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The Cyclopedia of New Zealand [Auckland Provincial District]

The New Zealand Commercial Exchange Company

The New Zealand Commercial Exchange Company, Limited, 32 Grey Street, Auckland. Capital, £5000, in shares of £1 each; Mr. Laurence Johnstone, managing director. This Company, which was established in Wellington in the latter part of 1898 by Mr. Michael Flurscheim, is an Association of farmers, manufacturers, traders, and workers, who agree to issue to themselves (through directors and committees appointed by themselves) exchange notes and cheques for the purpose of facilitating their trade with one another. The Commercial Exchange Bank will be formed by a nucleus of several thousand members, comprising all trades and industries, who will deal among themselves (within limits) by means of the “Exchange” cheques and notes, which are payable in any goods or services. The Exchange Bank will perform the following main functions:—(1) Issue exchange paper as required; (2) act as a clearing-house for members' transactions; (3) institute a credit department for the accommodation of members. The Bank may thus be regarded as the heart, and the circle of members as the body of the organisation. A member accepting Exchange paper will, in his turn, use it in the Exchange circle like any other money. He will, as the case may be, either pay therewith his butcher, baker, tailor, or others, or he will use it to pay his various purveyors of stock, material, country produce, and so forth, according to the nature of his business. Special encouragement will be given to local manufacturers and those working on co-operative lines. At the time of writing (June, 1901) there were about 1000 members in the New Zealand Commercial Exchange, and all that is now needed to make it a gigantic success is the hearty support of the people generally.