MERCANTILE BANK OF AUSTRALIA

Hokitika Guardian, 9 May 1929, Page 7

MERCANTILE BANK OF AUSTRALIA

STATEMENT BY N.Z. DIRECTOR. ' AUCKLAND, May 6; “Our trip to Australia lias been purely on bank business, and Mr N. Spencer and myself have been appointed to tbo main board of directors,” said Mr H. R>. Jenkins, M.P., for Parnell, and a New Zealand director of (the Mercantile Bank of Australia. Mr Jenkins and Mr Spencer returned from Sydney by the Aorangi this morning. By their appointment. New Zealand will have two representatives on the .Board and Australia three. “The next meeting of the Board will bo held in Auckland,” said Mr Jenkins, “and something like £IOO,00C has been subscribed already. When we get to £250,000 it is intended to open offices in Auckland and Sydney. Auckland will 'be the head office in New Zealand, and the Dominion will l o under the direct control of the New Zealand Board of Directors. The total flotation and brokerage costs'will not amount to more than 5 per cent, and there are no gift shares and no cash bonuses. At the present time the Now Zealand hanks are holding about £9,000,000 of money and the various insurance companies about £3,000,000. There is no mistaking the lact that Iho public of New Zealand is looking fm safe investments, and banking S s one of them. The Mercantile Bank has been promised £I,OOO 000 immediately it opens its doors in Australia. At the present there are two vacancies on the main Board, but those will not he filled at present, although theie would not ho the slightest difficulty in doing so We have decided to wait till the bank has been firmly established befor the appointments are made. Me realise Unit by adopting these mothods we will he in a position to get the best brains available.”