THE COLONIAL BANK.

Poverty Bay Herald, Volume XXIII, Issue 7541, 23 January 1896, Page 3

THE COLONIAL BANK.

MEETING OF SHAREHOLDERS.

DtJNBDiN, to-day. A meeting of shareholders in the Colonial Bank (in liquidation) to maUe a rocommendation as to the appointment of liquidators was held yesterday. The late directors, provisional liquidators, and about 70 shareholders attended. After some discussion the Hon. Mr McLean, late chairman of directors, spoke at length in reply to the recent criticisms. He denied absolutely that the directors had sold any shares, and said the directors did not owe the bank one shilling. During ! the banking crisis he had pub the position of the Colonial Bank as hopefully as possible. To have done otherwise would have been disastrous. He complaiued that while these j hopeful remarks were frequently quoted, no reference waß made to the repeated warnings ho had given at the same time as to the danger of the situation. Every word he had spoken on those occasions was fraught with danger. To have spoken otherwise than hopefully would havo been to cause a catastrophe. Ho gave comparative figures to show tho large fall in the shares of othor sound banks at the time of the crisis. Referring to the power of compromise, he said if such were not given and exercised judicially, and if every case had to be heard in open Court, the result would be a large lobs to the bank. A ballot was then takeD, the result being that Messrs Vigers, Ramsay, and Larnach, tho three provisional liquidators, will be recommended to the judge for the position of permanent liquidators. The voting was as follows : Vigers, 4089 votes, 95,856 shares ; Ramsay. 3914 and 92,228 ; Larnach, 3327 and 77,629; Simpson, 2687 and 59,912 ; Begg, 2341 and 48,468 ; Brown, 2023 and 42,404.