Ranks and Ranking Facilities

Southland Times, Issue 4629, 12 May 1883, Page 3

Ranks and Ranking Facilities

.■ -■-;■; --■■■;■;;,; ■-- ■ . ■ - -■ # -- - -■ -,- -•-.---.-.., - V The following letter : ;by an Invercargill correspondent signin g hioos'l i " Progress," .appeared in i he Oi ago Daily Times of Wc'ln-sday last :-f- . . The/ presietiV; p.tijiiseacy ' 'of.i.tftio. imoney market in New Zealand would be lessened if more foreign capital was introdaced by the establishment of branches of some of the banks doing baainess elsewhere. There i« no! a sufficient number of banks in New Zealand in comparison with, the number found. necces»ary in the*6th^r Australasian colonies. Iu New South, Wales there were thirteen bants doing evideatly>a satisfactory b^sine^^ jncJging frona the reportein the Australasian! Insurance and Banking Record, from which I cu'l my information. In Victoria there are twelve banks; in South Australia, nine banks ; in Queensland, seven banks ; and in New'Zealand six banks only* In Victoria and Vew South Wales there are, in addition, several other financial institutions doing extensive banking business, such as the Ballarat Banking Company (Limited), Land Credit Bank of Australia (Limited), Land Mortgage Bank of Victoria (Limite I), Australian Deposit and Mortgage Bank (Limited), Australian Economic Bank, Australian Freebold Banking Corporation,, Comptoir d'Kscompte dftPaiw (French Bank). From these facts follows the reasonable conclusion that the establishment of a new bank, or the branches of anks doing business in Australia — like t>ie London Chartered Bank of Australia, the Bank of Victoria, the Australian Joint-stock Bank, the Commercial Banking , Company of Sydney, the English, Scottish;" i mi Australian Chaitered Bank, the National Bank of Australasia— would be most advan- ' tsgr.ouß ta this colony, and a source of profit to the banks so extending their operations. If the suggestion meets with approval, could no: some steps be taken to facilitate this desirable extension of banking business. j