Viceroy: Lord Irwin

The Age Of Stars

Two wars, a central bank, and the sterling balances.

Vol. LVIThe edition of 1930 · War and Depression5 records

Viceroy: Lord Irwin
Secretary of State: Captain William Benn
Finance Member: Sir George Ernest Schuster

Karachi Bank · scandal

Karachi Bank: Bank 1910–1930, paid-up capital Rs 2½ lakh, branches at Bombay, Hyderabad and Larkana

Rs 32,000 misappropriated

"The manager, accountant and cashier of the Bombay branch … misappropriated bank's money and successfully concealed the facts from the branch inspector by manipulation of accounts. A sum of 32 thousand was tapped at the account at the Mercantile Bank and signatures of constituents were forged. All were sentenced, the first two to long terms."

ReportedPeer-reviewed. Source: Muranjan, Modern Banking in India, p. 293

Banking

1 item

Bank of Burma · scandal

The manager of the Bank of Burma fell under the power of its two directors, Messrs

Rs 10 lakh lost on shares of Burma Investments Ltd and Burma Petroleum Co.

Mower and Clifford. These two grabbed the funds of the bank for their own enterprises." Security for the loans consisted entirely of shares of companies whose agency was with Mower & Co.; only two of those companies paid dividends; the bank even underwrote Mower & Co. shares at Rs 21 for a Rs 15 nominal share.

ReportedPeer-reviewed. Source: Muranjan, Modern Banking in India, p. 308

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