CITY OF GLASGOW BANK RELIEF FUND.

New Zealand Herald, Volume XVI, Issue 5350, 9 January 1879, Page 2

CITY OF GLASGOW BANK RELIEF FUND.

frER "herald" special wire.] Duxedin, Wednesday. The Mayor read the following communication by to-day's mail: — 41 Merchants' House, Glasgow, 9th November, IS7S.—Sir, —"loffer no apology for briuging under your notice the City of Glasgow -Bank Relief Fund, and expressing the hope that your valuable services may be enlisted in promoting its sue ces3. It is the conviction of our committee that an appeal to those -who have still so many bonds of couaection with their native country will not ba in vain. From the accompanying report of the proceedings at a meeting in Glasgow, held upon the 4th inst., you will observe that it was resolved to raise a fuud of uot less than £30,000 for the relief of the necessitous shareholders of the City of Glasgow Bauk Since that meeting waa held, it has become daily more and. more apparent that the sum then aimed at, large though it may appear, will fall much short of what will be necessary. We feel that, with yourself, no argument is required in support of this b.uevolent movement, but with others it may be necessary to direct attention to the fact. According to tlie investigators' report, there was a deficiency at Ist October, IS7S, of the enormous sum of £5,190,553, to which, must be added interest, contingencies, and expenses of liquidation, all of which has to be met by the shareholders, in addition to the loss or the value of their shares. These figures speak for themselves, and, in plain they mean the ruin of a large majority of the shareholders. The proposed relief fund, is projected, not to assist the shareholders to pity the calls that may be made upon them, but to relieve those who may bs deprived of their meaos in consequence ot those calls. X leave it with yourself co take such steps as may appear to you best calculated to insure for this appeal the utmost publicity, and also the most generous response. I would respectfully suggest the formation of local committees, or such other means as may secure the best result. May I request the favour of a reply in course, and also of your communicating from time to time the success attending your efforts, which, no doubt, will bear corresponding fruit co tha necessity of the case ?—I have, &c., Wm. Collins, Lord Provost and Chairmen of Committee."