THE COMMERCIAL BANK OF SOUTH AUSTRALIA.

Timaru Herald, Volume XLIII, Issue 3570, 10 March 1886, Page 3

THE COMMERCIAL BANK OF SO UTH A USTRALIA.

(By Telegraph.) ; (Per 8.8. Ringarooma at the Bluff.) Adelaide, March 3. A special general meeting of shareholder/ m the Commercial Bank of South Australit was held on Thursday last, when statement! were made by the Directors that showed thai the Board waa kept m ignorance of over drafts amounting to £170,000, to personi whose names it was declared would have beei scouted for as many pounds as they had beer trusted with thousands. One of the Direc torß declared that Mr Crooks, the manager m net have been m league with thes people. Crooks, against whom wer manifested Btrong demonstrations of hoa tilitv, made a statement m defenc of his proceedings, m which he endeavored t make out that he had acted solely m the into rest of tho Bank, though, to a certain extent, h admitted himself to be blameablo. A Com mittee, consisting of five independent share holders, was appointed to examine into tJi the affairs of the Bank, and to roport at 1 meeting to be held next Monduy. Crooks ii tho meantimo waa arrested, and charged wit! having wilfully and with intent to defraud omitted material facts from certain documenti submitted to the Directors of the Bank pur porting to contain a list of all persons m debled to the Bank, and the omounti owing on November 3rd, at Adelaide. Ac cordingly, yesterday morning Crooks was brought before the Police Court. Crooks while admitting certain irregularitica m hii conduct, pleaded not guilty to the chargi brought against him. Ec stated that he hac written to the Chairman of Directors making a full disclosure. The prisoner was com mitted for trial at tho April sittings of th< Criminal Court, bail not being applied for In a letter to tho Directors Crooks expressei a desire to do all m his power to assist then: m investigating the affairs of tho Bank. Hi makes a. long explanation as to the differenl accounts. Ho further declares that no othei officer of the Bank is inculpated m the falsi fication. The Daily JWim commends the refusal o: tho other local Banks, under the circum stances, to assist the Commercial Bank o South Australia. Tho Standard expresses 1 hope that tho disasters which hnvo bofallei this Bank will bo a warning to other institu tiona to confino their business to legitimati banking, and not make recklesß advances 01 inadequato securities. The Standard, referring to the appuren surplus of assets over liabilities shown by thi Commercial Bank of South Australia, pro diets that the oeseta will liquidate badly. Tbi price of shares ia tho Bank of South Au3 tivilia has fallen. The Economist oxpresse tho opinion that public confidence m Austra lian securities remains unaltered.