There is no end to the misfortunes caused by the
failure of the City of Glasgow Bank. On Wednesday the Directors of the Caledonian Bank (Inverness) decided that as their Bank held four shares in the Glasgow concern, it must go into liquidation. The Caledonian was perfectly solvent, with a sound business, but it is known that the calls on the body of the shareholders in the City of Glasgow Bank will not pay the depositors, and that the whole pressure must ultimately fall upon the rich among them. Consequently, the shareholders in the Caledonian Bank are liable to be called on, first, for their whole paid-up capital, and by degrees, for the unpaid portion of it, too,—that is, for four times their stake. It is lucky their Bank is not unlimited, or they would have been no better off than ordinary shareholders in the City of Glasgow. As it is, their losses are measurable ; but they have been caused without any fault of their own, by momentary carelessness on the part of their agents, who held, only fora short time, four shares in the insolvent concern, as collateral security. All depositors in the Caledonian will be paid at once by the other Scotch Banks, but the loss to hundreds of families will be most severe.
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