PRIMARY PRODUCERS’ BANK.

Hawke's Bay Tribune, Volume XV, Issue 216, 11 December 1925, Page 6

PRIMARY PRODUCERS’ BANK.

AN AUSTRALIAN ENTERPRISE Wellington, Dee. ||. in the course of his address to the Bank of New Zealand shareholders today, the chairman, Sir George Elliott, had the following to say: In February, 1923. the Primary Producers’ Rank of Australia. Ltd. was registered with an authorised capital of £1.000,000. Up to September of this year £2.275 000 had been sub scribed, and the dieotors’ expect that within a comparatively short time the whole capital will bo applied for Branches and agencies numbering 71 had, by September last, been opened for business, and the Primary Producers’ Rank is represented in every State of the Commonwealth. For the year ended February last the deposits at. the bank in question amounted to £937.368. and the advances to £750.-101. So far. the Primary Producers’ Bank has 9.000 shareholders, and 90 nor cent, of the capital is owned bv farmers. It is of course, managed bv bankers, but the policy of the institution is directed bv m n r>” the land. The Primary Producers’ Bank is in P'-a>tß- +ho same position in Australia as is every other, except the Commonwealth Bank. Tt is managed by its own elected directors and it receives no favour from the Government. There is already adenuate legislation in New Zealand to enable such a bank to he started hero. and. if the demand for a Farmers’ Bank arises out of a g' nuino desire on the part of farmers, they have an example verv’Tiear homo that they might with advantage fol