Bank of New Zealand.

Feilding Star, 2 July 1894, Page 2

Bank of New Zealand.

(FEB PBESS ASSOCIATION.) Wellington, June 30. The Bank of New Zealand received from a number of leading business men here and other parts of the colony congratulations at the satisfactory and successful issue of the Bank Shares Guarantee Bill. The operation they the express opinion is reassuring iv every respect. The business at the Bunk was more than usual at the end of 'the month, which is Government pay day, and not a single instance of more than the ordinary withdrawal has taken place. The Bank of New Zealand did not experience anj sensational rush. China* men were the most difficult to deal with, j n& thejr could not be made to understand j that the Bank notes being now guaranteed by the State were as good as gold. It is not anticipated there will be any further tronble with regard to the position of the j Bank. The Hon. Mr Ward's remark, that unless (he main Bills were passed before j daylight it would be useless to press the measure, was taken by some as a coercive attempt, but no threat was intended, the j remark being occasioned by the absolute necessity of the Hon. Mr Seddon being in I a position to immediately cable to the London directory of (he Bank of New Zealand that his Government had agreed to guarantee two millions. Without this guarantee the shutter* would have had te go up on Saturday morning. Sydney, Thi§ DayThe Herald considers the Government of New Zealand acted with commendable promptitude in the matter of the emergency, at the same time the new Act contains some features which will cause it to be regarded as the thin edgo of the wedge of a State bank. The working of the Bank Act will now be watched with interest on a financial, as well as on a political, side. The Telegraph believes the steps token by the Government haa averted a crisis and will accomplish ita aim, bat for the future the institution will have to htt regarded as a State Bank. .. .-•"♦