My comments upon the failure of Sir Charles R. MeGrigor,
Bart., and Co., the Army Agents, and the suggestion I ventured to make with regard to the moral claim of depositors for Government assistance, would seem to be emphasized by the appalling disclosures at the recent meeting of creditors. No provision at all seems to have been made for bad debts, and one loan still on the books at £60,000 was made some twenty years ago on securities of little or no value to a client now dead and insolvent. No balance-sheets were issued, and it is scarcely surprising that the point should now be raised as to whether in the case of a acting as direct agents for the War Office official inspection of the accounts should not have been made periodically. It is clear that the slightest investigation during the past few years would have sufficed to .disclose the appalling state of affairs.
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