The Manawatu Standard (PUBLISHED DAILY.) Suirant La Verite, THURSDAY, JULY 19, 1883. THE BANKS AND DEPRESSION.

Manawatu Standard, Volume 4, Issue 191, 19 July 1883, Page 2

Manawatu Standard (PUBLISHED DAILY.) Suirant La Verite, THURSDAY, JULY 19, 1883. THE BANKS AND DEPRESSION.

Writes the Parliamentary correspondent of the Wanganui Herald :— The operations of the banks carrying on business m tbe colony will probably form 'be theme of an animated discussion : shortly. Mr Batroate is to move tb«' the present commercial dppr*>ssinn which prevails m the colony is a matter o' grave concern as regards the puhhc interest, and d»mnnda tb« early consideration of this House, with a view to provide a rtraedy. That ih is al'eged it has iriseß m ta»t from undue pressure by tb'' banks, cansr-d by a large proportion o' deposits, botb- Otovernmimt sind private, which shou'd be nsed by t ' << banks m promoting the commerce of the o'ony, js being 1 used and invesed ou'- ' ide the Golony. Th»t it is expedient fh*» note circulation should be prot»ctpd by thp deposits of colonial debentu-es i m the Treasury, whereby a large amount of gold coin would ba liberated m aid of tbe commerce of the colony. That all be banks -b ull he brought within tbe •i.»t tin f "T'-e J nt 0->m-l»any's Act. itib'V That thts j-reseni ■jj.Wii.uig iuaua^emeut of the Tr^asUij be coubid^red, to determine whwtbtr or! not it would be advisable to renew tbe am* ou it* t-xpiry, ot to receive offers uum other bauliaj singly or associated,

b- managementofthebanking business ol be colony. That it would facilitate tlie sperations of the Banks if two clearing houses were established by law, one loi each Island, and tbe necessity for keep ing a supply of gold for exchange purposes at tbe numerous seaport towns b obviated, and the risk of loss m time ol war is thereby diminished.