BANK FAILURE.
(«V IiI,KCTIUU TIiI,KCKAI'II— COI'YIUCIIT). Mklhouhxe, July 24. The Imperial Hanking Company lias suspended payment, and the aimouue* incut lias created a sensation. It is not a bank of issue, but has more the character of a building .society, A slight run took place on the Geelong branch of the company yesterday, aggregating £'3000, and,' in" order to prevent the run extending to tho hmd quarters, the directors resolved to suspend payment, iu orders Unit the creditors should be treated equitably. The indebtedness of the company is not disclosed, but it is understood that the receipts will more than cover the liabilities. It is alleged that the difh'eulty is due to the stagnation of trade caused by the late strike following closely on the collapse of the land boom. Tho nominal capital of the company is £',300,000. of which £82,000 is culled up.
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https://paperspast.natlib.govt.nz/newspapers/WT18910728.2.37
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Waikato Times, Volume XXXVII, Issue 2970, 28 July 1891, Page 2
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144BANK FAILURE. Waikato Times, Volume XXXVII, Issue 2970, 28 July 1891, Page 2
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