BANK OF SIMLA
HEAVY LOSSES REPORTED. DOORS CLOSED. Press Association—By Telegraph—Copyright. DELHI, April 2T The Alliance Bank of Simla closed its doors to-day. The directors, have explained that this course was adopted owing to the heavy losses consequent on continued withdrawals. Since last report negotiations have been carried on for the purpose of associating tho bank with more powerful banking interests, but they were unsuccessful. It was therefore decided to close while tlm affairs of the bank were still controllable, and arrangements can lie made to cause those interested a minimum of inconvenience and loss. Provided it is possible to arrange for liquidation under the surveillance of tho Imperial Bank of India tho latter is prepared forthwith to repay 50 per cent, of the deposits. It should bo possible to complete arrangements within a fortnight.—A. and N.Z Cable.
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Bibliographic details
Evening Star, Issue 18262, 30 April 1923, Page 5
Word Count
138BANK OF SIMLA Evening Star, Issue 18262, 30 April 1923, Page 5
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