THE MERCANTILE BAM.
[By Electric Tecegbawi.—Copyright.] (Special to Peess Association.)
London, October 20.
(Received October 21, at 7 p.m.) At the meeting of shareholders of the Mercantile Bank of Australia the official receiver said there was no hope of being able to recoup the losses, and he was determined to fix the guilt on the responsible persons. Mr Hobson pointed out that the bank was not registered in London, hence shareholders could not be held liable for payment of calls; but the receiver stated the court had decided that bonks had jurisdiction in regard to payment of calls, and payment could therefore be enforced.
The motion urging the prosecution of those connected with tlie management of the institution was amended so as to exclude the London management and include the Melbourne directors and officials.
(Peb Pbess Association.) Melbotjkne, October 21. (Received October 21, at 12.10 p.m.) Acting in the interests of the English creditors of the Mercantile Bank, two well-known barristers are investigating its affairs with a view to taking action. The Crown Law department is inquiring into the affairs of_the Anglo-Australian Bank to ascertain whetner evidence exists to warrant a prosecution.
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Bibliographic details
Otago Daily Times, Issue 9565, 22 October 1892, Page 2
Word Count
192THE MERCANTILE BAM. Otago Daily Times, Issue 9565, 22 October 1892, Page 2
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