NEW ZEALAND BANK.

Taranaki Herald, Volume II, Issue 81, 15 February 1854, Page 3

NEW ZEALAND BANK.

! [Tile TolWrn- IVo-jK-r-iH of > lUok I .r Hi- ( o ony of New 'Zi-iLml, has been publish -.1 1.1 London.] The New Z. aland I'.un't ; to I).- im'K,' . U .1 by Roynl Clurici, or <mp>>ivjretl by Art nf ilirColonial Legislature limiting Ihe Inihility < V tal, C 250.000 stciliitv, (with iimirin mnree-u- i» the -rnni of jTJjOO.OjO ir-rliug-) , in 1'J,500 Su.iro "I £'20 e.ich. D posit, Xi po- sh-iio. DirectoM— llt-nry Airlion >y A^l oiWiy, V<'<\ "U P., 15. Lewis Bsynhiira, R ( |., D.vid Hri.h'es, IC <|. Leonard P. Cox, E-n. Clmun llmrv IMm imU, Iw|. William Good.- in, Esq.. John Ilcnry 1, .nO, Kaq., Ale\. Mormon, l'sq ( , Joseph St lynor , !''kj . Bmlic Guiding, Esq. Srciclary fji.o ten.) - M. j John llolliHgwoith. Temporjiy CJlli-ca, -, Uud>lursbuiy, Chcnpaiili*. The Nr.w Zr.Ai.AND Bank is ]>ri>j 'ctod wiih the design ol coiiiluclmg tli p'iktil btiiin si ol lUi '» - ing in New Zealand ; nml it is oiilid-uilv "|h; - ed that, innsmuch us then' H mi B iiiKms '"' - tnblishmcnt devoted to the latun'uli »' Ni w Zoiilinid, Her Majesty's GoviMiimctn will -,> l to tins Company tho advuiuugci ol a K>)il Cluutur. The establishment of Joint Sock l5mV« m I the principal towns and districts of tin- United Kingdom lias produced (hi" hniiplunt effects, by affording Do its inhabitants ex (ended niran" f»i' promoting individual cntupriM 1 . Bulking, w'.umi conducted on correct principles, 'a ttnqui "lioiiAhly the most lucrative and li-Ritit»iate business lor combiiiiilion of capital, !rmu<; «i tin; (hie hun.l supcuor security for its ir.wsu lions, while on tho othi r if pnrUkes of ihc profit* Ikxi »H clnsaC3 of the uiduntrial community, .it I'ic » mv time confeiiing and receiving a benefit., A retrospect of the last twenty )«'ars m J >inf Stock Assticini ions of this nntnrc iMhihiti iin - in«ed public confidence, niul lljuk* are miii'h inu^lit after at tho prcacnt dny, .is the safest inve^tm-uK thnt can bo made ; il ciiih'uc.3 nete ivaiitiiu, Ui< London and \Vcsttiiin»tu, the Lindon Jotnr Stock, the Union Is,>nl>, and the Communal Bank of London ore tudiucmt (or this purpose at home. But ns New Zealand claims the pmtieu'or it ten tion of tins Company, it n necessary to show to iho public thnt success has arcompnmed Ranking Establishments in AuntriUi.i, and as a paii"il)(j remark to note, ihit nearly tin' whole of tlu^e imvo, in the course of n fi re jcim ituhdr.uvii in the »h»pa of pinfiis, an amount ot mom y exceeding thi'ir paid-up Capitil. It is therefore natural to conclude that corrcupondin); benefits will ri'nuU trom the <'mplo\ment of capital in the Settli mmits of New Zealand, whose affairs fire likely to undergo a great cliaupe from a variety of combined c ircumstnncea, w)n< li ir is the duty of tho projectors of tins Msovatiou to make known, viz.— The Constitution granted bj the Imperial Parliament. The route vi.i Panama to Nc>v Zeahnd hv the Pacific Sloam Navigation Compnny. whose ve«sels roinmcnce running in .lulv next; thui placing thena hitherto mosc distant settlements within a postal coinninniciitioii of six nr eight weeks, and in direct distance l,!20l) miles nearer thin any ol the Australian Settlements id Great Britain. Tho absence of all interference 1 in local matter! by the Home Government — and the cessation of temtoiial lights by the New Ztnhm) Conipiny. Listly.— The impioved i elm inns between the British Settlers and ihe natnes of these islands from the closing ol the long vend i;t iid questions. Sir Goorgu Grey, tli>* Governor, remarks in his dejpntcb to the Colomil Secretary — '" In no part of Her Majesty's dominions is property more secure, oi engagements moie strictly observed, up where cipitalcan bo moie cufcly employed ihao in New Zealnnd, or where a more, etemplary class of British subjects con be found deseiving equal cna» •ideratioii." Looking then nt the present comhtion of these settlomentfl, without other mcins than the limited resoureas, too often severely tried by estalili^hitiv; themselves in the first instance, there it In tie left ,to prosecute the many nnmces of enterprise springing up in every direction ; the growing facility and prospective extent of commercial intercourse — the rapid mcrraie of pastoral ana iigi icnl-. tural occupation — the working of conl and miner il districts, which arc tound both rich in quilny and abundant inquantiu , urn all clnitns independent ot the ttlinie fisheries extending round tho coasts of New Zealand. Sufficient has been shown to point out tlin necissity for ineiensed accommodation (where at present so very little exists), in a community peculiarly intelligent and fully competent to ex'imate the importance of such institutions us thnl now contemplated. If the discovery of Gold in Australia necessitated tho formation of seieral additional banking Establishments in this Country, notwithstanding the number previously exinling, to meet tho exicencies of the occasion, then tinposition of New Zealand hw a higlur climi on public attention, from the lact of being entucly destitute of ad nccommotlations of th» nimrc, othor than branches from the Sydney Establislw mints, totally inadequate to ihe alteied circumstnnces of the country. The present position of New Zealand is sinjular in her connexion with Austmlin, for although politically more independent and morally vastly superior, yet the mciebnnts and trudcra in ihcste settlements are in a stale of incredible commercial and monetary bondage, which it would he difficult, to dcscnbi; in detail, as their annoyances tatfr every transaction ol society intive and EuiopeJii ; briefly— sho in de| cndcul on Sydney for Ihe ohitf pirt uf her remittances and communication with Europe, and her stiiplc txp ru uf oil, vhaleboae, flux, wool and minerals, all pas* throtuh the hands of Sydney merchantb. Tbesa settlements h.ivc no circulaiion ulliei than (he samu channels, wholly inadequate to the requirements of society; thus, fio/n Hi' pifb'urc ol a v.uicly of ciroumstanm ,s, A'uv Zoal md ha- bern coniiullLd to throw tbrt in inn trsnsnctions of coiuiuerce into the arms of a

