A RECONSTRUCTED BANK.
London, April 20. The committee appointed by the London and Edinburgh depositors in the Joint Stock Bank have recommended the adoption fof the scheme of rearrangement. April 21. Tbe accountants appointed by the British Depositors' Committee to report on the Joint Stock Bank reconstruction scheme reported that the management have made grave mistakes since 1893. If proper provision for losses through depreciation hod been made the batik could have paid no dividend. Th^vaiuesof ths assets showed a serious shrinkage compared with tho book values. The Depositors' Committee now report that it would be in the interests of creditors to avoid liquidation. They are satisfied the back is not able io repay the principal or continue the payment of interest, it retains a Urgd vfclume of profitable business whic^i it ougli'i to preserve. The present scheme was ihe best possible under the circumstances.
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Bibliographic details
Otago Witness, Issue 2252, 29 April 1897, Page 13
Word Count
145A RECONSTRUCTED BANK. Otago Witness, Issue 2252, 29 April 1897, Page 13
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