10 Shillings National Bank of New Zealand Limited

The National Bank of New Zealand Limited was a privately chartered commercial bank incorporated in London in 1872, and its notes circulated as private banknotes rather than government currency — New Zealand did not establish a central bank until 1934. Perkins, Bacon & Co. had deep experience producing security documents for colonial banking institutions across the Empire, and the bank drew on that relationship throughout its note-issuing history.

By the early 1920s, private banknote issue in New Zealand was already in decline, squeezed by public preference for Treasury notes. The S306 series sits near the end of meaningful private circulation for this issuer.