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CAPITAL £50.000, IN 2.500 SHARES OF

£20 EACH; To bo increased at the discretion of the Directors, by the issue of £1.000 additional Shares, to be sold for the benefit of the Bank. The advantages produced by a Local Bank, both as a profitable investment of capital, and as a means of accommodation to the commnity, are too well established to require any comment at present. There is not a single British Colony of any importance without at least one such Bank, and in every instance these institutions are no less a source of profit to the Shareholders than of benefit to the community. In fact, while the Banks which have been established by English capital in the Australasian Colonies divide at the utmost from 7 to 10 per cent., the profit of the Local Banks average from 15 to 20 per cent. This difference is easily accounted for : every individual in a Colony naturally prefers a Bank with whose Managers and Proprietors he is acquainted, and in which he himself may have a direct interest, to one conducted by strangers. In order to secure to the proposed Bank this advantage in the fullest degree, the shares have been fixed at such an amount, as to allow any Capitalist in the Colony to become a Shareholder. Every one, therefore, will have an interest in the prosperity and stability of the Bank, and will give it a preference both in making deposits and circulating its notes. The Capital of the Bank has been fixed at £50.000, a sum which it is assumed will be sufficient for the present wants of the community. This Capital can, however, be increased at the discretion of the Directors, by the issue of 1.000 additional Shares, to be disposed of for the benefit of the Shareholders ; and it is proposed that the Deed of Settlement shall contain a provision, authorising the majority of the Shareholders to increase the Capital to such further amount as may in their opinion be justified by the augmented demands of the Colony. The business of the Bank will be strictly that of a Bank of Discount and Deposit. The rate of discount to be 10 per cent. ; and 5 per cent, will be allowed upon deposits for a longer period than a month, — not to be withdrawn under 10 days' notice. REGULATIONS. 1. — The Capital of the Company to consist of £50.000, in 2.500 Shares of £20 each. 2. — One pound per share to be paid previous to the election of Directors, of which a week's public notice will be given ; and £1 additional at the expiration of each month - from that period, ujitil £5 has been paid up. 3, — Further calls to be made at the discretion of the Directors ; and three months' previous notice of each call to be given in the " New Zealand Gazette." [ 4. — No person to be allowed to subscribe for more than 50 Shares. 5. — The Officers of the Company to consist of nine Directors and a Cashier, with such assistance as the Directors may deem necessary. 6. — The Directors to be elected for one year, by the Shareholders ; at the expiration of that period, one third of the number, to be determined by lot, shall retire, and their place be filled by fresh election, — the retiring Directors to be capable of re-election. 7. — The Cashier to be appointed by the Directors, and removable at their pleasure. 8. — Qualification of Directors to be 15 Shares. 9. — In all meetings of Shareholders, Proprietors to have one vote for every 5 Shares. 10. — No Bill to be discounted except under the sanction of three of the Directors ; nor if objected to by one of three of the Directors present. 11. — Meetings to be held half-yearly, for the purpose of declaring Dividends, &c. 12. — A statement of the affairs of the Bank to be laid before the Shareholders at each such half-yearly meeting, and afterwards published in the tf New Zealand Gazette." A Deed of Settlement, to be signed by all the Shareholders, embodying these and all other necessary regulations, will be prepared as speedily as possible. PROPOSITIONS at the MEETING. 1. — That the Prospectus now read be adopted and printed. 2. — That Captain Edward Daniell and Messrs. Partridge, Watt, Millar, and Pierce, do form a Provisional Committee to carry it into effect,

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Bibliographic details

BANK OF PORT NICHOLSON., New Zealand Gazette and Wellington Spectator, Issue 5, 9 May 1840

Word Count

BANK OF PORT NICHOLSON. New Zealand Gazette and Wellington Spectator, Issue 5, 9 May 1840

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