THE GLASGOW BANK RELIEF FUND.

Oamaru Mail, Volume IV, Issue 853, 9 January 1879, Page 2

THE GLASGOW BANK RELIEF FUND.

The Mayor of Dunedin has received the following letter by the Suez mail : '■' Merchants' House, Glasgow, OthNovember, 1878. Sir, —I offer no apology for bringing under your notice the City of Glasgow Bank Relief Fund, and expressing the hope that your valuable services may be enlisted ih promoting its success. It is the conviction of our Committee that an appeal to those who have still so many bonds of connection with their native country will not be made in vain. From the accompanying report of the proceedings at a meeting in Glasgow, held on the 4th inst., you will observe that it was resolved to raise a fund of not less than L 300,000 for the relief of the necessitous shareholders of the City of Glasgow Bank. Since that meeting was held it has become daily more and more apparent that the sum then aimed at, large though it appears, will fall much short of what will be necessary. We feel that with yourself no I argument is required in support of this benevolent movement, but with others it may be necessary to direct attention to the fact that, according to the investigators' report there was a deficiency, at the Ist October, 1878, of the enormous sum of L 5,190,883, to which must be added interest, contingencies, and expenses of liquidation, all of which have to be met by the shareholders, in addition to the loss of the value of their shares. These figures speak for themselves, and in plain language they were the ruin of a large majority of the shareholders. The proposed relief fund is projected, not to assist the shareholders to pay the calls made upon them, but to relieve those who may be deprived of their means in consequence of these calls. I leave it with yourself to take such steps as may appear to you best calculated to insure for this appeal the widest publicity, and also the most generous response. I would respectfully suggest the formation of local committees, or such other means as may secure the best result. May I request the favor of a reply in course, and also of your communicating from time to time the success attending your efforts, which, no doubt, will bear corresponding fruit to the necessities of the case.—l have, &c, AVilliam Collins, Lord Provost and Chairman of Committee." !