Thank you for correcting the text in this article. Your corrections improve Papers Past searches for everyone. See the latest corrections.

This article contains searchable text which was automatically generated and may contain errors. Join the community and correct any errors you spot to help us improve Papers Past.

Article image
Article image
Article image
Article image

MERCANTILE BANK

(by electric telegraph.—copyright.) London, June 23. Mr Stewart, who was appoirted liquidator of the Mercantile Bank, presiding at a meeting of shareholders complained that the Australian managers had appeared to regard the London directors simply aa a condust pipe to convey the money of the English depositors to Australia since they gave no* information as to how it was invested and applied beyond the assets of the Bank to pay Australian _ depositors. This rendered the position of the English depositors worse and made it absolutely necessary to have the Australian affairs of the Bank investigated. . He desired to keep secure for the English creditors the assets in England which amounted to 5s in the £ of the whole capital, and also to obtain the prompt realisation of the assets in Australia. Mr Stewart "was given instructions by the meeting not to make a call until it was decided who were the proper persons to receive the money, and a committee of four shareholders and five depositors were appointed to assist the liquidator. It was also decided to apply for a compulsory winding up order on Saturday.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/WT18920625.2.24

Bibliographic details
Ngā taipitopito pukapuka

Waikato Times, Volume XXXVIII, Issue 3112, 25 June 1892, Page 3

Word count
Tapeke kupu
187

MERCANTILE BANK Waikato Times, Volume XXXVIII, Issue 3112, 25 June 1892, Page 3

MERCANTILE BANK Waikato Times, Volume XXXVIII, Issue 3112, 25 June 1892, Page 3

Help

Log in or create a Papers Past website account

Use your Papers Past website account to correct newspaper text.

By creating and using this account you agree to our terms of use.

Log in with RealMe®

If you’ve used a RealMe login somewhere else, you can use it here too. If you don’t already have a username and password, just click Log in and you can choose to create one.


Log in again to continue your work

Your session has expired.

Log in again with RealMe®


Alert