THE RESERVE BANK

Evening Post, Volume CXVII, Issue 51, 1 March 1934, Page 13

THE RESERVE BANK

SHARES ALLOTTED

APPLICANTS TOTAL 8703

The basis of the allocation of shares in the Reserve Bank of New Zealand was announced last night by the Minister of Finance (the Rt. .Hon. J. G. Coates). Tlie capital of the bank will comprise^ 100,000 shares of £5 each, carrying a cumulative dividend of. 5 per cent.' on the paid-up capital. So remarkable- has' been the request ,for shares; that the maximum number of shares which - will be allotted to any applicant is 20, although the Act gave any. person the right to hold 500 shares. "Following my announcement of February 16 relating to Reserve Bank capital, "said Mr. Coates, "the final figures show,that 5783. persons applied for a total of 558,911 shares of. £5 each. This is a most gratifying response to the offer and must be taken as a definite indication of the widespread support to the establishment of' the' Reserve Bank. . ' : "The most notable feature •of the issue is the large number of small applications for shares, thus proving the popularity of the issue -and enabling the Government to achieve its stated intention of having the share capital distributed over a wide field." Shares had been allotted on the following basis, Mr. Coates said, and allotment letters had been posted to the applicants:— ' .:'% .'•'..' Shares applied for. Allotment. 1-10 ■ ' ■'■ • In full 11 - 25 10 26-49 12 ■ 50 - 100 ■ - 15 ■ • 101-200 17 201 - 339 ' 19 340 - 500 - '20 "I again wish to .express my thanks and appreciation of the.very valuable assistance rendered by the' sharebrokers, tracing banks, and' Government Departments, whose efforts contributed largely to the success of the issue," Mr. Coates added. "Following the subscription in full of the share capital, formal notification of "this fact and of the incorporation of the Heserve Bank will appear in the New Zealand Gazette," . ''.'''■.