THE COMMERCIAL BANK.
AN UNFAVORABLE POSITION. Melbourne, July 21. The half-yearly report of the Commercial Bank of Australia shows the operations resulted in a loss of £24,054, thus reducing the credit balance to £5474, which was carried forward to the new account. The causes which have led up to the unfavorable position are stated to be great reduction in the lending rates, keen competition for discounts, and increase in the funds lying idle. The directors consider this residt proof of the absolute necessity for a modification of the reconstruction scheme. London, July 24. A petition to place the London branch of the Commercial Bank in liquidation will be heard on August 6. As the bank has not defaulted, the solicitors advise there is no chance of the petition being granted. A reconstruction scheme has been formulated, the provisions of which have not been made known, and ia supported by a large majority of depositors.
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Hastings Standard, Issue 77, 25 July 1896, Page 2
Word Count
154THE COMMERCIAL BANK. Hastings Standard, Issue 77, 25 July 1896, Page 2
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