CANADIAN BANK FAILURE.
CONDUCT OF DIRECTORS.
VANCOUVER, Fob. S.
The official inquiry into the recent failure of the Merchants' Bank has produced a painful impression throughout Canada. The directors blame the manager for making unauthorised loans, resulting m the loss of 12,000,000 dollars. Officials on the other hand assert that the Rectors personally received loans totalling 2,000,000 dollars, practically unsecured, for the purchase of new houses, automobiles, stocks and bonds. , The collapse has caused no loss to the depositors, as the Bank of Montreal has absorbed the Merchants' Bank. At a meeting of the Merchants Bank to-day charges were made that the bank had "been lootedand- wrecked, and that one director had sold his holdings before it was publicly known that the institution was collapsing.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19220221.2.117
Bibliographic details
New Zealand Herald, Volume LIX, Issue 18021, 21 February 1922, Page 7
Word Count
125CANADIAN BANK FAILURE. New Zealand Herald, Volume LIX, Issue 18021, 21 February 1922, Page 7
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.