Page 3 Advertisements Column 3

Wellington Independent, Volume XVI, Issue 1614, 3 September 1861, Page 3

, ON SALE, 1 IO CASKS Stockholm Tar ■. 5 pockets best Kent Hops [ 12 casks superior Black Oil I 10 hhds. Burton Ale BETHUNE & HUNTER. Exchange Buildings, 28lli June, 1801. . c . 1 THE j TO HE INCOItrOUATED BY AN ACT OF THE GENERAL ASSEMBLY, LIMITING TUE LIABILITY OF SIIAKEIIOLDEUS. CAPITAL, £500,000, IN SHARES OF £10 EACH. PAID-UP CAPITAL, £250,000. Preliminary Deposit, 2s. 6d. per Share. ■ A PAYMENT of 17s. Od. 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 00 per cent, if required, in calls at inter- , vals of not less than three mouths thereafter, and on notice. To be conductod by a Eoard of Directors — soft 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 general control of tbe Bank's operations. PROVISIONAL TRUSTEES. Auckland :--J. Logan Campbell, T. Henderso 11 J. O'Neill, T. Russell,. James Williamson, Esqrs. Wellington :— W. B. Rhodes, A. D. Brandon, Esqrs. Nelson :—H. E. Curtis, R. W. Stafford, Esqrs. Can lEnnuKY :— F. A . Weld, J. Cracroft Wilson Esqrs. Otago:— E. McGlashan,. Thos. Fraser, Esqrs. Hawkes' 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 carried on with the Funds oy the Colonists : a circumstance which must lead to the . consideration whether the Colonists of New Zealand, , are not now iv a position to enjoy, and entitled to- '' receive, whatever advantages caa 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 study the interests of New Zealand; but the interests of such im establishment aie regarded as paramount ; the New Zenland 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 the Bank's customers in New Zealand, but measured by tbe 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 tbe colony, will shew tbe very large profits made from the Deposits of the Colonists j what Foreign Banks have for many years done for us, with our funds, we now propose to do for ourselves, by local effort and management. It is, therefore, proposed to establish on a broad «nd permanent basis a Banking Institution, capable of doing the present Banking business of New Zealand, aud susceptible of expansion with a view to meet the requirements of that prosperous future which, it is believed, will certainly and shortly be realised for New Zealand. To accomplish this desirable result — to secure tho bulk of the deposits now held by foreign Banks — and to give to the publio an institution worthy of confidence — il is proposed that the capital shall be 50,000 shares of „10 each. This amount it is conceived will be more than ample to secure the confidence of tbe publio, 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 share on application. 17s. Od. per share upon signing tbe Deed of Settlement. 20s. per share 3 months thereafter, and the remaining 00s. per share if required, by calls at intervals of not less than three months, and of which three months' notice shall be given. In no ca«e the call to exceed „1 per share. No further calls to be made without the consent of threefourths of the Proprietors present at a meeting specially convened for that purpose. Tbe shares have been fixed at tbe moderate sum bf iJIO, with the view of enabling all classes of the community to identify themselves with the monetary interests of the country. To affect tbe above object it is intended to apply for an Aot in the present Session of the General Assembly. Branches of the " Bank of New Zealand," will be established in every town of importance in the Colouy. Each Branch to be managed by a Local Manager appointed by the General Board, and two Directors, chosen by the resident looal proprietary, when the local preprietary represent a capital of in tbe 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- alwayß be found resideut in Loudon to form such Board. Arrangemest with some desirable English Bank will be ma4e for affeoting Exchange. The " Bank of New Zealand " will make advances upon Bills of Lading, Bonding Warrants, and other legitimate securities. It will be the object or this Bank to render all possible accommodation and facilities consistent with its proper functions . to the merchant, settler, storekeeper and farmer. The Balance Sheet of the Bank will be made up every half-year, say on the SOth June and 81st December, aud 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 the necessary officers — to cause the Prospectus to be published and circulated — to receive applications jor shares — to allot shares — to open Banking accounts to receive and apply the deposit of 2s. Cd per share in payment of preliminary expenses—to prepare the Deed of Settlement for execution of subscribers — to receive the further sum of 17h. od. per share, payable on signing tbe 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 euoh subscribers to elect the first Board of Directors, of which meeling fourteen days' notice is tobe given in two local papers. After the election of the 1 Board of Directors, and transfer" of Balance of Account to them, tbe duties of the. Trustees Bhall cease. Tbe qualification for voting at the election ofthe, first Board of Directors, or of becoming oandidateß for seats at such Board, shall be the payment of the preliminary deposit of 2s. od. per share, and the further sum of 17s. Od. per share, and the execution of tbe Deed of Settlement, before the meeting to be convened by the Trustees for the. election of euoh Board.