PROPOSED NEW BANK.

New Zealand Herald, Volume LXV, Issue 20105, 16 November 1928, Page 11

PROPOSED NEW BANK.

RAISING ENGLISH CAPITAL.

PROSPECTUS IN NEW YEAR. Inquiring into certain legal aspects concerning the raising of money in England, Mr. H. W. Gicscn, of Dnnnevirke, who proposed the scheme to found the new London and New Zealand Hank, Limited, is at present on a visit to Auckland. The Act passed by Parliament last session requires the subscription of £1,000,000 by shareholders before the bank can be m corporal ed.

" We have decided that it will be bene (icial to New Zealand if wo can secure money from overseas," Mr. Giesen said yesterday. "Of course, we cannot neglect New Zealand shareholders, but to give the bank a wider interest wo will invito subscription from London, where our credit is sound." Ho added ho was Inking tho preparatory legal steps before departing for London in about a month to raise the English capital. There would be no difficulty in securing Now Zealand subscribers As soon as Ihe position in England was finalised, the prospectus would be issued. This would probably be early in the new year. Mr. Giesen added that from tho tone of inquiries ho had received all over New Zealand, he was confident tho new bank would fill a long-felt need and prove Jtfi outstanding success. SYDNEY WOOL SALES. , GOOD LINES VERY FiRM. KEEN FOREIGN COMPETITION. (Received November 15, 11.35 p.m.) SYDNEY. Nov. 15. At (he wool sales tho market was very firm' at. improved prices for good lines, but irregular for dusty and doubtful yielding lines. Yorkshire, Russian and Japanese buyers operated freely. Greasy Merino sold to 30£ d. The bales sold totalled 12,233. MARKET IN MELBOURNE. Australian and N.Z. Press Association. MELBOURNE, Nov. 15. At the Melbourne wool sales to-day there was good competition. Price levels were not altered. OFFERINGS IN LONDON. \ustralian and N.Z. Press Association LONDON. Nov. 14 There will bo available for the London wool sales on November 20 116,000 bales, of which 61.050 will be Australian, and 35,900 New Zealand. Dalgety and Company. Ltd., have received the following cablegram from their London bouse, dated November 14: —At the wool sales we will sell on November 22 and 29 and December 4. BUTTER IN AUSTRALIA. INCREASE IN BOUNTY. [from our own correspondent.] SYDNEY, Nov. 8. The increase to 4£d a lb. in the butter bounty, to take effect next year, is going to add a big tax to tho consumer. Actually it will put £3,000,000 on to the annual butter bill, since prices are going to be maintained at 4jd a lb. above world parity, with the result -that Australian butter will be cheaper in London than here. Another way of putting it is thai Australian consumers will bo paying an annual tax of almost £3,000,000 on their butter bill. All the snmu the decision of the Aus tralian stabilisation committee to raiso tho export bounty on butter from 4d to a lb. did not *'.ome ts i surprise. As a mnttor of fact New South Wales delegates tried very hard to make the increase to sd. MELBOURNE HIDES. (Received November 15, 9,25 p.m.) MELBOURNE. Nov. 15. The hides market is irregular. Kips declined by id, and mediums and lights by jd. Others are unaltered. PROPERTY SALES. Willinm A. Home, Ltd.. will offer at miction at their rooms. Homo's Buildings, at one o'clock to-day, under conduct of the registrar of the Supreme Court, at the request of the 6rst morlsoKee, fourroomed house on freehold section. IGft by 71ft 3in, at 22. Edwin Street. Newton. C. F. Dennett, Ltd., will, offer nt auction st their rooms, New Zealand Insurance Buildings, nt noon to-dny, six-roomed dwelling at corner St. Stephen's and Corunnn Avenues. Parnell. Robt. C, Carr and Son will offer at auction at their rooms, 20, Swnnson Street, at noon to-day, at the request , of the mortgagee, five-roomed dwelling with outbuilding and shed, nt 14. Maxwell Avenue, Grey Lynn. Pnlethorpe and Pnrkes will offer at auction nttheir rooms, Winstone Buildings, at 11.31) this morning, four-roomed Bungalow in Mount Eden, off Dominion Rondj and sixroomed bungalow, at 3, Pine Street, Reniuera.

Samuel Vaile and Sons, Limited, will offer at auction nt their rooms, 83, Queen Street, at two o'clock to-day, Snndhurst Fints, Tukapuna Beach; 7-roomed residence, with one or two sections at 2t Bank Street, Dcvonnort; section 50ft. x 118 ft. Bin., fronting Lake Bond: 4-roomed bungalow in Purin Street, Tukapuna; 4-roomed house on 2 acre? section in View lload, Henderson; and, at the request of the mortgagees, twostoreyed residence of 8 rooms at corner of Campbell nnd Horotutu Bonds, One Tree Ilill; fl-roomcd house in Church Street, % fe Papa pa; mort ange secured on property nt Frankton, and 643 acres fnrm nt Mungawni.