BANK OF NEW ZEALAND
SIXTY-EIGHT YEARS OLD
ANNIVERSARY TO-DAY,
On October 10, ISCI, the Bank of New Zealand first opened for business in Auckland. Prior to tiiis date there had been brandies in Auckland of Australian banks. The Bank of New Zealand started with a capital of £500,000, provided by local shareholders, and it soon had customers from all over the Auckland Province.
The bank was incorporated by Act of Parliament, and the first directors were: Mr. James Williamson (president), Dr. John Logan Campbell (afterwards Sir), Hon. Thomas- Henderson. Messrs. J. O'Neill, T. Russell. C. J. Taylor, and G. B". Owen. The first general manager was Mr. Alexander Kennedy.
Times were bad in New Zealand in tlie year 1890. and, in consequence, the business of the bank suffered. Tlie Liberal Government then in office, in order to strengthen tlie bank's position, guaranteed £2,000.000 worth of new stock. Tlie administration of the bank was transferred to London,' but subsequently was moved back to New Zealand. .'the head office being at Wellington. Subsequently the Government became a shareholder, and since then, the history of the Bank of New Zealand has been one of steady progress.
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Bibliographic details
Auckland Star, Volume LX, Issue 245, 16 October 1929, Page 7
Word Count
193BANK OF NEW ZEALAND Auckland Star, Volume LX, Issue 245, 16 October 1929, Page 7
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