The Bank Bill in the Legislative Council.

Feilding Star, Volume XVII, Issue 55, 2 September 1895, Page 2

The Bank Bill in the Legislative Council.

| Per Press Association j Wellington, This Day. The Legislative Council met at 11 a.m. The Bank of New Zealand and Banking Bill was introduced and read a first time. Sir P. Buckley moved the Standing Orders be suspended in order to allow the Bill to pass all its stages in one day, as tbe Bank Note Issue Act lapsed today. Messrs Shrimski and Pharazyn deprecated this coercion, and blamed tbe Government for leaving the matter so late. The motion was carried by 19 to 13. Sir P. Buckley, in moving the second reading, said it was fortunate for the Bank that its domicile had been changed to the colony, for it was not till the present directors had taken it over that its real position was known and communicated to the Government, who immediately took Parliament in their confidence. Mr Pharazyn said had the same information been before the Council last year the Bank Guarantee Act would not have been passed. He felt now there was nothing for it but to pass this Bill, but as far back as tbe time of Mr Ballance there has been correspondence between tbe Government and their bankers, warning tbe Government of the position of the Bank of New Zealand. It would be a serious thing if the Bank went into liquidation. The suspension of the Bank would create a commercial crisis and on this ground he considered the Council would be wise in passiug the Bill, but he was afraid there was no finality in it. He approved of the amalgamation proposals. The Hon. C. C. Bowen said the Committee could not allow the Bank to suspend in face of the dire disaster that would follow. He hoped the Council would pass the measure. Mr Krigg opposed the Bill. At 1 p.m. the Council adjourned till 2.