LEGISLATIVE COUNCIL. Saturday, 14th August, 1847.

New Zealander, Volume 3, Issue 127, 18 August 1847, Page 2

LEGISLATIVE COUNCIL. Saturday, 14th August, 1847.

Present— His Excellency the Governor, the Colonial Sccretuy, the Attorney General, Colonial Treasurer, Mr. Brown and Mr. Merrbnan. The minutes of the last meeting were read and confirmed.

Savings' Banks Bill. Mr. Brown moved the order of tlio day, for the Council Resuming, in committee the consideration of Savings Banks Bill. Clause 34 was considered. The clause, as amended on the motion of, Mr. Brown, empowers the Trustees to discount any Bills of Exchange, or promissory notes, bearing the names of two approved persons, not ex ceeding the amount of jEIOO, at the rate of 8 per cent, to be payable at a period not exceeding 3 mouths. Clause 35 was amended so as to empower Trustees to lend sums of money, not exceeding .CSoO to any one person, upon mortgage security of landed property, situated within twenty miles of the li.mk, and that not more than one third of the funds of the bank should be so invested. Clauses 36 to 59, together with tho schedule, were agreed to as printed. On the motion of Mr. Merriman, the 2nd clause was reconsidered and amended. The clause now enacts that the management of the affairs of the bank shall be vested in not less than four, or more than thirtysix trustees to bo nominated by the Governor, one of whom to be styled Vice President, who is tobe elected by the Trustees. ' On the motion of Mr. Brown, the 18th clause was reconsidered and amended. The clause as amended requires the trustees to prepare a balance sheet at the end of every year, to certify that they had counted the cash in hand, and had ascertained to the best of their belief, the correctness of the said account, or balance sheet, which is to be subscribed with their names, and forwarded to the Governor for his approval, and afterwards published in the Government Gazelle. Clause 23 was reconsidered, and Mr. Brown's atnendment, after being revised by the Attorney General, was introduced. The clause now stands as follows :— "The said Trustees may and shall pay such interest as aforesaid, out of the interest received by them, on sums lent out as herein provided. Provided always that if the sums so received by the &aid Trustees, after paying therefrom the salaries, charges, and expenccs of' any such Bank, shall be insufficient to pay interest on deposits, at the rate aforesaid, the sum or sums required to make up such deficiency, shall be payable by warrant under the hand of the Governor for the lime being, out of tlie general revenue of the colony or province in which such liank may be situated." On the motion of Mr. Brown the Committee then ad. journcd. Paper. Currency Bill. The Colonial Treasurer moved the first reading of this bill,— which was read a first time accordingly.