IN THE LOBBY.

Ashburton Guardian, Volume IV, Issue 998, 18 July 1883, Page 2

IN THE LOBBY.

[FROM OUR PARLIAMENTARY CORRESPONDENT.]

Wellington, To-day,

Mr Bathgate intends to move on the Ist prox, the following motion:—That the present commercial depression which prevails in the colony is a matter of grave concern as regards the public interests, and demands the early consideration of the Honse, with a view to provide a remedy ; that it is alleged that it has arisen in part from the undue pressure by the banks, caused by the large proportion of deposits, both Government and private, which should be used by the banks in promoting the commerce of the colony, being used and invested outside the colony; that it is expedient that note circulation should be protected by deposits of colonial debentures in the treasury, whereby a large amount of gold coin would be liberated in aid of the commerce of the colony ; that all banks should be brought within the operation of the Joint Stock Companies Act, 1882 ; that the present banking arrangements of the Treasury be considered, to determine whether or not it would be advisable to renew the same on its expiry, or to receive officera’from other banks—singly or associated—for the management of the banking business rif the colony; that it would facilitate the operations of the banks if two clearing houses were established by law, one for each island, and the necessity for keeping a supply of gold for exchange purposes at the numerous seaport towns be obviated, and the risk of loss in time of war thereby diminished—the whole subjected to be remitted to a Committee to consider and report.