HOUSE OF REPRESENTATIVES.

Feilding Star, Volume XVIII, Issue 92, 15 October 1896, Page 2

HOUSE OF REPRESENTATIVES.

' Wellington, October 14. On the second reading of tbe Banking Bill the other speakers -were Messrs Montgomery, Newman, Collins, Buddo, Fraser, Crowther, Ward, Geo. Hutchison, Bell, Seddon, 6. W. Rnssell, Capt. Russell, and the Hon. Mr McKenzie, the debate being on much the same lines as earlier in the sitting. In Committee on the Bill, clause 9, providing for tbe reconstruction of the Bank's Directors, was amended by making a new directorate consisting of seven members instead of eight, four to be appointed by the Government and three by the shareholders, thus doing away with the election by the Home and the Legislative Council. A new sub-section was added to the clause, bringing Directors of the Bank of New Zealand under the provisions of the Disqualification Act, 1878. Clause 8 was amended by increasing the salary of tbe General Manager from. £1250 to L 1750. Clause 9 was altered by increasing the remuneration of the Directors from L 250 to L4OO. Clause 10, which provided that no overdraft on any account whatever should be allowed by the Bank to any official of the Bank, or to any company of which any Director or official of the Bank is a director, was struck out by 24 to 21. Section 2— Principle of clanse 11, nullifying contracts between the Bank and the President and other officers was affirmed 26 to 14. Mr Seddon said he recognised Mr Wat* son had a claim on the colony, and he was quite prepared to alter the clause so as to allow Mr Watson even two yean salary as compensation if tbe House so considered. There was nothing against Mr Watson, who waa a good servant in other respects except that he was continually getting into hot water. Subsequently the Premier said the agreement between the Bank and Mr Watson only held good during the existence of the present Board. Section 3.— Eventually Mr Seddon moved to excise the word "officers" from the clanse with a view of inserting inspector. After a long discussion " officers " was straek oat on tbe voices, but the proposal to insert inspector was strongly opposed and the Premier did not press it. Mr Seddon moved to amend the clause to the effect that Mr Watson be offered without prejudice a sum equal to one year's salary in full satisfaction of any claim he may have against the Bank or colony, providing in the event of bis not accepting such payment it shall not debar any other action on his part. This was carried on the voices. On the whole sub-section, which provided for the payment of compensation to Mr Watson, being put, it was retained by 41 to 12. Mr Seddon moved a further proviso that nothing herein contained shall be construed to create or admit the existence of any right, to compensation on the part of the President. $ Carried by 39 to 16. Section 4 — On clause 14, empowering the taking over by the Bank of New Zealand of accounts in B list being reached, Mr Seddon said this was a go* as-youplease clause, and members were free to vote on it as they liked. Mr R. Thompson moved the excision of the clause, and it was struck oat without debate by 41 to 24. Clause 17, which empowered the Go-vernor-in Council to prescribe tbe forms of returns and balance-sheets to be made by the banks trading in the colony, was amended by the striking oat of reference to the balance-sheets, Clause 18, compelling every Bank to keep assesta in the Colony equal to liabilities, was strongly opposed. Eventually it was amended by making it compulsory to have assets equal to threefourths of the liabilities. A new clause was added on the Premier's motion providing that for purpose of strengthening the Board of Directors in office at the time this Act comes into force, the Governor-inCoancil may appoint two additional directors, who shall hold office up to the 31st March next. Section s.— After a short debate on the Banking Bill, it passed the final stages on tbe voices. Mr Seddon moved the following new clause "notwithstanding anything to the contrary contained in • The Bank IsHue Act 1893/ it is hereby decided that the enactments in part 11 of that Act shall continue in operation until the expiration of two months after the commencement of the now next ensuing session of Parliament." This was agreed to on the voices. This Day. The Reserves and Crown Lands Disposal BiU, Fencing Act Amendment Bill, and Naval and Military Settlers Bill passed through Committee and their final stages at 1. a.m. The House met at 11. The Amendments made by the Legislative Council in the Eforowhexraa Block Bill were agreed to. Mr Seddon moved that this House approves of the erection of a statue to the memory of the late John Ballance within the Parliamentary gronnds, and that a committee be appointed to select a suitable site. He said it was proposed to unveil the statue on the opening day of next session. Captain Russell in seconding the motion, said he would do all be could to have a proper site selected for the statue, and would be most happy to take part in any ceremony in connection with the unveiling. Other mem* bers haying spoken tbe second reading was agreed to on the voices.