A NEW BANK.

Otago Daily Times, Issue 20451, 4 July 1928, Page 5

A NEW BANK.

'proposals for establishment I a I CAPITAL OF £2,000,000. (Fpecial to Daily Times.) j WELLINGTON, July, 3. A proposal has been maturing for the establishment in New Zealand of a new bank with a capital of £2,000,000, of which £1,000,000 is to be subscribed before the issue of the charter. The capital is. to be subscribed in New Zealand and in England, and a. Bill providing for incorporation will be introduced in the House of Representatives next week by Mr J. G. Eliott (Oroua). The bank is to be called the London and New Zealand Bank, Ltd., and its operations are to have a bias towards the provision of additional finance for - : those engaged in the primary industries of | the Dominion. Interested in the promoI tion of the new institution are commeri cial, professional, and rural interests in I New Zealand, and it is stated that the i underwriting of the first £1,000,000 of 1 capital is assured. _ A condition of the • articles of association is that the bank • will not become a member of the associ- ' ated banking group at present operating | in New Zealand. The capital of the bank ; is to be issued in one pound shares, and . the qualification for a directorship is a ■ holding of 1000 shares. The proposed • bank is to carry on ordinary banking business, and there is provision in the Bill | for a note issue. I The expectations of the promoters are [ that, notwithstanding the fact that a preI election session provides little opportunity _ for the full discussion of a private Bill, it will be dealt with this year.