THE MERCANTILE BANK

Waikato Times, Volume XXXIX, Issue 3166, 8 October 1892, Page 3

THE MERCANTILE BANK

« (lIY lll.HTllll , Tr.lJ-.CUAl'll COI'YKICIIT) MKI.It'H'RNi:, Oeloher (•). TIIKKK was i: large Myelin- 1" (liy of tlio shareholders in I In; .Mercantile Bank to licrti- i!i.- S.-t:r.-tiiry"s and Sir Matthew Davie,,' explanation. Mr Dueker w.s ■l-i-l <1 liquidator in place of .Me.-srs Milledge and Berry, ■who had reined the position. Sir Matthew Ouvies deelared flmt. h<; had been the Invest depositor himself. While he admitted the indebtedness of the eoinpanies with which h<; was eoimecled, he did not thliilc that might to be regarded as a personal affair of his. In order to account for the groat discrepancy between the accounts of February -Ith .and two months later, he quoted from Mr Milledge'.s statement to show tint they hiid not calculated upon the dishonouring of such a largo number of bills, lie admitted being over-san-guine, but, said ho had his books kept for over twenty years by trained accountants, iind'hiid been n very heavy loser by tin; shrinkage, of values in Melbourne. Hi; denied that his wifehad anything to givo up. Mr Ducker said that some of .Sir M. Davies's .securities wore of no value. Shares in other companies had been trafficked in, contrary to the articles of association. Dividends had been paid out of the company's, or rather out of depositors', money. Advances had been recklessly made, an other instances of risky busiues could bo given, all of which had resulted in total loss. A scone of great disorder ensued. Tho chairman declined to put a motion, desiring the Government to prosecute the directors, or an amendment deprecating such a course. The meeting dispersed amid uproar.