THE QUEENSLAND NATIONAL BANK.

New Zealand Mail, Issue 1290, 19 November 1896, Page 37

THE QUEENSLAND NATIONAL BANK.

Brisbane, November 13. The report of the Commission on the Queensland National Bank was laid on the table of the Legislative Assembly last night. The estimate of the bank’s position is that its liabilities exceed its assets by <£2,435,000. That is to say, the whole of the paid-up capital, amounting to £89.9,000, the profit and loss credit of £40,900, the Contingency account of £160,000, and the interest and suspense account of £75,000, amounting in all to £1,150,900, have been lost, and there is stiil a deficit of £1,252,000. Since the reconstruction of the bank in 1893 the sum of £747,000 has been written off. Since 1895 interest on many accounts has been taken into profit, and therefore ste profits shown vrere to some extent factitious.' The members _ of the Commission were of opinion that no dividends, should have been paid since the reconstruction of the bank. The provision made for losses since the formation of the bank has been inadequate. The

deficit so far as the creditors are concerned is £1,225,000, but under ordinary favourable circumstances this should be extinguished within a period of 12 or 14 years. The Commission recommends the Government to temporarily guarantee the balances at the credit of current accounts.

binder the proposed arrangement the position of the new bank would be, roughly :—Assets, £7,670,000 ; liabilities, £4,905,000.

The debate on the Bill based upon the leport lasted several hours, and the reading was carried by 5,5, to 0, The Bill passed, through committee shortly after midnight, was read a third time, and transmitted to the Legislative Council, which had been waiting for the measure since the afternoon, and which passed it through all its stages in a few minutes.