BANKING MATTERS.
Press Anoclitiou.—Wectric Telegraph.—Copyright LohdoN, April 21. The committee appointed by the London and Edinburgh depositors of the Joint Stock Bank have recommended the adoption of the scheme of rearrangement. London, April 21. The accountants appointed by the British Depositors Committees to report on the Joint-stock Bank's reconstruction scheme, reported that the management have made grave mistakes since 1893. If proper provision for losses through depreciation had been made, the Bank could have paid no dividends. The values of assets show serious shrinkage compared with the book values. The depositors' committees now report that it will be in the interests of the creditors to avoid liquidation, They are satisfied the bank is not able to repay principal, or continue the payment of interest, but it retains a large volume of profitable business which it ought to preserve. The present scheme was the best possible under the circumstances.
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Bibliographic details
New Zealand Herald, Volume XXXIV, Issue 10423, 22 April 1897, Page 5
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148BANKING MATTERS. New Zealand Herald, Volume XXXIV, Issue 10423, 22 April 1897, Page 5
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