Bankers : The Union Bank of Australia. The Bank of Australasia.

New Zealand Tablet, Volume II, Issue 57, 30 May 1874, Page 6

Bankers : The Union Bank of Australia. The Bank of Australasia.

Ist. The great want of a thoroughly Colonial Banking Institution for the whole Colony of New Zealand having been long felt, it has been determined by the Provisional Committee to supply the same by placing before the public the present carefully considered scheme, with the foil confidence that it will meet with very general support. 2nd. As a first step, it is proposed to offer to the people of this Colony, one half of the nominal capital, or 200,000 sham, in fair proportions to each of the Provinces throughout New Zealand, and on the basis of the respective populations of each Province, reserving the other half to be disposed of hereafter, as the rapid progress may demand and shareholders may decide ; but in no instance will any of the remaining shares be offered for sale out of the Colony without having been first offered to the Colonial holders, nor will any but a New Zealand Register be kept. 3rd. It is intended that the Head Office of the Bank shall be in Dunediu, and that a General Manager of high professional standing shall be appointed to guide the aperations of the Bank ; and also that a Board of qualified Directors shall be elected from among the Committee to advise witu the General Manager, and generally watch the interests of the whole Institution, 4th. As soon as a sufficient number of Shares shall have been applied for to warrant the commencement of business, the Head Ofiice will be opened in Dunedin, in suitable Premises already secured under offer, and thereafter Branches will gradually be opened in the Chief Centres of Settlement throughout the Colony. sth. It will be the chief aim of the Promoters of this Bank to aid and conserve alike the interests of the whole community in this Colony. The Mercantile, Trading, Pastoral, Agricultural, Mining, Artizan, and Laboring classes will each have fair treatment and support from the Colonial Bank. To the Mining Interest special attention will be given, with a desire to acquire for the Miners the Mint value of their Gold, whether in large or small quantities, aud until such value can be ascertained a liberal advance will be made upon any Gold deposited for the purpose of coinage. 6th. It is not intended by the Promoters that this Bank shall purchase Gold, but merely be prepared to make advances upon it until realised, in the same manner that it will be ready to do upon Wool, Grain, or other produce. 7th. The amount of New Zealand Money in the hands of the three Banks from Australia trading in the colony on the 31st December last, as shown by their several returns furnished to the Government, appear thus, without giving odd numbers :—: — Circula-

I Showing a total of ... £1,890,236 i or nearly two millions of money belonging to i colonists entrusted to Boards of ihrectois in j Melbourne or Sydney to control or mauipu- ! late as it may please their tastes ; or as it may be convenient for the good of commerce in Victoria or New South Wales ; or for the beneficial regulation of their exchange operations in those Colonies. | Bth. The Promoters in placing the fjregoing facts before the people of this Colony, i desire to point out the very great disadvan1 tages that colonists are sure to labour under :by lending— or rather giving — such a large

sum of money as stated above to foreign i Banks, to be lent back to the people here at very high rates of interest, and on most arbitrary conditions. They therefore hare no hesitation in suggesting the prudence and wisdom of the colonists kepping within their own domain the absolute control of their on a moneys ; as by so doing they will most efll> tually destroy the risk of future monetary disturbances, which they have had on move than one occasion to deplore in the past, brought about solely by some crisis that has occurred in one or other of the Australian Colonies, where the real interests of tho--foreign Sank most Btrongly take root. 9th. It has been determined by the Promoters that the first issue of 20,000 shaies shall be conducted by Committees, to be appointed severally in the chief city in each Province; and no shares shall be given or reserved to the Promoters ; but each member of the Provisional Committee is willing to become a subscriber for the number of Shares standing opposite to his name.* 10th. It is proposed at the issue of Shares above referred to, that 5s per Share be paid on Application ; that 10s per Share be paid on Allotment ; that a call of 5s per Share be made and payable two months after Allotment; that a second call of 5s per Share be made and payable four months after Allotment : and that a third call of 5s per Share be made and payable six months after Allotment — making altogether 30 i paid up per Shaie. No further call to be made within twelve months of the Bank first commencing business in Dunedin ; after which future calls will not exceed 5s per Share, nor be made at shorter intervals than three months between each calk 11. The Act of Incorporation for this Bank will be so framed as to limit the liability of the Shareholders to twice the amount of their Shares, the same as the other Banks. 12. As a thoroughly Colonial Institution, the Promoters have much pleasure in strongly recommending "The Colonial Bank of Nbw Zealand " to the support of all Colonists having the real welfare of New Zealand at heart. Such an Institution is much wanted at the present time, and a* the development of the Colony proceeds, ita usefulness wi'l also increase, and be more and more appreciated, both as an investment for the savings of the people, uad as a useful Bank. Judging from the influence and sound experience possessed by the promoting Members of Committe, it is certain that no similar Institution has ever yet been launched in the Southern Hemisphere under better auspices. A deputation of Provisional Directors will visit Christchurch in a few days for the purpose of co-operating with a local Provisional Committee. Meantime forms of application for shares may be obtained ami apohcations may bj lodged with the Union Bank of Australia and the Bauk of Australasia.

Deposits. tion. £ Total. £ Union Bank of Austria, ... 870,000 Bank of ISFuw South Wales 560,000 Bank of Australasia 193,000 123,420 104,819 38,962 993,425 064,849 231,962