FEDERAL BANK.
Melbourne, December 20.
Mr James Munro, ex-Agent-General, Was examined to-day in connection with the affairs of the Federal Bank, now in liquidation. He stated that when he filed his schedule _he had no idea what his overdraft was. The Real Estate Bank was formed to save the Federal Bank. He obtained from the directors of the Bank a release from all his liabilities, the manager telling him they did not want to appear as a creditor. Both the Federal Bank and the Federal Building Society made advances to Douglass which he considered unjustifiable. The amount was about .£60,000. Witness determined to take over the liability from Douglass, being anxious to keep the Bank right. He admitted being a fool to do so. The Real Estate Bank was formed to take over Douglass' properties,' and the price paid was .£251,000. The Judge characterised the evidence as extraordinary. It practically meant that Munro had obtained money belonging to the depositors to such an amount that he could not say within =£50,000 how much it was.
The witness declared that he had never received a shilling in his own interest, but had ruined himself by trying to do his best for the Bank.
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Bibliographic details
New Zealand Mail, Issue 1191, 28 December 1894, Page 38
Word Count
202FEDERAL BANK. New Zealand Mail, Issue 1191, 28 December 1894, Page 38
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