FINANCE FOR INDUSTRY

Press, Volume LXXXIX, Issue 27191, 7 November 1953, Page 5

FINANCE FOR INDUSTRY

LONDON BANKER’S VISIT TO N.Z, EXPANSION OF INTERESTS PLANNED (New Zealand Press Association) WELLINGTON, November 5. The chairman of a £26,000,000 industrial finance and banking concern, Mr J. Gibson Jarvie, of London, arrived in New Zealand today to expand his interests in the Dominion.

“Don’t misunderstand me,’’ Mr Jarvie said at a press conference in the Rangitiki after the ship’s arrival from’ London this morning. “We don’t want to compete with your existing banks. We want to provide a service that they don’t give—the issuing of long-term industrial loans.”

Mr Jarvie already has a company for this purpose in New Zealand. In 1951, when the United Dominion Trust Group, of which he is chairman, resumed its plans for overseas development, the capital of Financial Services, Ltd., Wellington, was acquired. Mr Jarvie said today that the New Zealand company would be expanded as required. “We don’t want to exploit this country,” he said. “We want to come in and live with the country. Financial Services, Ltd., will not take current accounts. It will merely deal in long-term industrial finance. Profits will be retained in the country.”

In New Zealand, Mr Jarvie hopes to have talks with leaders of the Dominion’s wool trade. On his homeward journey, he will investigate the possibility of starting business in Australia. He will also Visit Canada, where his company is establishing a subsidiary. ,

Mr Jarvie is accompanied by foilr of his staff. One member, Mr J. T. S. Francis, will remain in New Zealand.