THE NEW BANK.

Auckland Star, Volume LX, Issue 105, 6 May 1929, Page 9

THE NEW BANK.

CAPITAL BEING SUBSCRIBED. DOMINION DIRECTORS RETURN NEXT MEETING IN AUCKLAND. "Our trip to Australia has been purely on bank business, and Mr. N. Spencer and myself have been appointed to the main board of directors," said Mr. H. R. Jenkins, M.P. for Parnell, and a New Zealand director of the Mercantile Bank of Australia. Mr. Jenkins and Mr. Spencer returned from Sydney by the Aorangi this morning. By their appointment New Zealand will have two representatives on the board and Australia three at present. "The next meeting of the board will be held in Auckland," said Mr. Jenkins, "and something like £100,000 has been subscribed already. V* hen we get to the £250,000 mark—which won't be long —it is intended to open offices in Auckland and Sydney. Auckland will be the head office for New Zealand, and the Dominion will be under the direct control of the New Zealand 'ooard of directors. The total flotation and brokerage costs will not amount to more than 5 per cent, and there are no gift shares and 110 cash bonuses. At the present time the New Zealand banks are holding about £9,000,000 of money, and the various insurance companies about £3,000,000. There is no mistaking the fact that the public of New Zealand is looking for a safe investment, and banking is one of them in this country. | The Mercantile Bank has been promised £1,000,000 immediately it opens its doors in Australia. At present there are two vacancies on the main board, but these will not be filled' at present, although there would not be the slightest difficulty in doing so. We have decided to wait till the bank has been firmly established before the appointments are made. We realise that by adopting these methods we will be in a position to get the best brains available." I