PROPOSED NEW BANK

Waipa Post, Volume 37, Issue 2179, 5 July 1928, Page 5

PROPOSED NEW BANK

BIAS TOWARDS RURAL IN- ■■'■■: TERESTS. -•" NOT TO JOIN BANKING GROUP. (By Telegraph.-i'Press Association.) WELLINGTON, Wednesday. A bank, with a capital of £2,000,000, of which £1,000,0,00 will be subscribed before the issue! of a charter, is in process of formation in New Zealand and in and a Bill providing for its incorporation will be introduced in the House next week by Mr J. G. Elliott (Oroua). The bank is to be called the London and New Zealand Bank, Limited, and its operation is to have a bias toward the i provision of additional financial facilties for those engaged in the primary industries of New Zealand. Interested in the promotion of the new bank are commercial, professional, and rural interests in New Zealand, and it is stated that the underwriting of the first £1,000,000 of capital is assured. One condition of the articles of association is that the bank will not become a member of the associated banking group at present operating in New Zealand. The capital of the bank is to be issued in £1 shares, and the qualification for a directorship is the holding of 1000 shares. The piroposed bank is to carry on ordinary banking business, and there is a provision in the Bill for a note issue. The expectations of the promoters are that, notwithstanding the fact that a pre-election session provides little opportunity for the full discussion of a private Bill, it will be dealt with this year. ~~~ -