j,M7i>rfnl nvnl. who^r inirrcits arc manifestly lo iitnin lur in his utati of insnffrrihlc bondage. (a Id h vu.p I (en rlis(Ovcnd in vniinus pints of New Z< Mnnd, it imtiinllv lo'lows that i s attracii'in« and tin Runcn nly of hp riimnle will divert •> )..r<e nnmbir of \iiHiriilinn ii'lvrntiiren from her iliohp; it in nut bin v< ry diffielill to foresee, Iron) tin •inldrti luict ol pro(,|,rnt\ over this country (nltojithri indr pendent nl gold-finding) thai n j.i «'h gni'ti r dmitind 'oi inoniy irommodation .'ill l.c requirul fnt wbt. h pioviaion linn yet to fir i., di- I'w-i ' ( i il Innd, ii rrchotit, and j i iron with .i n . xi"" n ,ny of the New Zealand -til meiit» . inn Mv) , i.oiice on riAVction how i'ffp j I !", "in >iur< 'i d in n. y srbrmo lhat ihnll irhcvi' ihr n lr in 'U'h an unnatural nnd dangerous (O.'in-r, .mil i .no Mirnris attindiug a laff Inrni Haul., over wlnrb, as Shareholder!, they have nn inter. »t nnd control. The principal establishment of the Bank will be conducted in Lm don by a Board of compotent Uiirr tors. A local ConiVnitter of Management '.ill be appointed in tach province of New Zealand. 'I he Company will trnnmct all the business of n Banking Company on the most liberal terms ; nnd will make advance b, in New Zealand and elsewhere, on Gold nnd other approved securities. A rair proportion of bharcn will be reserved for New Zealand, ao that a proper division of tbe jin.fltß nl (In- Company will bimfit tho Colonies in nhirh it will operate. By tho Charter or Deul of Settlement, ibe Dtrcrtota propooo to reserve to tlio Company the right of increasing the Capital to five hundred thounaud pounde.