Annual report on Northern Rhodesia / Colonial Office.

  • Great Britain. Colonial Office.
Date:
[1961]
Catalogue details

Licence: Public Domain Mark

Credit: Annual report on Northern Rhodesia / Colonial Office. Source: Wellcome Collection.

    24/158 (page 22)
    BANKING The main banking business in Northern Rhodesia is conducted by Barclays Bank (D.C.O.), with 15 branches and 12 agencies, and the Standard Bank Ltd., with 13 branches and nine agencies. Three branches and one sub¬ branch are maintained by National and Grindlays Bank Ltd. and two branches by the Netherlands Bank of South Africa Ltd. Savings facilities are also provided by the Federal Post Office Savings Bank, which has branches throughout the Territory. Barclays Overseas Development Corporation Ltd. (a subsidiary of Barclays Bank (D.C.O.)) provides finance of a medium-term character for the purposes of agricultural and industrial development and loans to local government bodies of a type which a commercial bank cannot be expected to undertake. In certain circumstances it is also prepared to consider applications for long and short-term loans. The Land and Agricultural Bank of Northern Rhodesia started opera¬ tions during 1953. All loans previously made to farmers by the Land Board were taken over by the Land Bank, which, operating on business lines, continues to make short and long-term loans to farmers and agricultural societies against various forms of security. Total loans granted by the Land Bank during the year 1960-61 amounted to £1,688,440. Loans outstanding on 30th June, 1961, including loans taken over from the Land Board, totalled £3,105,409. To assist industry in obtaining necessary capital for development the Northern Rhodesia Industrial Development Corporation Ltd. was established in April, 1960, with an authorised capital of £2,250,000, of which the Northern Rhodesia Government immediately subscribed £850,000, and it took over the functions of the former Industrial Loans Board. The memorandum and articles of association enable the corporation to give industrialists the financial or other material assistance most suited to individual needs, and also, by market research, to undertake special investigations and the provision of management services, to encourage industrial development in its broadest sense.