
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Taranaki Daily News, 11 April 1922, Page 5
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99CANADIAN BANK FAILURE. Taranaki Daily News, 11 April 1922, Page 5
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