A NEW BANK

Hawera Star, Volume XLVII, 4 July 1928, Page 7

A NEW BANK

CAPITAL OF £2,000,000.

PROPOSED FOR NEW ZEALAND. BIAS TO- PRIMARY- INDUSTRY. (By Telegraph— Press Association.) WELLINGTON, July 3. A npw bank with a capital of £2,000,000, of which £1,000,000 is to be .subscribed before the issue of the charter, is stand to he in the process of formation in New Zealand and in England, and a Bill providing for its incorporation will be introduced in the House of Representatives next week by Air J. G. EHiott (Oroua). The bank is to be called the London and New Zealand; Bank, Ltd., and its operation is to* have a bias towards the provision of additional financial faldillities for those engaged in the primary industries of the 'Dominion.

Those concerned in the promotion of the new institution are commercial, professional and rural interests in New Zealand, and it is stated that the underwriting of the first £1,000,000 of capital is assured. A condition of the articles of association is that the bank will not- become a member of the associated* banking group at present operating in New Zealand. The capital of the bank is to be issued in £1 shares, and the qualification for a. directorship is the holding of 1000 shares.:

The proposed bank is* to carry on ordinary banking business, and tliere is provision in the Bill for a note issue.

The expectations of the promoters are that, notwithstanding the fact that a pre-election session provides little oportunity for the full discussion of a private Bill, it will be dealt with this vear.