A NEW BANK
100 MILLIONS CAPITAL. (Australian Press Association.) SYDNEY, September 9. The registration of the Britannia Bank Liniked, lor business in Australia, was announced to-day. Its capital is ou3 hundred millions. The capital is made up of ten million shares o-f ten pounsd each. British investors are taking seventy-five per cent, of them. The remainder is available for investors in the overseas Dominions. The new bank is described as being a centre round which will be group-d insurance, investment, trust and other companies, while the rura linterests are promised the fullest aid. Air E. H. Waddy, who has had extensive experience with he trading banks and the Commonwealth Bank, lias been appointed General Manager. AUSTRALIAN BANK’S LATEST DEVELOPMENTS. SYDNEY, September 9. Application was made to-day for the appointments of provisional liquidators icr the Primary Producers’ Bank, the obje c t being to protect the assets. The matter was adjourned till Friday, the Judge ordering a restraint in the meantime of pending legal actions against the bank, REQUEST TO BANK. MELBOURNE, September 9. The Commonwealth Bank Board agreed to reconsider the Premiers Conference request and will give its decision, at the earliest to-morrow. BANKERS' REFUSAL. IN AUSTRALIA. TO ALLOW CREDIT FOR THE STATES. MELBOURNE, September 9. There was a drastic development at the Premiers’ Coference to-day, consequent on the receipt of a letter from the Commonwealth Bank Board, refusing to provide ail additional five millions, two millions of which it was desired for .the wheat growers. The Bank Board’s letter reiterated that further advances would mean that the Board would have to exceed the limit placed on the note issue by legislation, which was not within its province, but was a matter entirely for the Government. The Prime Minister addressed the Conference on the subject, and it was decided to invite the members of the Bank Board to attend the Conference and to try and show a way out of the impasse.
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Hokitika Guardian, 10 September 1931, Page 5
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322A NEW BANK Hokitika Guardian, 10 September 1931, Page 5
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