The Banking Inquiry.

Hastings Standard, Issue 123, 17 September 1896, Page 3

The Banking Inquiry.

[By Telegraph.] t From our Special Correspondent, j Wellington, This day. The delay on the part of the Council Committee in reporting re banking matters was occasioned by the Committee being evenly divided on the question of whether culpability should be attached to the late Treasurer for not resigning last year. The sub-com-mittee by a majority of two to one (Hons. Ormond and Stevens against Hon. Walker) decided to recommend the general committee to report that on Mr Ward's return to the colony in July 1895, or shortly thereafter, he became aware that his financial position was serioasly involved, and that it was his duty to h&va immediately acquainted his colleagues with that fact and tendered his resignation. Four members of the Committee think this comment not warranted by the evidence, and are endeavoring to have it excised. That is where the delay is occasioned, and also over the oats transaction. As to other portions of the proposed report, I hear that the Committee will find that as to the appointment of the president the choice of a suitable man was limited; that the Government showed no special desire to have Mr Watson selected, and that the question of fitness or otherwise of the president was one that must come within the functions of the Government, who made the appointment. Concerning the general manager, we shall doubtless be told that Mr Mackenzie's connection with the Colonial Bank proved his competence in matters of exchange and general finance. As already indicated, stress will be laid on the Government audi tor holding an agreement with the Bank of New Zealand entitling him to re-enter the service of the Bank should Government dispense with him. This agreement, which was drawn up to preserve Mr Butt's claim to the bank pension fund, unquestionably places him in a false position, and its immediate revocation is certain to be recommended.