BANK’S' PROGRESS

Sun (Auckland), Volume 1, Issue 56, 28 May 1927, Page 4

BANK’S' PROGRESS

EXTENSION OF CAPITAL ATTRACTIONS FOR INVESTORS AUCKLAND INSTITUTION ’J'HE steady progress made by the Dominion Investment and Banking Association is shown in an announcement in to-day’s issue. The sound principles upon which this institution has been based, and the attractive opportunities it offers for investing, have appealed to the city’s leading business and financial men, who have invested substantial sums in the concern. Indeed, the public confidence has been manifested to a remarkable degree, for the first issue of 50,000 A capital shares was over-subscribed, and it became necessary, in response to numerous and repeated requests, to off?er a second issue of 5i),000 A capital shares, milking a total of 100.000. Of these, 70,000 have already been taken up, and now only 30.000 remain for subscription, and intending investors are advised to make early application for shares. The Dominion Investment and Banking Association has been making steady progress on sound lines, and its future prospects of profitable business are assured. When it is remembered that in Great Britain such associations have accumulated assets totalling over £170,000,000, that their annual income exceeds £75,000,000, and the annual advances on mortgages total over £50,000,000, it will be seen that there is no experiment in the Dominion Investment and Banking Association. It is founded on the successful experience of similar institutions for upwards of 100 y^ars. EXTENSION OF SYSTEM i Although the idea originated and ! assumed most successful dimensions in Great Britain, it has extended to America, and developed in a truly remarkable fashion, until to-day assets of these associations in America exceed £820,000,000. In one year alone the assets increased by £12,000,000. The savings bank department of the Dominion Investment and Banking Association at the time of writing is backed by 70,000 A capital shares which are not withdrawable, and vIM therefore constitute a solid and sub" stantial reserve. This department is therefore proving particularly attractive to depositors. It receives deposits from 3 s to £SOO, and withdrawals may be made in the usual savin* bank manner. Interest at the ?_ 5 per cent is paid on the monthly balance of savings bank deposits up The < onduct <>f the all.urs of Dominion Investment “a id Bank hf Association is in the hands of a v , I able board of directors, of experience** 1 and successful business men, ,J 0 prising Mr. A. G. Lunn. James Gunson, Edward R. -N- Ru*George Winstone. jun., H. Caughev. C. H. Furness, J. A. W nock, and David Pollok. The oW of the assoc tion are situated at toria Arcade.