THE NEW BANK.

Otago Witness, Issue 3898, 27 November 1928, Page 23

THE NEW BANK.

A brief statement has been made to an Auckland interviewer by Mr Herbert W. Giesen, of Damievirke, who was the promoter of the scheme to found a new bank in New Zealand, now known as the London and New Zealand Bank, Ltd. As is well known, the proposal met with so favourable a reception that preliminary steps were taken to bring the movement to a head. Many obstacles had to be surmounted, but ultimately the proposition for a charter was put before Parliament in such a form that the necessary legislative authority was given. An important stipulation was that before the company could issue its prospectus to the public, at least £1,000,600 worth of contributing shares must be applied for. The next step, therefore, is to raise this large sum of money. Part of the scheme throughout has been to raise a portion of the capital -in New Zealand and the balance in London. In pursuance of this policy the association which is promoting the bank has decided that Mr Giesen shall go to London to complete the arrangements. He is likely to leave at an early date. It is expected that the prospectus will be issued to the public in the autumn. BUTTER FOR THE EAST. AUCKLAND, November 20. The Aorangi, which sailed to-day for Vancouver, carried 29,305 boxes of Auckland butter for' Canada, Honolulu, and the East. Cargoes eastward are growing as the season advances. The Niagara last month took 24,750 boxes. Of the Aorangi’s shipment 2086 boxe< are for Honolulu, 22.019 for Vancouver, 2500 for Victoria, 2300 for Calgary, and 400 for transhipment to Shanghai.