The Colonial Bank Liquidation.

Otago Witness, Issue 2293, 10 February 1898, Page 15

The Colonial Bank Liquidation.

TO THK EDITOH.

Sir, — The public and the shareholders of the Colonial Bank are indebted to you for your paragraph in a r? cent issue referring to the prospects of the above liquidation. Ye gods ! what a stink ! What a commentary on the Hon. G. M'Lean'a reiterated assurances to fharefcolders at the last few balf-yesftly meetings !— the whole of the reserve fund and 75 per cent, of the paid-up capital gone ! But ■what I more particularly desire, by your permission, to do is to draw further attention to the phameful policy of silence pursued by the liquidators. They must have known that many of the shareholders have been extremely anxious with reference to this matter, affecting, as it does, their whole future ; but nevertheltsg not one iota of information has ever been given 'to them officially. If it had not happened in our midst, we would not credit thsit liquidators weuld be in office over two years without reporting to their shareholders or calling the Meeting of shareholdera.that the Companies' Act expressly provides sfe-ill be held once a year. But it i 3 true, and has taken place in Dueedin! One would have thought that at all events Mr Simpson, the liquidator expressly elected by the shareholders to watch. over tn ir iutere=ctti, would have insisted on the provisions of the Goropauies' Act being complied with. Perhaps thU very broad hint may I suffice. Thanking you in anticipation. — I am, : etc , Shareholder.