NEW LEGISLATION.

Gisborne Times, Volume IX, Issue 820, 19 February 1903, Page 4

NEW LEGISLATION.

PREMIER’S STATEMENT. Per Press Association, Auckland, last night. The Premier states next session of Parliament will bo asked to provide for preferential tariff with the Mother Country and for intercolonial reciprocity, and to make provision for utilising and municipalising latent electric power in the water forces of the colony. Next session it will be necessary to pass legislation affecting the Bank of New Zealand. At present bank shares are bringing £4 11s, though what had put shares above par (£3 6s 8d) he could not understand. Several suggestions had been made. There were some who said there should he a State bank, which should start with the Bank of New Zealand. Others said that the Government in going behind the bank should retain control, even although the bank's liability to the colony were met. Thirdly, there were those who thought the amount subscribed by the colony as a guarantee should be converted into bank capital, and the colony be to that extent a partner id the bank. All these were matters worthy of consideration, and affected in a measure the position of the bank. He said this with a two-fold object, first to let the colony know that banking legislation was necessary, and secondly, that if there was any boom in shares people would know that the matter was yet to he dealt with by Parliament. If they dealt in shares their eyes would be open. The bank was in a splendid position, and when it was dealt with he felt sure satisfaction would be given to all concerned, both to the bank and the colony. He could not say more at present.