MERCANTILE BANK

Waikato Times, Volume XXXIX, Issue 3162, 29 September 1892, Page 2

MERCANTILE BANK

fi;y Ki.KCTitic: tkix-jkawi—o.i-vitt>;n i ) LO.VIIOX, September 2(i. Til I-: committee appoints! to inve-,|j_ <S it" the a flails of til" M'l'cali I j].. I'ank is incensed at the report of the receivers, and suvrjrests tlmt the din-dors should be crimiiially proseciited. September 27', The Investigation Commit'.ee of (hp Mercantile Hank of Australia declines to express an opinion coirjernii.'g (he report of the Melbourne ci>rniiittee until they have had time to fully discuss its details which have er.aled a most painful impression in 1 lit city, and much damage will be done ' j the credit of Victoria if the chargr; are substantiated. Tiie opinion is expressed that it is clearly the duty of the Goveiiiuient to initiate a prci.'ocution ill the matter.

The Financial Times iii'W's (he Victorian Government to prosecute tic directors of the Mercantile Itanlc.

T'llr Investigation Committee (if (i.|; Mercantile Hankof An~traliacxhibit)•). creased hostility towards tin■ Melbourne management. They hold all the members of the Col,mi d 131 in r-l deserve prosecution, especially Sir Matties Davis. They assert that Victorian credit is on a trial, and that the report of the colonial committee surpassed all expectations.

The shareholders declare (hat. (hey have b'MMi deliberately and systematically swindled. They have no belief in the suggested re-constrii( tion of the bank, and prefer a voluntary liquidation if the right liipiiditor is obtain.-, able, otherwise they will insist on compulsory liquidation. The committee characterised tiie directors' statements made at a meeting in August as disgraceful, and consider their conduct is beyond explanation.

It is expected that tho statutory mooting in October will bo of a lively and exciting character.