Page 1 Advertisements Column 4

New Zealand Gazette and Wellington Spectator, Volume I, Issue 8, 30 May 1840, Page 1

BANK OF PORT NICHOLSON. CAPITAL. j£50.000, IN 2.500 SHARES OF £20 EACH; To be 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 1 advantage* produced by a Local Bank* both as a profitable investment of capital,. ' and as a means of accommodation to the community, are too wellTestablished to requireany comment aft present. There is not a single British Colony of any importance without at least one such Bank, and in. every instance these institutions arc no less a source of profit to the Shareholders than of benefit to 1 the community. In fact, wliile the Banks which have been- established by Englishr 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 oneconducted by. strangers. In order to secureto the proposed Bank this advantage in thefullest degree, the shares have been fixed afc 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, depositsand 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 com'--munity. 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 o£ 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 ; and 5 per cent, will be allowed upon deposits for a longer period than a months — not to be withdrawn under 10- days' notice.regulations;. 1, — The Capital of the Conrpanyyto>eonsist 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 wiH be given ; and £1 additional at the expiration of each month from that period, until £5 has been paid up. 3. — Further calls to be made at the dis-" cretion of the Directors. ; and three months' previous- notiGe 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.-= — lit 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 Directorspresent. 11. — Meetings to be held half-yearly, for. the purpose of declaring Dividends, &c. 12. — A statement of the affairs of theBank to be laid before the Shareholders att each such half-yearly meeting, and afterwards published in the " New Zealand. Gazette." A Deed of Settlement, to be signed by aIE the Shareholders, embodying these and alii other necessary, regulations, will be prepared; as speedily, as possible. PROPOSITIONS at .the MEETING. * I^— ThafrtEe Prospectus now read be adopted and; printed. 2. — That Captain Edward ,Daniell jand: Messrs. Partridge, Watt, Millar, and.PierpeV do form a Provisional Coramittee to carry^rb 1 into effect- . ' i