CITY OF GLASGOW BANK.

Daily Telegraph (Napier), Issue 3592, 16 January 1883, Page 4

CITY OF GLASGOW BANK.

ri.w-ix jucroirr or liquidators"

Tho filial report of the liquidators of the City of Glasgow J3ank bears testimony to an very disagreeable and very disastrous piece iif York "excellently done. "Within four rears, of the failure which wrought such ruin, and which has altered the whole public

.sentiment nLout unlimited liability, as "well as led to changes in the law, the bankrupt estate has been woundup. The liquidators have received £0,915,1 In from shareholding '•onlributories. mid havepaidit away again : but that was by no means all. The estate yielded large * sums, and the aggregate imiount turned over by the liquidators u-;is .•Ji:{.0l'),00l.). Of tliis' :~inii £1,075,.V>:5 bas been contributed by the " Assets Company,"

:i body composed fur the most part of solvent shareholder* who paid this money for the. unliquidated belongings, lauds, kr., of thu defunct bank, and thereby permitted its aifair.-s to be iinally closed, so far as the general creditors are concerned. The total charges of the liquidation have come to XiO-lM'-M'i, which includes, of course, the cost of numerous lawsuits (iarried on by the liquidators. It is less than I-\ per cent mi tho amount involved in the bankruptcy, on the assets realised in fact. and «'aimol be considered excessive. Liquidators themselves have received £00,100.

.?xelushv of .tun.ooo for salaries of officials, travelling expenses, ifcc. Out of £810, Kit <A capital stock in the bank held by the public at the date of the failure, only .':S9 ; I-J2 to-day remains in the hands of solvent contributorics. All the rest lias been the property of people whom the successive •'calls 1, ruined, or as near as may be ruined. Some, doubtless, cheated the liquidators to a certain extent; but the enormous hiiiis received prove that their .number was few. The great bulk of the stood loyally together in their common misfortune to the full limits of their means, and the only thing one i:;u; 3iow regret is that those who did so and failed by the way are by that failure debarred from reaping any gain from the surplus assets should there be such. The •'■ Assets Company," which will now carry the liquidation on for its own purpose, is in effect a company composed of the solvent shareholders. It could not well be otherwise, and after all the ultimate surplus may not be so excessive as to do an}- groat good when the necessity years of waiting are taken into account.—Pall Mall Budget.