THE BANK SUSPENSION.
— •*» [Special to Pbkss AsseaiATioN.'l LONDON, August ' 7., At a meeting of creditors of the City of Melbourne Bank yesterday a cable was read from the Melbourne directorate in reference to giving priority of security to new business. Immediately a motion was passed to the effect that it. was useless to discuss the proposal and imperative to go into liquidation. Mr Loader, interviewed afterwards, .stated that . he offered the committee to induce the Melbourne shareholders to accept the scheme of rearrangement as revised by the committee, provided that new accounts were assigned priority of security, and that the number of Directors should be six, of whom the shareholders were only to elect two, and that a portion of the realised assets should be put into the business of the bank. Sir E. Nepean considers that the action taken has crippled the bank for six months.
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Star (Christchurch), Issue 5332, 9 August 1895, Page 3
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147THE BANK SUSPENSION. Star (Christchurch), Issue 5332, 9 August 1895, Page 3
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