BANK FAILURES.

Waikato Times, Volume XXXIX, Issue 3160, 24 September 1892, Page 2

BANK FAILURES.

(BY KLKOTIUC TELKOIIAI'H.—COI'YIUCHT). LONDON, September Jilt "Wir.u.ut lii.KWirr, of lilewitt and Tyler, s<>'ioitors, who is :t director of tin? London mid General Hunk. Limited, which st:-s|.t;inK-d payment. aMemlited to commit S'lieide at. 1 '<[>[>- yesterday. He iiiHir■ t<• 1 tli r<>-■ wounds in his throat. and opened veins in his wrist. ]Ii; now lies in a critical condition. Mr I'. Millidgt;, formerly manairnr of the Mercantile Bank of Australia,

denies Mint lie was guilty of juggling with finance, and states ho is convinced Unit Sir Matthew Davis will he able to explain many of the things now apparently dark, especially if lie removes the impression that the doings of the Board wore secrets. Mr Millidge advises that the bank should be re constructed on a basis of 15s in the £ by the issue of one-half in debentures, and the other in preference shares. If this is done, he considers in a couple of years the bank ought to earn 5 per cent. Mr Millidge had an exciting five hours' interview with the official receivers and committee appointed by the shareholders of the Mercantile Bank, who examined severely the whole history of that institution, and rejected his scheme of re-construction. The committee assert that Mr Millidge made a sorry -exhibiton, and declare the business u swindle. It was resolved to hold a statutory meeting on October 19th, and it was agreed that a dividend of about 2s 6d in the £ should be payable on November 2nd. Mr Millidge says the committee entertain mi idea of criminal proceedings, but cannot succeed. Sir M. Davis always acted legally and is not worth sixpence now, though a rich man when he went into the affair.