THE BANK OF NEW ZEALAND.

Colonist, Volume IV, Issue 392, 26 July 1861, Page 4

THE BANK OF NEW ZEALAND.

To be incorporated by an Act of the General Assembly, or by Charter limiting the liability of Shareholder».

Capital, £500,000, in Shares of &10 eaob.

Paid-up Capital, £250,000. PRELIMINARY DEPOSIT 2a. 6d. PER SHARB. A payment of 17s. 6d. per share on signing the deed of settlement; a further payment of 20s. per. share three months after signing the deed of settlement; the balance of 60s. per share, making the total 60 per cent, if required, in calls at intervals of not less than three months thereafter, and on, notice. To bo conducted by a Board of Directors—say seven in number—who shall elect from among themselves two Directors, to advise with the Local Manager, as required. The Board to have a general control of the Bank's operations. PROVISIONAL TRUSTEES. Auckland: J. Logan Campbell, T. Henderson, J. O'Neill, T. Russell, James Williamson, Esqrs. Wellington: A. D. Brandon, W. B. Khodes, Esqrs. Nelson: H. E. Curtis, Esq., Hon. E. W. Staffobd. Canterbury: Hon. f. A. Weld, J. Cracboft Wilson, .Esq. Otago: E. McGlabhAn, J. Jones, Esqrs. Hawke's Bay: J. Watt, Esq. -■ ' Wanganui: Marlborough: W. H. Eyes, J. Sinclaib, Esqrs. Taranaki: Southland: It is manifest to those who have directed attention to the subject, that the Banking establishment* in New Zetland havfe derived immense profits which are payable entirely to * foreign proprietary, from a trade OARRiHD on with the Funds of the Colonists ; a circumstance which must lead to the consideration whether the Coloniita of New Zealand are not now in a phrition to enjoy, and entitled to receive, whatever advantages can be derived from the employment of their own capital. Another consideration which should unite the Colonists of New Zealand in an effort to establish a New Zealand Bank, is this, no Foreign Bank will Btudy the interests of New Zealand; but the interests of such •n establishment are regarded as paramount; the New Zealand branches being of necessity made to feel the effects of financial pressure in other colonies, and accommodation is given or refused, frequently, not according to the requirements of the Bank's customers in New Zealand, hut measured by the Bank's engagements and necessities elsewhere. A New Zealand institution would not be disturbed by these influence*: Its capital would bo specially devoted to new Zealand interests.

A reference to the Bank returns, published periodically in the Government Gazettes ot the colony, will gbow the very large profits made from the Deposits of the Colonists. What foreign Banks have for many years dono for us with our own funds, we now propose to do for ourselves by local effort and management.

It is, therefore, proposed to establish on a broad and permanent basis a Banking Institution .capable of doing the present Banking business of New Zealand, and snsceptiblo of expansion with a view to meet the requirements of that prosperous future which it is believed will certainly and shortly be realised for New Zealand. '■■'"», To accomplish this desirable result—to secure the bulk of the deposits now held by foreign Banks— and to give to tho public an institution worthy of confidence —it is proposed that the.capital, shall be 60,000 shares of £10 each. This amount it is conceived will be more than ample to secure the confidence of the publio, and of any foreign Banks with whom it may be desirable or necessary to have transactions.

One-half of the subscribed capital to be called up as follows :—

2s. 6d. per share on application. 1.75. 6d. per share on signing the Deed of Settlement. .

20j. per share 3 months thereafter, and the remaining 60s. per share by calls at intervals of not leas than three months, and of Which three months' notice shall bo given. In no case the call to exceed £1 per chare. No further oalls to bo made without the consent of three fourths of the proprietors present at $ meeting specially convened for that purpose. The shares have been fixed at the moderate sum of £10, with a view of enabling all claßtes of the community to identify themselves with the monetary interests of the country. Branches of the '«Bank of New Zealand " will be established in every town of importance in the Colony. Each Branch to be managed by a Local Manager appointed by the General Boaid, and two Directors, chosen by the resident local proprietary, when the local proprietary represent a capital of £40,000 in the Bank, until which time uuch Directors to be appointed by tha General Board. In London there will be a Board of Direction and Secretary; and it is anticipated that a sufficient number of influential Colonists, shareholders in the Bank will always be found resident in London to form euch Board. Arrangement with some desirable English. Bank will be made for effecting Exchange. The " Bank of New Zealand will nuke advances upon Bilh of Lading, Bonding Warrants,-and other legitimate secuiities. , ■ . It will bo the object of this Bank to render all poa« sible accommodation and facilities consistent with its propor functions to the merchant, settler, storekeeper |nd farmer.

The Balance Sheet of the Bant will be made up •very half-year, say on the 30th Jane and diet December, and forwarded to each proprietor, together