Parliament.

Manawatu Herald, 19 July 1894, Page 2

Parliament.

HOUSE OF REPRESENTATIVES.

Tuesday, July 17.

The Speaker took the chair at 2.30 p.m. The Bank of New Zealand Share Guarantee Act Amendment Bill providing that the Bank named may issue stock instead of shares under the new Government guarantee, and the Bank Shares Transfer Bill, which requires the consent of the directors of a bank to a transfer of shares, were introduced and passed through all stages. Captain Russell objected. The Colonial Treasurer explained the nature of the Bill, saying it had been found under the deed of settlement that a shareholder could not hold more than 3000 shares, and that the capital necessary to be obtained could pot be gpt within^,,, reasonable time unless the shades - were put upon the market at a heavy discount, and that it was illegal to put the shai'es on the market at a discount. With regard to the second million of money it was ni>£ jfco^be^ used for the purpose of making raiU ways, roads or bridges. lie pointed^, out that before that extra million oii' money could be used for any other 1 purpose than that for which it haa , been raised— for strengthening Bank to enable it to conduct ; its business — nothing could be done" except by legislation PW^S^Jthe Mr Bell urged that 5 theW gh^wj be some definite and clear ado|>f|a£jpf by the directors of the action which Mr Murray bad taken.

Captain Eussell said the suppression of important facts was more unpatriotic than that everything should be known. The Colony wag to become the principal partner in an institution, and yet knew nothing about it. Captain; Buss«U r morah° an amendment referring the ' BUlro&X---joint committee of both Houses* ,.-• This was lost on division by 4J. tot 18 votes. .■; „-r,.. The Auctioneers Act Amendment Bill wa3 passed. ■*•••-"•' The proposed alteraUonX^iW Standing Orders wew fttrtbar|iabttsidered in comniitte*.- , T^fl," w» mainder of the alterations weiro 3ealt with, and the Standing Ordeii reported from committee, A committee was appoinUd to arrange the Standing Orders *s amended. ' • ■ X:l'-.'~'. The Hou3e adjourned at 1.5 a.m.