SIMLA BANK CLOSES DOORS.
[By Electric Cable—Copyright.] [Aust. and N.Z. Cable Association.] DELHI, April 27. On account of heavy withdrawals, the Alliance Bank of Simla closed its doors on April 27. The directors ex. plained that this course was adopted owing to heavy losses consequent on continued ■withdrawals, Since the last report, negotiations had been carried on for the purpose of associating the bank with the more powerful banking interests, but they had been unsuccessful. It was therefore decided to close while the affairs of the bank were still controllable, and arrangements can bo made to cause those interested the minimum of inconvenience and loss, provided it is possible to arrange for liquidation under tho surveillance of the Imperial Bank of India. The latter Is prepared forthwith to repay: fifty per cent, of the deposits, and it should be possible to complete the arrangements within a fortnight.
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Manawatu Times, Volume XLVI, Issue 2633, 30 April 1923, Page 5
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147SIMLA BANK CLOSES DOORS. Manawatu Times, Volume XLVI, Issue 2633, 30 April 1923, Page 5
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