EGYPTIAN BANK SUSPENSION.
A PH NGING CONTROLLER
London. Sept. 27. The f.uspension of the Bank of Egypt came as a surprise, as hitherto it has been one of the most successful in Egypt. The dividend in 1910 was 11 per cent. In the last statement. £300,000 was transferred from the reserve to write down investments to meet contingencies in connection with certain speculative operations. The newspapers state that Luzatta who had a remarkable personality and long controlled the bank, was a reckless speculator. He is now dead.
Luzatto borrowed largely for (irivate speculation. The board in London was completely in Luzatto’s hands. Lord Milner recently resigned owing to the bank’s unsatisfactory position.
The Mahometan habit of hoarding gold inei-eased the bank’s difficulties, but the immediate cause of the suspension was the trouble concerning Tripoli, which caused a run. It is understood that the assets show a surplus in hand. The London market holds a million and a half of the Bank of Egypt’s acceptances. The liquidator will arrange for their speedy reimbursement. Substantial people are alia ady preparing to enter into guarantees to that end.
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Bibliographic details
Hawke's Bay Tribune, Volume I, Issue 241, 28 September 1911, Page 5
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185EGYPTIAN BANK SUSPENSION. Hawke's Bay Tribune, Volume I, Issue 241, 28 September 1911, Page 5
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