NEWS FROM CEYLON

Waikato Times, Volume 122, Issue 20440, 5 March 1938, Page 5

NEWS FROM CEYLON

NEW TRADE COMMISSIONER MR Q. K PERERA The appointment of Mr O. K. \V. Perera to succeed Dr. Paul E. Pier.s as Trade Commissioner in London has been appro\ed by tue secretary of State for the Colonies. Mr Perera is expected to relieve Dr. Pleris at Ceylon House in London early in March. Before leavin* f»*r London he will work at the office of the Registrar General and D.rector of Commercial Intelligence, to acquaint himself closely with the trade situitlon. Mr Perera is a barrister-at-law and was a member of the first State Council. representing the Matara constituency. At the general election for the present Council he contested the same seat, but was defeated.

A STATE-AIDED BANK ARTICLES OF ASSOCIATION Draft memorandum and articles of assocint'on of the Bank of Ceylon, Ltd.. tl * p p sed ? tate- 1< V«*ll:er with the Secretary of State's [•n* patch approving the introduction n the -talc i:.,uncil of a Bill to pro- \ de for the incorporation of the bank, were Issued last morth. Mr Ormsbv Gore, in concluding his ' dispatch, states: “It is a matter of to me that a scheme has been devised which not only satisfies j the requirements which my expert i j advisers consider necessary but is alsD ; acceptable to Mr G. C. ?. Corea, reprei senting the Board of Ministers." j The experts, in their covering let - * * ter. suggest the desirability of trie ! memorandum and articles of assoeini tion being considered by appropriate [ legal authority in Ceylon, "as the proi posed bank wTTI be established under : Ceylonese law." They emphasise once again the importance of haslen- ! ing the legal machinery of the Island and observe that until the defects in the commercial law have been eliminated banking and other institutions I dealing in credit will continue to > I labour under difficulties. They are - also of opinion that if legislation could 1» be passed introducing a system of } | crop mortgages, along the lines of \ ! those in force in certain other parts o" . ; the Empire, the ab'lity of the proposed f bank to afford assistance to the agri--5 cultural population would be materially i- increased. 1 It is understood that the first manr ager of the Bank of Ceylon will prob- * J ably be an omcer of one of Britain's > big five banks. His services will probI ahlv be lent to it for live years. The . : salary proposed to be paid to h'm is I j £222 a month. It is proposed that a s Ceylonese recruit should be appointed deputy manager on £ll 1 a month. Ib* will later receive training in banking in England and be in a position alti--1 mately to iill the post of manager. 0