AUSTRALIAN SUMMARY.

Manawatu Standard, Volume XI, Issue 1649, 4 March 1886, Page 3

AUSTRALIAN SUMMARY.

DKItESNOE MO^SALS BY SIB JOHN KOBERTSON. THE COMMERCIAL BANK FAIL* v ÜBE... „,.. - v ! (PerR.M.S. Mararoa at Auckland.) '^(UNITED? PRESS- ASSOCIATION.) Melbourne,' Feb. 25. J t-?The*l^Slwasr between Adelaide and Melbourne will shortly be completed, t as; both lines are being pushed forward. V: " Adelaide, Veb. _5. : i . ; ".Great surprise \ ..and/ , 'consternation is caused by the suspension of the; Coin, mercial Bank qf ,South Australia. The ; ' only loss I. will fall on me ' shareholders. ' ? It is eipectetl there Will : tie necessity for ■.-. making. & caMV 1 'Ttie'first thing that speciuvrially called the attention of the directors to ■ t . ,, - tbe statejofc i affairs was the discovery m ■ ( ,- regarjito the accountant.; Enquiries: Were . .iniade, and it Tyas found, that very^iargo '''speculative accounts had been opened "fend 'advances made without the know- '■■'•' iedge ; ' • of ; ■ the directors. T wo " lists of overdrafts had been prepared, • < and only tine submitted to the' directors. „, , .Outside assistance . was i then called m .^and Mr JL-GL Turner was .« sunimpned, who reported it ,was desirable to call m the, aid of the Associated Banks., They )! _ccbi?dihgiy met and appointed' l a com- - jotjitteej' with the result that they did not il Consider ifcdesirable'tb render any assist- ,: ance; m! the crisis. -The total amount of #he notes m .circulation iis. approximately v/ £7P,OJ}P. 1t , 5 1t; is stated that the managers •fOf the various B,ank«;, agree,, to stanjd to'''*geth!eV,,^nd^that the, J t nqteß ; of the Compaid. 1 " ;