BANK OF NEW ZEALAND.

New Zealand Herald, Volume LXVI, Issue 20387, 16 October 1929, Page 12

BANK OF NEW ZEALAND.

FOUNDATION IN AUCKLAND.

A NOTABLE ANNIVERSARY*

Exactly 68 years ago to-day, on October 16, 1861, tho Bank of New Zealand, which had just been founded in Auckland, first opened its doors for business. Although not tho first bank to operate in tho young colony it was the first bank of New Zealand origin, and ifc quickly rallied encouraging support on that as well as on other grounds. It commenced business with colonial capital, with colonial shareholders from all over the country, and with colonial customers in every city and province. Tho Now Zoalander of tho day described it as "an institution that has been long and urgently required and which can scarcely fail to meet with a largo measure of success."

The bank was incorporated by Act of Parliament with a capital of £500,000 and its first board of directors was composed of Mr. James Williamson (president), Dr. (afterwards Sir) John Logan Campbell, the Hon. Thomas Henderson, Messrs. .T. O'Neill, T. Russell, C. J. Taylor and G. B. Owen. Mr. Alexander Kennedy was the first general manager. The influence of the bank soon extended _ throughout New Zealand, but the hard times experienced in the late eighties brought the bank to a most difficult and dangerous period. In 1890 the administration was transferred from New Zealand to a London board; and when tho outlook was at its blackest the situation was saved by Government intervention and the issuo of £2,000,000 worth of stock guaranteed by tho country. Simultaneously the control of tho bank was transferred from tho London board to a board in Wellington. Lator tho Government becamo a suaroholder in tho bank.