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The New Zealand Journal, Saturday, August 01 (1840)


Banking In New Zealand.

The following advertisements, copied from the Sydney papers, relate to certain proceedings in the Bay of Islands for the establishment of a Banking Company in that settlement:—
At a general meeting of the inhabitants of the Bay of Islands, convened on the 18th of February, 1840, for the purpose of taking into consideration the propriety of establishing a Joint Stock Bank, William V. Brewer, Esq., in the Chair, the following resolutions were unanimously agreed to:—
Moved by Henry Thompson, Esq., seconded by William Wilson, Esq.:—"That, in the opinion of this Meeting, the necessity of a Banking Establishment has for some time existed; and that, from the increasing population and rising prosperity of New Zealand generally, and of the Bay of Islands in particular, the formation of such an establishment is now imperatively called for."
Moved by Alexander M'Giegor, Esq., seconded by Charles B. Brewer, Esq.:—"That a Bank be established, to be called the New Zealand Banking Company, with a capital of £50,000 in 5,000 shares of £10 each; 3,000 shares to be disposed of in New Zealand, and the remaining 2,000 to be reserved for the Sydney market"
Moved by Charles B. Brewer, Esq., seconded by William M'Donald, Esq.:—"That a Provisional Committee be appointed, composed of thirteen members, nine to form a quorum, with power to add to their numbers, which shall be entrusted with all the preliminary arrangements of forming the New Zealand Banking Company; and that the Shareholders be bound by their arrangements."
Moved by Alexander M'Gregor, Esq., seconded by George Russell, Esq.:—"That no other restrictions, than the necessity of giving notice of sale, shall be imposed upon the disposal of shares in the New Zealand Banking Company."
Moved by John Kelly, Esq., seconded by Francis Hodgkinson, Esq. That a list of Shareholders shall be opened, and each person, on signing his name, shall deposit, as security, one shilling per share with the Secretary of the provisional Committee, and that the funds produced by these deposits shall go towards defraying the expenses incidental to the formation of the New Zealand Banking Company."
Moved by John Scott, Esq., seconded by A. M'Gregor, Esq.:—"That the Share List remain open one month only, unless it shall seem necessary to the Provisional Committee to extend the time."
Moved by Henry Thompson, Esq., seconded by William Butler, Esq.:—"That £1 per share deposit shall be paid on the day after the allotment of the shares; that a call of £1 per share shall be made in six months, of which due notice shall be given; and that, to prevent monopoly, no person shall hold more than one hundred shares."
Moved by Thomas Chaplin, Esq., seconded by John Weavell, Esq.:—'' That the following gentlemen be appointed Members of the Provisional Committee: Messrs. John Scott, Henry Thompson, Alexander M'Gregor, Francis Hodgkinson, J. A. Deivanchelle, George Russell, William Wilson, Thomas Spicer, Charles B. Brewer, William Macdonald, John Johnaton, William Butler, Daniel Pollen, C. T. Clayton."
New Zealand Banking Company.—The 2,000 shares reserved for Sydney having been all subscribed for in the short space of two days, and applications for upwards of 2,000 shares more having been made, Mr. Henry Thompson deems it advisable to open a list for applications for shares in the bank; which list he will, on his return to the Bay, lay before a general meeting of the subscribers in New Zealand, with a recommendation to extend the number of shares in the Company to 10,000, instead of 5,000. Mr. Thompson, however, does not guarantee to the applicants that they will obtain the shares, or any portion of the shares for which they apply. The list will be open this day for applications at the office of the Sydney Banking Company.—Henry Thompson, agent to the New Zealand Banking Company, Sydney, 17th March, 1840.
Wanted, by the New Zealand Banking Company, a Manager. He must be fully competent to the situation. Applications, which will be duly answered, will be received up to the 31st inst. Apply by letter to Mr. Henry Thompson, agent to the New Zealand Banking Company, at the office of Messrs. Chambers and Holden, Solicitors to the Company. Sydney, 17th March, 1840.
Notice.—The application list (which now amounts to nearly 5,000 shares, in addition to the 2,000 actually obtained) for shares in the New Zealand Banking Company, will be closed on Monday next, the 30th instant.—Henry Thompson, agent to the New Zealand Banking Company. Sydney, March 27, 1840.
The plates for the New Zealand Bank notes are being engraved at Sydney, The editor of the Colonist says, "The note we saw was for £5, and the only difference between it and the Bank of England notes was the outlandish word 'Kororarika.' The plate for the £5 note is on copper, that for the £1, which will be finished in a few days, will be on steel."

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