THE Bank of New Zealand.

Wellington Independent, Volume XVI, Issue 1612, 27 August 1861, Page 3

THE Bank of New Zealand.

ASSEMBLY, LIMITING TUB LIABILITY OP SITAIiMIOLDERS. CAPITAL, £500,000, IN SHAKES OF £10 EACH. PAID-UP CAPITAL, £250,000. Preliminary Deposit, 2s. Qd. per Share. A PAYMENT of 17s. 6d. per shaie on signing the deed of settlement ; a further payment of 20s. per share 3 months after signing the deed of settlement; the balance of 00s. per share, making the total 50 per ccut. if required, in calls at intervals of not less than three months thereafter, and on notice. To be conducted by a Board of Directors — say seven in number — who shall elect from among themselves two Directors, to advice with the Local Manager, as required-. The full Board to have a geueral control of the Bank's operations. PROVISIONAL TRUSTEES. Auckland: — J. Logan Campbell, T. Hcnderso 11 J. O'Neill, T. Russell, James Williamson, Esqrs. Wellington :— W. B. Rhodes, A. D. Brandon, Esqrs. Nelson :— H. E. Curtis, P.. W. Stafford, Esqrs. Caniekbuky:— F. A. Weld, J. Cracroft Wilson Esqrs. Otago: — E. McGlashan, Thos. Fraser, Esqrs. Hawkbs' Bay :— J. Watt, Esq. It is manifest to those who have directed attention to the subject, that the Banking establishments in New Zealand have derived immense profits which are payable entirely to a foreign proprietary, from a trade cabiited on with the Funds of the Colwnists : a circumstance which must lead to the consideration whether the Colonists of New Zealand are not now in a position to enjoy, and entitled to receive, whhtever advantages can be derived from the employment of their own capital. Another consideration which should unite the Colonists of New Zealand in an effort to establish a New Zealand Bank is this, no Foreign Bank will Etudy the interests of New Zealand j but the interests of such on establishment aie regarded as paramount ; the New Zealand branches being of necessity made to feel the effects of financial pressure in other Colonies, and accommodation is given or refused, frequently, not according to the requirements of t!>3 Bank's customers in New Zealand, but measured by lh« Bank's engagements and necessities elsewhere. A New Zealand Institution would not be disturbed by these influences: its capital would be specially devoted to New Zealand interests. A reference to the Bank returns, published periodically in the Government Gazettes of the colony, will shew the very large profits made from the Deposits of the Colonists ; what Foreign Banks have for many years done for us, with our funds, we now propose to do for ourselves, by local effort aud management. It is, therefore, proposed to establish on a broad mid permanent basis a Banking Institution, capable of doing the present Banking business of New Zealand, and susceptible of expansion with a view to meet the requirements of that prosperous future which, it is believed, will certaiuly and shortly be realised for New Zealand. To accomplish tliis desirable result — to secure the bulk of the deposits now held by foreign Banks — and to give to the public an institution worthy of confidence — it is proposed that the capital shall he 50.0C0 shares of £10 each. This amount it is conceived will be more than ample to secure the confidence .of the public, and of any foreign Banks with whom it may be desirable or necessary to have transactions. It is proposed to call up one-half of the subscribed capital only, and that in the following manner : — 2s. Cd. per slmre on application. 17s. Od. per share upon signing the Deed of Settlement. 20s. per fshare 3 months thereafter, and the remaining GOs. per share if required, by call 9at intervals of not less than three months, and of which three months' notice shall be given. In no ca'so the call to exceed cfil per share. No further calls to be made without the consent of threefourtbs of the Proprietors present at a meeting specially convened for that purpose. '1 he shares have been fixed at the moderate sum of iJIO, with the view of enabling all classes of the community to identify themselves with the monetary interests of the country. t To affect the above object it is intended to apply for an Act in the present Session of the General Assembly. Branches of the " Banlc of New Zealand," will be established in every town of importance in the Colony. Each Branch to be managed by a Local Manager appointed by the General Board, and two Directors, chosen by the resident local proprietary, when the local proprietary represent a capital of £40,000 in the Bank, until which time such Directors to be appointed by the General Board. In London there will be a Board of Direction and Secretary ; and it is anticipated that a sufficient number of influential Colonists, shareholders in the Bank will always be found reaideut in London to form such Board. Arrangement with some desirable English Bank will be ma4e for affecting Exchange. The "Batik of New Zealand" will make advances upon Bills of Lading, Bonding Warrants, and other legitimate securities. It will be the object of this Bank to render all possible accommodation and facilities consistent with its proper functions to the merchant, settler, storekeeper aud farmer. The Balance Sheet of the Bank will be made up every half-year, say on the 30th June and 31st December, and forwarded to each proprietor, together with the Directors Report, prior to the half yearly meetings, at which the Dividend will be declared. Trustees to be named provisionally to appom tho necessary officers — to cause the Prospectus to be published and circulated — to receive applications jor shares— to allot shares — to open Banking uocounts to receive and apply ihe deposit of 2s. Gd per share in payment of preliminary expenses — to piepare the Deed of Settlement for execution of subscribers — to receive the further sum of 17a. Cd. per share, payable on signing the Deed of Settlement — and to convene a meeting of qualified subscribers after one-half of the shares shall have been allotted, for the purpose of enabling euch subscribers to plect the first Board of Directors, of which meeting fourteen days' notice is to be given in two local papers. After the election of the Board of Directors, and transfer of Balance of Account to them, the duties of the Trustees shall cease. The qualification for yotits& at the election of the first Board of Directors, or of becoming candidates for seats at such Board, shall be tho payment of the ' preliminary deposit of 2s. 6d. per share, and the further sum of 17s. Cd. per share, and the execution of the Deed of Settlement, before the meeting to be coufeuotl by the Truateeß for the election of such Board.

-And 2 votes for every additional 00 shares. Upon the application for shares there shall be paid to the Trustees a deposit of 2a. (Id. per share to be applied in defraying the preliminary expenses but such applicants as shall not qualify to vote ne herein before mentioned by the payment of the further sum of 17s. Cd. per share, and by signing the Deed of Settlement shall not be required to execute the said Deed of Settlement until after the Election of the first Board of Director^, and should such applicants decline or neglect to pay thespid furthei sum of 17s. Cd. per share, and to execute such Deed of Settlement after such Election, and notice given bj liie Directors in two local newspapers for a peviod of 14 days,gthen sveh applicants shall be deemed and declared to have forfeited the said deposit oi 2s. 6d. per sliare, end all interest in the said Bank and shall not at any future time be allowed tc execute the said Deed of Settlement in respect oi such shares so allotted. to them, and all liability of such applicants in respect of such shares shall thereupon cease, and such shares may be re-allotted to olher applicants. It is proposed to reserve at least 10,000 shares for sale in England. Applications for shares to be made in the following form ami addressed to the Provisional Trtistees at the New Zealand Insurance Company's office, Eraser's Buildings.