A USTRALIAN NEWS.
« (PER PUEBB ABSOLUTION,) Sydney, This day. Arrived — Fiona, from Auckland, St. Kilda from Kaipara. The liquidator of th© notorious Australian Mercantile Guarantee Company reports that a system of gross manipulation of accounts was carried on from the initiation of the institution. The first balancesheet proved that the Company was hopelessly insolvent. The aggregate throe years' balance-sheet alleged that there was a profit of £16,700, when in reality there wag a loss of £179,000. It is expected that the dividend will not amount to more than Is Id in the £. The liquidators say that the dealings of Some of the directors and promoters of the Company with the funds of tho institution were heartless and disgraceful. A deficiency of between twenty and thirty thousand pounds was discovered yestorday in tho accounts of the Australian Banking Company. Newcastle, This day. Arrived— Kathleen and Hilda from Auckland, Stanley from Wellington.
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Bibliographic details
Bush Advocate, Volume VII, Issue 650, 16 July 1892, Page 3
Word Count
150AUSTRALIAN NEWS. Bush Advocate, Volume VII, Issue 650, 16 July 1892, Page 3
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