Bank of Samoa Displaces
p. 43 · Read in the full issue
Bank of New Zealand
Late in November, the Legis lative Assembly of Western Samoa had not yet approved the new Samoa Bank Bill; but it was ex pected that the measure would go through—probably after consider able oratory and the expression of some anti-Papalagi sentiment.
The new bank will displace the Apia Branch of the Bank of New Zealand. It will be owned, to the extent of 55 per cent, (three di rectors) by the New Zealand Gov ernment, and 45 per cent, (two directors) by the Government of Samoa.
The Bank, as now conducted by the Bank of NZ, has a European staff of 14, and two Samoan mes sengers; and it is expected that they will retain their posts when the change in ownership takes place in April, 1959.
The Apia Branch of the Bank of NZ was established in 1915, after New Zealand troops occupied German Samoa; and it has en joyed a monopoly of the Terri tory’s banking business ever since.