§ MR. CREMER (Shoreditch, Haggerston)asked Mr. Attorney General, Whether he can explain why no dividend has been paid to the depositors in the "West London Commercial Bank," 1434 which stopped payment on the 7th of February last year; whether he will make inquiries of the official liquidator as to the reason why the first dividend of 8s. 6d. in the pound, which has been announced as available, is not forthcoming; and, whether he is aware that the delay has already resulted in one suicide, one or more deaths, and great distress generally among the depositors?
§ THE SOLICITOR GENERAL (Sir EDWARD CLARKE) (Plymouth)(who replied) said: On behalf of my hon. and learned Friend the Attorney General, I have to say that the circumstances of the liquidation of the West London Commercial Bank were as follows:—The official liquidator was appointed on the 17th of March, 1887. The creditors' claims were to be sent in by the 9th of July, 1887; 1,061 claims were sent in which had to be examined, involving many important questions and much detail. The certificate adjudicating on 1,019 of such claims, amounting to £137,265, was made on the 8th of February, 1888. The order for payment of a dividend of 8s. 6d. in the pound was made on the 28th of February, and the cheques for the whole of this amount were prepared, signed, and issued on the 12th of March. We have no information as to the painful circumstances suggested in the last paragraph of the hon. Member's Question; but the facts I have stated will show that there has been no delay to which such circumstance could be referred.
§ MR. CREMERasked, whether the hon. and learned Gentleman could explain why the official liquidator had limited the dividend to 8s. 6d. in the pound, when he had admitted that he had more than enough to pay 10s. in the pound?
§ SIR EDWARD CLARKEsaid, he was unable to say what were the exact reasons which influenced the official liquidator in thinking it would be only wise to pay at the present moment a dividend of 8s. 6d. instead of 10s.; but the difference would not account for the painful circumstances suggested.