DISCLAIMER

Rotorua Morning Post, Volume 1, Issue 20, 16 September 1931, Page 3

DISCLAIMER

Press Association-

— Copyright.

By Telephone — "Post speciai aervice. LONDON, Tuesday. In reference to the message regarding the Britannia Bank recently cabled, the Australian Press learns from an authoritative source that the reference to English backing probably refers to negotiations with a powerful London group for the rehabilitation of the New South Wales Savings Bank which were terminated by this group some days ago, owing to the procrastination of the Australian representatives. The latter, however, seem to regard the negotiations as still open and apparently wish the public in Australia and New Zealand to think that support for the new venture is forthcoming from London, though no discussion in that connection has yet talcen place.

The London group regards such statements as misleading to prospective investors. and expresses resentment thereat. They are making this disclaimer, as silence at this stage might be construed into tacit acquiescenee with these methods. original message The following message with regard to the registration of the Britannia Bank, was received on September 9. The registration of the Britannia Bank, Ltd., for business in Australia was announced to-day. The capital is £100,000,000, made up of ten million shares of £10 each. British investors are taking 75 per cent. and the remainder is available for investors in the overseas Dominions. The bank is described as a centre round which will be grouped insurance, investment, trust and other companies, while rural interests are promised the fullest aid. Mr E. H. Waddy, who has had extensive experience with the trading and Commonwealth banks, has been appointed general manager.