NEW FINANCIAL INSTITUTION

Evening Post, Volume CV, Issue 26, 31 January 1923, Page 2

NEW FINANCIAL INSTITUTION

In this issue appears an announcement concerning the formation of the' New Zealand Guarantee Corporation, Limited... „ The ccipor'atbri has been formed with* the main object of financing credit sale* •■ of commercial motor vehicles in the Dominion. It is founded oh- principles";',' akin to those of similar concerns, which; l)ave proved so useful and successful' in ■ England, Canada, the United States of America, and also in Australia. The New Zealand Guarantee Corporation's operations include the providing of ere- I dit accommodation for accredited distri- ' butors of motor vehicles;" assisting ap-". proved individuals to purchase commercial motor vehicles; and. generally speaking, to'supplement existing banking facilities. •It is intended to enable'-deal- . crs of approved standing to finance ■ their' ' sales of motor lehicles. and to increase business by extending financial accomrao-." dation, on safe lines, to accredited purchasers. It has been decided to. offer to the public 116.000 £1 shares out of arf - authorised/capital of £200.000. Of thew .: 116,000 shares, 96,000 are orefcnary - shares, payable on easy terms, and 20,000. are- cumulative preference shares;' bear-'' ing interest at the rate of 7 per cent, per anjnum. It is reported by the promoters that prior to filing, of the\ pros-.., pectus, inteinin applications had beeft ma-dc by the public for 23.CC0 shares,-ex---elusive of what members of the syndicateare taking up. The prospectus may be, : obtained from the- local branch -of ■ the - Bank of New South Wales, from any member-of the affiliated Stock Exchanges . of New Zealand, from the chief brokers, Messrs. A. M.. Adams and . Companyj Wellington, or the cbrboration'a - offices""-" 12, Panama street, Wellinptbn. The in--" terim secretsry is Frank H. Taylor,—'--^