Mercantile Bank of Australia Limited

Registered in Victoria about 1880. The bank, like most others, was involved in the real estate speculation of the 80’s. Directors of this bank issued large loans to themselves which they had difficulty repaying when the value of land fell. The Associated banks offered to lend them £100,000 on security but with the condition that the bank offered full disclosure of their books which they failed to do. The bank closed soon afterwards.
Capital £1,000,000 in shares of £5.