BANK OF EGYPT.

Stratford Evening Post, Volume XXXI, Issue 37, 28 September 1911, Page 5

BANK OF EGYPT.

HUN CAUSE!) BY TRIPOLITAN

TROUBLE

London, September 27. J he suspension came as a surprise. It was hitherto regarded as one of the most successful banks in Egypt. The dividend in 1910 was at the rate of 14 per cent. In the last statement ,-0300,000 was transferred from the reserve and used to write down investments to' meet contingencies in connection with certain speculative operations. The newspapers state that Lurcatto, a remarkable personality, has long conti oiled the bank. Ho was a rocklos speculator, but is now dead. Luzatto borrowed largely for private speculation. The Board in London was completely in Lnzatto’s hands. Lord Milner recently resigned, owing to the bank’s unsatisfactory position. The Mahommodan habit of hoarding gold increased the bank’s difficulties, but the immediate cause of the suspension was that the Tripolitan trouble was causing a run. It is understood that the assets show a surplus in hand. Tiie London market hold a million and a half of the Bank of Egypt’s acceptances. The liquidator will arrange for their speedy reimbursement. Substantial people are already preparing .to guarantee to that end.