Parliament. HOUSE OF REPRESENTATIVES.

Manawatu Herald, 3 September 1895, Page 2

Parliament. HOUSE OF REPRESENTATIVES.

Satubday, August 81. The Speaker took the chair at 2.30 p.m. After a protracted sitting the Bank of New Zealand Bill was read a third tiriie at 0.5 a.m. oo Sunday morning by 88 to 21. The division list was as follows 7— Ayes, 38.—Messrs Buddo, Cadman, Carncross, Oarnell, Collins. Duncan, Flatman, Fraser, Green, Hall, Harris, Hogg, Houston, W. Kelly, Lawry, Mackintosh, Maslin, McGowan, J. McKenzie, McLachlan, Millar, Mills, Morrison, Parata, Pinkerton, G. W. Bussell, W. R. Russell, Seddon, E. M. Smith, Stevens, Steward, Ward, T. Thomp* son. Noes, 21. —Messrs Crowther, Earnahaw, Graham, Hall-Jones, Heke, G. Hutchison, W. Hutchison, J. W. Kelly, Lang^, T. Mackenzie, Massey, McGuire, McNab, Mitchelson, Newman, o'Regan, Pirani, Saunderg, Tanner, ft. Thompson, "Wilson. Pairs.—Ayes — Messrs Meredith, Carroll, Buchanan, Sir R. Stout, Messrs Willis, Montgomery, Reeves. Noes—Messrs Joyce, Larnach, Te Ao, Allen, Bell, G. J. Smith, Buick. The discussion was at times very, warm. . . L..| It appears a foregone concisely! that the Bank is to purchase the Colonial Bank and much opposition was shown to the clause empowering this. On the motion for the third reading the Hon. Mr Mitchelson protested against the large amount that the Bill made the Colony liable for; The Colony was now practically sole owner of the Bank. He objected to the Bill on three grounds. The first was the proposal for calling upon the country to subscribe £500,---000 worth of new capital for the purpose of carrying on the work of the Bank. The second ground r wad the proposal to guarantee the £2,---734,000 on the realisation of the estates of the Company. , It could not possibly be ascertained for at least five years what these estatei would realisei In his opinion the amount of deficiency would far exceed the sum of one million. His third ground was the over-sanguine opinions of the officers of the Bank as to the increased earning power of the Bant:. He did not think their anticipations would be borne out. He trusted that the country would not be called upon for any further liability. In conclusion, he quoted! a Press Association telegram to the effect that the proposals of the Bank Committee coming after the Colonial Treasurer's statements in London had caused surprise and consternation amongst English shareholders. Mr Pirani ielt sure that the Bank* of New Zealand would come upon the Colony for farther assistance. Mr G. Hutchison contended that no members had expressed thete'<*' "• selves as satisfied with the course taken by the Government in dealing wiih the Bank. They hatl all f «p.?-" plained and apologised. 1 for their votes. He said the shareholders of the Bank, and the great mass of the people of the Colony, wou'd not de-. rive any benefit from the assistance proposed to be given to the Bank. I)i- Newman considered the Bank of New Zealand had- been nnjtoinMQ cur?e to the Colony. The s>s™TO* crisis he said, had been exceedingly well engineered. The person^ Jfho were pulling the strings were' Oliver enough to always ring in a surprise during the session, and never at any other time. His calculation/ waST that when this Bill passed, this unhappy country would have com* mitted itself to the Bank to th§. extent of over eight millions. {\ Mr E. Thompson said the Sank Committee had taken no independent evidence, and he therefore did riot£ place the slightest reliance upon its report.