CITY OF MELBOURNE BANK.

Press, Volume LIII, Issue 9365, 14 March 1896, Page 7

CITY OF MELBOURNE BANK.

CABLE NEWS.

A DIRECTOR'S DUTIES. Press Association—By Telegraph-Copyright Melbourne, March 18. At the City of Melbourne Bank enquiry, Mr Williamson, a Director, in his examination, gave a peculiar account of a Director's* duties. He admitted an overdraft of £6000, which the manager had requested, and he had obtained securities to cover. Replying to a question by the Judge as to whether he thought it right for Directors, who were trustees of the depositors' money, to obtain large overdrafts, he said it was quite right if safe, and it was the custom to do so. The Judge asked him if Directors were helping themselves to depositors' money did he not think it would be a good thing to periodically publish the names and amounts of overdrafts. The witness said he did not think so. The Judge differed from the witness, and said he thought such a course would have a good effect. The evidence showed that the Manager had written to the witness stating that, owing to the auditor having refused to pass his accounts because not fully covered, it would ruin them, as Mr Burns was the very man to show how virtuous he was as an auditor : it was, therefore, absolutely necessary to get a guarantee of some bonds.