MR. MUNRO AND THE HEAL ESTATE BANK.

Temuka Leader, Issue 2394, 11 August 1892, Page 4

MR. MUNRO AND THE HEAL ESTATE BANK.

Mr Munro, Agent-General for V ictoria, has declared that if ho only considered personal interest and peace of mind, he would .return to Melbourne and become insolvent, with the result that the liquidators of the Ileal Estate Bank would get nothing, as there arc no available assets in his estate. Ho states that owing to shrinkage all his real and personal properties were mortgaged to the banks long before the calls made by the Real Estate Bank wore contemplated. If the assets were realised at present they would not cover the liabilities to the banks. The latter were willing to await better times, and he hoped eventually that there would bo a substantial surplus to go towards the calls made by the Real Estate Bank. lie was willing to devote all his savings towards the liquidation of his liabilities, but it were insane to call the capital up immediately, as the inevitable result must be a great loss. No human being, lie argued, ought to pay so large an amount as was demanded from him within fifteen days. It was unfair to place all responsibility on him while relieving other directors, especially since lie retained only the nominal chairmanship of the instituion while he was Premier of Victoria. He de dared that the statement made in February last was based on the books of the bonk, and he believed it to be absolutely true. Regarding the overdrawn accounts they must consist of past and due bills connected with the purchase of properties from the New Zealand Loan and Mercantile Agency Company. The property was purchased for £200,000 and sold again for £200,000, of which £OO,OOO was received in cash. The property reverted to the bank owing to the default, and was mortgaged to the New Zealand Loan and Mercantile Agency Company for £150,000. If the liquidators failed to pay interest the company would no doubt seize the property. ENGLISH AND FOREIGN MARKETS. London, August 7. Tallow is unchanged. The English wheat market is firm, the Continental dull and the American is improving. Forward business in cargoes for Australasian colonies is inactive. There are no Australasian cargoes off coast or in ports of call. Aug. 0. The imports for last month show an increase of £073,000, while, the exports decreased £2,-182,000.