A NEW BANK

Hawera Star, Volume XLVII, 10 August 1928, Page 5

A NEW BANK

SELECT COMMITTEE’S REPORT

SAFEGUARDS IMPOSED. THREE AITLLIONS OF CAPITAL. (By Telegraph—Special to The Star.) WELLINGTON, Aug. 9. The special select committee of the House of Representatives appointed to' consider the’ proposed London and New Zealand Bank, submitted its report today, involving a number of amendments in the measure and disclosing the names of the promoters, who are New Zealand business and professional men and farmers. The committee has placed a short limit on the period within -which the capital of the proposed bank shall be subscribed. This is fixed at July 31, 1930, and at the request of the promoters the nominal capital of the bank -has been increased from £2,CO0,0:)O to £3,000,000. On the sum of £l,O JO,OOO being paid up as capital the bank shall be entitled to commence business. The bank seeks the right of note issue, to which the committee agrees. Various safeguarding clauses in regard to note issue and directors’ powers have been inserted in the Bill on the Solicitor-General’s request. A new clause prevents the promoters from trafficking in privileges conferred l by the charter. The committee’s report discloses that the deed of association was signed by tlie following persons, who are the promoters : Alan St. Clair Brown, solicitor, of Auckland; William George Fry, farmer. of Feilding; Ernest AV. Giesen, medical practitioner, AVellington; Herbert AV. Giesen, accountant, Dannecirke; William E. A. Gill, public acountant, AVellington; John Glasgow, so'icifcor, Nelson; Harry T. Goldie, timber merchant, Auckland; Montgomery Owen Grainger, farmer, Dannevirke; Alanning AV. Hartgill, farmer, Dannevirke; Stephen AI. Hobbs, public ac'ountant AVellington; Elias J. Hyams, merchant. AVellington; Joseph Jameson, merchant, Masterton; Sidney Kirlicaldie, merchant, AVellington; Henrv A. AV. Lord, farmer, Alasterton; Archibald McNicol, managing editor, Dannevirke; Alfred R. Aleek, barrister, AVe'lington; Alaloolm H. Moncrieff, retired. Nelson; George AV. K. Horley,, retired, Christchurch; Albert James. Stratford, retired, Auckland; John J. Williamson, gentleman, AVellington; Daniel J. Willis, farmer, Greatford; Reginald Wynn Kirby, sharebroker, Wellington, 'and AVm. Gray Young, architect, Wellington.