THE LATEST AUSTRALIAN BANK SCANDAL.

New Zealand Mail, 21 July 1892, Page 33

THE LATEST AUSTRALIAN BANK SCANDAL.

By Electric Telegraph.—Copyright. EXTRAORDINARY REVELATIONS. (press Association.) Sydney,, July 14. Mr McNamara, manager of the Australian Bank, which recently suspended payment, has been arrested on the charge of embezzlement. Great interest is felt in the matter owing to the fact that several persons who held thigh positions in the political world w'ere concerned in the working of the institution, and important revelations are expected. Sydney, July 15. Mjr Abigail, ex-Minister of Mines in the Parkes Ministry of 1887, has been arrested in connection with the alleged falsification of accounts of the Australian Banking Company. Sydney, July 16. A deficiency of between L 20,000 and L 30,000 was discovered yesterday in the accounts of the Australian Banking Company. The liquidators of the Australian Mercantile Guarantee Co. report that a system of gross manipulation of accounts was carried on from the initiation of the institution. The first balance-sheet proved that the company w r as hopelessly insolvent. The aggregate balance-sheets of the three years alleged that there was a profit of L16,70G, when in reality there was a loss of L 179,000. It is expected that the dividend will nob amount to more than Is 4d in the £. The liquidators say that the dealings of some of the directors and promoters of the company with the funcU of the institution were heartless and disgraceful.