LEGISLATIVE COUNCIL.

Auckland Times, Volume 2, Issue 78, 9 July 1844, Page 3

LEGISLATIVE COUNCIL.

THURSDAY. JULY 4th. The Union Bank Bill wa» further considered. Mr. Clifford In pureuanco of his former arguments strongly opposed the immediate adoption of the hill, —he considered that its hurried adoption would be surreptitious, there had been no opportunity for the expression of the views of those parties who were most interested. ]£e should certainly move the suspensory clause, which, if adopted, would give the people at Wellington time to tain themselves about, and take measures for the protection of their property, before the Bank could sue. All the interests of the Wellington people would be injured by this act coming into instant operation anil he was qnite sure, judging by the party feeling which prevailed, that it Would be said at Wellington and Nelson, that this Bill, with immediate power to sue, was only "a sop," in order to induce the Australian Banking Company to set op a bianch here.

The Colonial Secretary thought that the matter should be put upon the ordinary footing, without any reference to local or party feeling, The Governor commenced a very eloquent speech, by saying that he had studiously abstained from giving an opinion upon this subject, but in consequence of observations which had fallen from other Honorable Vlembers of the Council, he felt it necessary to observe that he thought the power to sue for the recovery of overdue obligations was a right that they ought not to refuse to the Bank, it was idle to say that their issue terms had been harsh. The refusd of fair settlement might be practiced according to the system of repudiation in the Northern States of America, but he would never be a party to the introduction of such a system hi re, lie had too high a hope, and too earnest a desire for the credit of the Colony to lend a helping hand to any system evasive of the payment of just debts, fje was perfectly aware that there were individuals in Wellington indebted to the Bank, who would be very glad that the operation of this act should be so long postponed. One person had written to His Excellency a letter in which he set forth the amusing supposition that one of the ordinary provisions of a Banking Bill framed upon the practice of commercial England, bad been introduced for the purpose of his individual case, —it was hardly necessary to answer such assertion —the clause alluded to was of an ordinary and very useful nature, under which his particular case came, and he must abide by it. The Governor said he was indifferent about any assertion that the passing this bill was a bribe to the Union Blinking Company of Australia to come to Auckland, he hoped and believed they would come, it would certainly be beneficial to this part of the island, and he should rather be disposed to hold them to the promise implied in the preamble, than shrink from any charge of the " Sop" that had been talked about.

Mr. Clifford still insisted that the case of this Bank was not an ordinary one. They had made advances upon uncertain property it was true, but they had also taken multiplied securities, and charged a rate of interest not customary in ordinary banking transactions,—they had therefore no right to claim those ordinary facilities of law which were given to Bankers in general. Messrs. Brown and Dr. Martin supported the B'll, and finally it was agreed upon the motion of the LloyoraUe the

Colonial Secretary, that it should come into operation on the first of January 1845. The Cattle Trespass Bill was read a second time, [We beg leave respectfully to inform the Governor and Council, that the bond fide settlers of the Colony are about to make a strong remonstrance against this, and that it will be advisable to suspend the third reading for further enquiry.— Ed. Times,]