Another unlimited Bank has fallen. Early on Monday morning it
was announced that the West of England and South Wales District Bank, which has its head-quarters at Bristol, and forty- two branches in the West, had been compelled to suspend pay- ment. The Bank has a paid-up capital of £750,000, in 50,00G shares of £15 each, and the liability is unlimited. The Directors say the Bank was killed by a " run " caused by gossip, but it would appear that it had advanced £300,000 on the Aber- dare Iron Works, three years ago ; that it had taken over the iron works in satisfaction of the debt, and that like other iron-masters, it had been losing money ever since. Very favourable reports as to ultimate liquidation have been circulated, but it is, neverthe- less, asserted that from £5 to £12 will be called up per share. If that is true, the Bank must have lost all its capital and £500,000 besides, or in all a million and a quarter. The precise losses are, however, still uncertain, depending as they do upon the market value of assets still undescribed, the only thing clear being that the 2,069 shareholders, of whom 700- are spinsters and widows, and a great majority small people, have lost, at least, half their stake in the Bank.
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