The sononncement on October 17 that the sole partner of the concero known as the Charing Cross Bank had filed his petition was quite unexpected, only that morning the usual advert isoments of the bank had appeared in the financial papers. The " Economist" declares that the proprietor had no right to describe his bossiness s a bank, for he was no better than an ordinary money-lender. The Charing Cross Bank attracted deposits from small investors by the promise of liberal interest, amounting in the case of deposits subject to twelve months' notice of withdrawal, to7 percent per annum, and more for longer periods. The " Economist criticizes very severely a state of affairs that allows an obviously hazardous and pecal on bossiness without any obligation to' pabliah its acoonnte, It points out that the proprietor had only to register himself as a money-lender and that as the bank was entirely under hie control, he could embark apon any venture be considered necevtary to raise sufficient money ta pay abnormal rates of interest, The baring Cross Bank bad been io erintence for nearly forty years. A preliminary statement issued by the Ser 1 Receiver estimates the liabilities entitled to rank for dividend £2,500,000 and the ascots at about £358,000, exclusive of claims, mining rights etc, io the Tranevasl and lumber mills, lands, and railway debentures and shares in Canada, described "doubtful." Attempts are now being made to form a committee to represent the depositors, and secure a speedy realization of the assets, So much distress has been caused by the baok's Isilare that Mansion House Rilef Fund has been suggested. It seems high time, as the " Kooi into oat, that all log themselves as banks should be compelled to publish an annual statement of accounts.
Text read from the printed page and cleaned; old type leaves the occasional error.