Unclaimed Deposits

Feilding Star, Volume VII, Issue 152, 3 June 1886, Page 2

Unclaimed Deposits

The attention of Sir Julius Vooel was drawn the other day to the English Unelaimodr Deposit Bill, asking if tbe Government would adopt it. The Bill provides that any deposit of money which has lain unclaimed for seven years, any bank holding such

deposit must enter it in a register j which is open to the public on a small i fee being paid. It was stated that the banks in England strongly opposed the Bill, but notwithstanding it was mado law. We do not think the bauks in New Zealand would offer the slightest real opposition because " the small fee" would have irresistible charms for them inasmuch as thereby a new source of revenue would be opened up. They might make a pretence of being-opposed to the measure, but that would be mere coquetry in order to be "forced to their own desires." There is a general idea abroad that the aggregate of these said unclaimed deposits lying in the hands of the several banks doing business in the colony, would prove to be something considerable, but we believe if the Government invited a confidential report from, each, which wo have no reason to doubt would be freely given, both the number and amount would be found to be comparatively small, in fact so email that the cost to the country of bebating the Bill in Parliament would equal the interest accrued for the past twenty years. Such a measure also savours of meddlesome legislation of not a very creditable type^