Wellington Notes.

Feilding Star, Volume XVIII, Issue 81, 2 October 1896, Page 2

Wellington Notes.

(From Oar Own Correspondent) A BOLT FROM THE BLUE. The unexpected news that the shareholders of the Colonial Bank had made application to the Supreme Court to call upon the late leading officials of the Colonial Bank, and some of the directors, to show cause why they should not be called upon to explain certain matters, came like a thunderbolt on some people in high places this morning. Everything had gone on smoothly and satisfactorily daring the three months of bank enquiries, where all the unpleasant evidence was blocked — in one hand by the Premier and his ever-ready order of reference, and in the other by the marvellous forgetfalness of witnesses. In the tribunal over which Judge Williams presides, the order of reference will not avail, and defective memories will be refreshed by counsel, not to be blocked as Mr George Hutchison has. It is by far the most important step yet taken since the fact became known that the last balance-sheet of the bank, showing a profit for the six months of £19,800 was a false one, and that the £30,000 oats draft had not been taken into account which would have caused a loss of £10,200 to be shown had the bogus document been accounted for in the bank's books. The action of the shareholders has been taken, too, at a most inopportune time for the Government. They have a Bank Bill ready for launching to deal with this perilous matter. It was foreshadowed in the Governor's Bpeech but has not yet been before the House. The delay has been attributed to many causes, but from what transpired last week the following may be taken to be the true one. The Bill was drawn with provisions to take the power of liquidation out of the Supreme Court and vest it the liquidators themselves. Had this passed into law everybody concerned would have breathed more freely. Bat it was a risky thing for Ministers to introduce such proposals to the House without the certainty of carrying them. So a careful counting of noses took place, and when the card was pricked it was found a majority was against it, so it was put on the shelf for a time. The general belief is that it was intended to wear members down by long sittings and then spring it on them when too fagged out to protest successfully. Bat this can hardly be done now, for the application to the Judge tramps the Premier's trick.