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QUEENSLAND NATIONAL BANK.

[Pkb Pbess Association.—Copyright.] BRISBANE, November 17. The Investigating Committee's report states that the directors appear never,to have been cognisant of transactions involving an advance of millions 0/ pounds. No minutes of meetings were kept for long periods. The directors allowed Mr Drury) the late general manager, sovereign sway over the bank's affairs, taking for .granted the assurance that everything was cbrrfect. Dealing with individual overdrafts, the" report shows that at the time of his death Drury was indebted to the bank to the extent of nearly £68,000, and it is estimated the bank lost £46,000 of this' amount. On June 30, 1896, Sir Thomas : M'U wraith's account stood debited witbJ £251,000, while his securities were valued : at £61,000, showing a loss of nearly 1 £190,000, besides several mining totalling almost £70,000 for which SirThomas claims he is not liable, on the. ground that he merely acted as agent for. the bank, and allowed his name to be used for the bank's convenience. The whole of this £70,000 has been written off Las bad. ■

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https://paperspast.natlib.govt.nz/newspapers/ESD18971118.2.23

Bibliographic details

QUEENSLAND NATIONAL BANK., Issue 10474, 18 November 1897

Word Count
176

QUEENSLAND NATIONAL BANK. Issue 10474, 18 November 1897

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