AMERICAN BANKING

Otago Daily Times, Issue 22098, 31 October 1933, Page 9

AMERICAN BANKING

REVELATIONS AT INQUIRY THE FINANCES OP MEXICO. WASHINGTON, October 29. The possibility that the Cuban loan* revelations might result in a Senate inquiry into the finances of Mexico is mooted here. Mexico’s foreign debt, which has been in default for 20 years, exceeds 778,000,000 dollars. An international committee of bankers on Mexico was created owing to the debt situation in 1925. , The Mexican Minister of Finance recently issued the following statement; “The revelations before the Senate are tame compared with what Mexico could reveal regarding the work of North American bankers. I may denounce them at Montevideo when the PanAmerican Conference meets. I understand that evidence has already been laid before the Pecora Inquiry Committee and Senator Gore by- certain American business men showing that the Mexican Treasury had been drained to pay the charges on foreign debts at a time when the country’s finances were particularly disorganised as the result of two revolutions.” THE CLOSED BANKS. ATTRITION OF FUNDS. NEW YORK, October 29. A Lapeer (Michigan) message state# that the local residents are aroused over the continued attrition of their funds held by the closed banks. The conservator of one State bank is being held for trial for alleged defalcation of 4000 dollars after the bank was ordered to be closed; and to-day another country savings bank, recently shut, was raided by bandits, who escaped with a sum estimated at 2000 dollars.