OUTSIDE ASSOCIATION

Stratford Evening Post, Issue 84, 4 July 1928, Page 5

OUTSIDE ASSOCIATION

, BANK ,r TO OPERATE IN NEW ZEALAND. ■‘V/i i v •,£ J 'ftsl . Preaa Association— Copyright,' ••• , . WELLINGTON, Last Nigntj . " A new ‘battle .with a capital . £2;00(},000,V of which £1,000,000 is to ’ : be subscribed ‘before the issue of ’ tfie charge/, is bald to be in the pro., ’■"■"lcjcsb o£’ foi-ttfation in New Zealand " .'ittdViu E'ngiaina, and a Bill provld- . -Ing for its incorporation will be; in-" ■ i-ibrociaced! In .the House of‘Reprdsen-; tatives next week by Mr J. ■' ott (Oroua). The bank is. to be : •' called the London and New Zealand Bank, Ltd., and its operation is ito have a bias towards the provision of additional financial facilities for those engaged in the primary, industries of the Dominion. ; • Those concerned in the promotion of the new. institution are commier. clal, professional and rural interests in New Zealand, and it is stated that the underwriting Of the first £l - 0 <? 0, ( j 000 of capital is assured. A condition of the articles of association! is that the bank Will not become a member 6f the associated banking, group fAt present 'operating in New ..Zealand;' I the capital of the bank is to be - issued tri shares, and the for a directorship is the hdlding of 1000 shares. . j . The proposed bank is to carry on . ordinary' 'banking business; ttnd there is provision in the Bill for a note issue. ? The expectations of the P r omo - . .^ rß are that, notwithstanding the ■« fact that a pre T elcetion session provides little opportunity for the full • discussion’of a - private Bill, fit Will be dealt'with this year. i " V AT m ]i : !'