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.
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Waikato Times, Volume XXXVIII, Issue 3112, 25 June 1892, Page 3
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187MERCANTILE BANK Waikato Times, Volume XXXVIII, Issue 3112, 25 June 1892, Page 3
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