Page 4 Advertisements Column 3

Westport Times, Volume VIII, Issue 1179, 26 May 1874, Page 4

the Colonial holders, nor will any but a New Zealand Register bo kept. 3rd. It is intended that tho Head Office of the Bank shall bo in Dunedin, and that a General Manager of high professional standing shall be appointed to guide the operations of the Bank ; and also that a Board of qualified Directors shall bo elected from among tho Committee to advise with the General Manager, and generally watch the interests of tho whole institution. 4th. As soon as a sufficient number of Shares shall have been applied for to warrant the commencement of business, the Head office will be opened in Dunedin,in suitable premises already secured under oiler, and thereafter Branches will gradually bo opened in the Chief Centres of settlement throughout the Colony. sth. It will bo the chiet aim of the Promoters of this Bank to aid and conserve alike the interests of tho whole community in this Colony. The Mercantile, Trading, Pastoral, Agricultural, Mining, Artizan, and Laboring classes, will each have fair treatment and support from the Colonial Bank. To the Mining Interest special attention will be given, with a desire to acquire for the Miners the Mint value of their gold, whether in large or small quantities, and until such value can be ascertained a liberal advance will bo made upon any Gold deposited for the purpose of coinage. 6th. It is not intended by the Promoters that this Bank shall purchase Gold, but merely be prepared to make advances upon it until realised, in the same manner that it will be ready to do upon Wool, Grain, or other produce. 7th. The amount of New Zealand Money in the hands of the three Banks from Australia trading in tho Colony on the 31st December last, as shown by their several returns furnished to the Government,appear thus, without giving odd numbers : CirculaDeposits, ticm. Total. £ £ £ Union Bant of Australia ... 870,000 123,425 993,425 Bank of Now South Wales 560,000 104,849 664,849 Bank of Australasia ... 193,000 35,9G2 231,902

Showing a total of ... £ 1,890,230 or nearly two millions of money belonging to colonists entrusted to Boards of Directors in Melbourne or Sydney to their tastes ; or as it may be convenient for the good of commerce in Victoria or New South Wales ; or for the beneficial regulation of their exchange operations in those Colonies.

Sth. The Promoters, in placing the foregoing facts before the people of this Colony, desire to point out the very great disadvantages that colonists are sure to labor under by lending—or rather giving—such a large sum of money as stated above to foreign Banks, to be lent back to the people here at very high rates of interests, and on most arbitrary conditions. Tbey therefore have no hesitation in suggesting the prudence and wisdom of the colonists keeping within their own domaiu the absolute control of their own moneys ; as by so doing risk of future monetary disturbances, which they have had on more than one occasion to deplore in the past, brought about solely by some crisis that has occurred in one or other of the Aus tralian Colonies, where the real interests of the foreign Bank mast strongly take root.

9th. It has been determined by the Promoters that the first issue of 200,000 share.? shall be conducted by in the chief city in each Provinces ; and no Share will be given or reserved to the Promoters • but each member of the Provisional Committe is willing to become a subscriber for the number of Shares standing opposite to his name.*

10th. It is proposed at the issue of Shares above referred to, that 5s per Share be paid on Application ; that 10s per Share bo paid ou Allotment ; that a call of os per share be made and payable two months after Allotment; that a second Call be mado and payable four mouths after Allotment; and that a Third call of 5s per (Share be made and payable six months after Allotment —making altogether 30s paid up per Share. No further Call to be made within twelve months of the Bank first commencing business in Dunediu; after which future Calls will not exceed os per Share, nor bo made at shorter intervals than tbreo mouths between each Call. 11th. The Act of Incorporation for this Bank will be framed as to limit the liability of the Shareholders to twice the amount-of their Shares, the same as the other Banks. 12th. As a thoroughly Colouial Institution, the Promoters have much pleasure in strongly recommending " The Colonial Bank of New Zealand " to the support of all Colonists having the real w.elfare of Now Zealand at heart. Such an institution is much wanted at the present time, as the development of the Colony proceeds, its usefulness will also increase, and be more and more appreciated, both as an investment for the sayings of the people, and as a useful Bank. Judging from the influence and sound experience possessed by the promoting

*Tho Provisional Committee have already subscribed atnoiig themselves for 25,-175 Shares, which they are prepared to take if allotted to them.