RESERVE BANK.

Star (Christchurch), Volume LXVI, Issue 20233, 17 February 1934, Page 32 (Supplement)

RESERVE BANK.

Amount Required Heavily Over-subscribed. MR COATES CONFIDENT. Per Press Association. AUCKLAND, February 16. The Minister of Finance, Mr Coates, announced-that the list of applications for shares in the Reserve Bank had closed to-day. The response had surpassed even the most sanguine expectations. The final figures will, of course, not be available until applications in transit have been received in the Treasury,” said Mr Coates, “ but the results available show that the issue has been more than four times oversubscribed. Applications have been received from all parts of the Dominion. The number of applicants is a clear indication that our ideal of a large number of small shareholders is certain of being attained. “ It is hoped,” continued Mr Coates, to announce the allotments on my return to Wellington next week. We asked for £500,000 and we have been offered £2,500,000. I regard this result as a definite indication of the widespread approval of the people of the Dominion, and their endorsement of the Government’s policy in establishing a banking system of our own.” Mr Coates expressed his thanks and appreciation to all who had assisted in making the issue such a success, which he interpreted as a good augury for the bank’s f4iture.