PARLIAMENTARY.

Feilding Star, Volume XVII, Issue 101, 26 October 1895, Page 2

PARLIAMENTARY.

+ LEGISLATIVE COUNCIL. (Per Press Association.) Wellington, October 25. The Council met at 2.30 p.m. The Native Land Claims Adjustment Bill and Native Reserves Act Amendment Bill were read a second time. On the Land Act Amendment Bill, clause 8, reserving all gravel, minerals, etc., to Crown, was struck out by 14 to 9. The Council adjourned till 2.30 next day. HOUSE OF REPRESENTATIVES. THE BANK BILL PASSED. BELL'S AMENDMENT REJECTED. Sir R. Stout said it was perfectly evident the House could not form a proper conclusion without more information. The figures showed the purchasing Bank had to take over some doubtful assets and he calculated the Bank of New Zealand was paying £78,508 for the goodwill of the selling bank. He suggested that the agreement be referred to a secret coinmitttee to go into the whole matter before asking the House to decide on it. Mr Seddon submitted that not a single reason had been urged for the rejection of the agreement. He moved as an amendment — That the Directors of the Bank of New Zealand bavin? in accordance with the recommendation of the Joint Committee, which recommendation was passed into law and with the approval of officers representing the colony, and after careful enquiry, this House, notwithstanding that the contract does not ia minor details comply with the law, does not dissent, and recommends that legislation be introduced to remedy any defects. Thgs assets of the selling Bank were set down? at the lowest rate. Those members who were supporting Mr Bell's motion were trying to undo the work of the House in the earlier part of the session. The House should accept the statement of the responsible officers of the Bank of New Zealand that a most careful and exhaustive enquiry was made into the position of the Colonial Bank. As to what had been said about banking monopoly his opinion was that there were already too many banks in New New Zealand. The argument that the agreement should be rejected because a number of bank clerks would be thrown ont of employment was altogether too flimsy. Hon. J. McKenzie seconded Hon. Seddon's amendment, approving of the bank agreement. Mr Geo. Hutchison said the question for them to consider was whether the paramount interests of the colony had been safeguarded in this agreement, but he held the Colonial Bank was the dominating power throughout, and the interests of the colony had not been considered in the matter. Hon. Ward asserted that during the course of the present negotiations no member of the Ministry had interfered in them in any way. It was very unjustifiable for Mr Hutchison to assert that the President of the Bank of New Zealand would subordinate the interests of the colony for the sake of a few paltry shares which he might hold in the Colonial Bank. As a matter of fact the Premier informed him that neither the President of the bank nor the general manager of the Colonial Bank were shareholders in the Colonial Bank. It was well known now that Mr Watson at first declined the offer of president of the Bank of New Zealand, which was also offered to Mr Coates, general manager of the National Bank, but was declined by that gentleman, so that Mr Hutchison's assertions that the Colonial Bank from the first dominated the whole business were not sustained. Both the president and auditor of the Bank of New Zealand had approved of the conditions of this agreement, and when they knew they were there for the purpose of conserving the interests of the colony it was not likely they would consent to it if it was not to the advantage of the colony as well, as the bank. As to protests made against further information not being supplied, he contended they were bound to rely on the judgment of the directors and officers of the bank, and it would do the Bank of New Zealand great injury if the whole of the details asked for by members were published. Messrs Newman. Dnthie, Allen, Collins, Robert, Thompson, Fraser, Buchanan, Mclntosh, Montgomery, and Crowther also spoke. Capt. Bußsell supported the amalgamation because he preferred to take the opinion of the President and Directors of the Bank of New Zealand to that of any member of the House. On division Mr Bell's motion of dissent was lost by 29 to 23. Division list. — Ayes. (23)— Bowick, Bell, Buddo, Crowther, Earnshaw, Hall* Jones, Heke, G. Hutchison, Joyce, Lang, Massey, McGowan, McGuire, MoNab, Meredith, Montgomery, Saunders, G. J. Smith, Stout, Tanner, Te Ao, Wilson and R. Thompson. Noes — against the motion (29) — Buchanan, Carncrossi Carnell, Carroll, Duncan, Graham, Hall, Harris, Hogg, Hous* ton, W. Kelly, Mackintosh, J. McKenzie, Maslin, Mills, Newman, o 'Regan, Parata, Pere, Pinkerton, G. W. Ruasell, Pirani, R. W. Russell, Beddon, E. M. Smith, Stevens, F. W. Thompson, Ward, and Willis. Pairs.— Ayes — Mitohelson. Duthie, B. McKenzie, McLachlan, Allen, and Flatman. Noes — Cadman, Steward, Lawry, Reeves, Fraser, and Guinness. The House resumed at 7.30. Mr Seddon 'a amendment, approving of the bank contract, was carried by 26 to 24. The Hon Mr McKenzie said the Premier had made inquiries since the afternoon and found that the president of the Bank of New Zealand was interested in the Colonial Bank to the extent of 290 shares, valued in the open market at 1*57 10s, but it was unfair and very wrong to say that this would prejudice his judgment. He said there had been two catoh divisions on this subject, and he thought it only right the country should know that if all members who supported the ratification agreement had been in their place?, the divisions would have shown larger majorities in its favor. After farther debate Mr Seddon'a amend* ment as the substantive motion, was put and carried by 81 to 24. The Bank of Mew Zealand and Bank* ing Act 1895 Amendment Bill was intro. dnoed and read a first time. After a short debate the second reading of the Banking Bill was carried by 33 to 20 and the Bill ordered to be committed presently. Wellington, This Day. The Banking Bill was committed. In douse 8 Mr Geo. Hutchison moved a proviso the effect of which was to prevent the Bank taking assets of landed pro* perfcy at their book value. Lost by 26 to 10. Sir R. Stout moved to add to the clause that the selling Bank shall provide com* pensation for all its officers who cannot obtain employment from the purchasing Bank. The compensation to be one nonth'a salary for each year's service, tie said this only meant a few thousand joundp, and would not effect the Bank of STew Zealand at all. Mr Ward opposed the amendment. Ele said the Colonial Bank would provide 'or the officers without making it mandatory. Mr Seddon said the shareholders of the Colonial Bank wo old lose money as i(

was, and it was not reasonable to ask them to agree to this proposal. After a short discussion the clause was rejected by 31 to 19. The Bill was reported, and read a third time by 24 to 18 and passed. In committee on the Horowhena Block Bill » new clause was added setting up a Royal Commission to enquire fully into the sale of the block and all dealings in connection therewith. The Bill passed its final stages. At 2; 10 the House adj ourned till 11. a.m. to-day.