The Banking Enquiry.

Feilding Star, Volume XVIII, Issue 71, 21 September 1896, Page 2

The Banking Enquiry.

— o (Per Press Association.) Wellington, Sept. 19. The House Banking Committee resumed at 7.30. p.m. Mr Ward said he was willing to disclose full particulars regarding the investment of L 150,000 in tbe New Zealand consols, but Mr Seddon said Government could not allow this to be done because to do so might tend to destroy confidence and prevent investment in these consols. The full Cabinet, and not Mr Ward, was responsible for the transaction. Mr Ward aaid he bad no reason to believe that Mr Murray wilfully withheld information from Government in 1894, for he appeared to be absolutely frank in bis statement of the position of affairs. Prior to his interview with Murray in 1894, witness had not tbe slightest idea that a request for state assistance to tbe Bank of New Zealand would be preferred to tbe Government. Mr Hutchison asked Mr Ward a series of questions, which were ruled out of order, as having reference to private affairs, in connection with which no writing off had been proved* Mr Ward said that personally he had no objection to answer any questions regarding hiß private affairs, but be was advised by his solicitor not to answer questions that were outside the order of reference. When before the Legislative Council Committee he had immediately answered the questions put to him concerning the private affairs, and very few people would care to go through tbe searching examination to which he had been subjected. In reply to Major Steward, witness stated that be was not influenced as a Minister by any private consider«4ion with respect to tbe banking Legislation. On the contrary if he had studied his own interests the legislation would never have gone through because he knew he was doing something inimical to bis own interests and might result in bis own mm, which it had done. The Premier asked what witness^neant when he said tbe banking legislation was inimical to bis own interests. Mr Ward explained that he did not mean his own private interests. He meant that personally he should have desired that the Bank should have been left to work out its own interests. He recogms&A that Government, in assisting the Bank of New Zealand, were creating a very stout and powerful monopoly. The Premier : Then you are not refer ring, in giving that answer, to your own private affairs. Witness : I was not referring to my private business. I knew that I was creating a number of hostile persons, and that it would result in doing me harm. This concluded Mr Ward's evidence and at 11 p.m. tbe Committee adjourned till 11 a.m. on Monday.