HOUSE OF REPRESENTATIVES.

Feilding Star, Volume XVI, Issue 99, 20 October 1894, Page 2

HOUSE OF REPRESENTATIVES.

The Home met a 11 30. Tho Hon Mr Ward moved the second reading of the Banking Bill. He said that when tho present Government took office the Australian colonies were going through a very severe crisis which affected the revenue of the whole of those colonies. From all the information at the disposal of the Government he felt sure that New Zealand had passed through the worst of this crisis. He also desired to state that whilst the note issue was to be the first charge of the assets of any institution carrying on business in the colony he proposed that, in addition to tho ordinary assets, it should include the paid up capital uncalled capital, and the reserve fund. The Government thought the legislation they were now proposing would have a steady effect on business, and there was a universal opinion that what the Governmenffnad done with respect to the Bank of New Zealand was in the best interests of the colony. Mr Bell said the Government were asking the House to incur a grave responsibility in guaranteeing an institution that could not show any margin between its assets and liabilities. Captain Russell could not deny that strange apprehensions existed in his mind over this Bill. It was simply a Bill to increase the powers under the Bank note issue, and Clause 3, referring to non-amalgamation, was to his mind merest padding. The position was a most serious one, as they were asked by the Bill to gaurantee notes of institutions whose positiou they would have no accurate knowledge. He felt that by making tbat by making the bank notes of equal value with coin the Governrnont were instituting a system which might be most injurious to the colony. Oq the Little Barrier Island Purchase Biil, in reply to Mr Hone Heke, the Premier said Government would not permit the solicitor for the owners to be heard at the Bar of the House as recommended bj the Native Affairs Committee. Captain Russell thought the Bill introduced a dangerous principle in compelling an owner to 6ell at a certain price whether he liked it or not. Mr Heke said the Bill proposed to confiscate. The Minister of Lands said there had been an attempt at blackmail by persons behind the owner. Government was willing to protect to the fullest the- interests of those concerned. Mr Carroll said the price paid for the island was equal to 10s per acre. Sir B. Stout doubted whether the Queen would ascent to a Bill like this. The proper way to take private land wu by a private Bill. It was unprecedented to take a man's land by a public Bill. The Little Barrier Island passed through all stages. The Native Land Validation Title, Land Claims and Boundaries, and Horowhenua Native Land Bill were read a ■acond time and committed. AN ALL NIGHT SITTING. THE BANK BILL PASSED. Wellington, This Day. The House sat all night on the Banking Bill which passed through committee without material amendment and was put through its final stages on the voices. The House adjourned at 5.15 a.m. until 2.80 p.m.