ORIGINAL CORRESPONDENCE. To the Editor of the New Zealand Spectator. Wellington, September 22, 1854.

New Zealand Spectator and Cook's Strait Guardian, Volume IX, Issue 954, 23 September 1854, Page 3

ORIGINAL CORRESPONDENCE. To the Editor of the New Zealand Spectator. Wellington, September 22, 1854.

Sir, — I am hippy to noticein your paper of Wednesday last, two excellent letters onßankingandonthepropriety ahdfeasibilitj of establishing a Joint Stock Baukin Wellington. It is high time that the monopoly enjoyed by the Union Bnnk of Australia should cease. It has often been » matter of surprise to me that the mer-

chants and traders of Wellington should have allowed the question to have remained so long in abeyance. I do hope, Mr. Editor, that you will exert the powerful influence of your paper in urging the inhabitants of this settlement to awake to a sense of their own interests. The columns of our, local papers are, lam sorry to say, too often filled with questions of party politics to the exclusion of matter of greater importance to our welfare. In the early and unsettled stages of the colony, there might probably be some excuse for our " merchants" not stirring in the matter ; but now that our imports are double, and our exports at least four times the amount they were three years ago, there is no reason why a Joint Stock Bank should not be immediately established. In my opinion, the amount of each share should not exceed £5, so as to enable the small farmer or trader to have an interest in its prosperity. Not being a merchant or trader myself, my acceptance would be unceremoniously rejected by the Manager of the Union Bank of Australia, although he might be fully aware that I was in possession of land and stock and other property to ten times the amount of the temporary accommodation required ; and although he may oe also aware that my average balance at the Bank exceeded that of many a trader whose acceptance found favour in his sight. If a favourable opportunity occurred of buying a section of land, or securing a run for my sheep or cattle, why should I be debarred from purchasing, merely because I have not the whole of the cash by me : while merchants can, 1 understand, get assistance from the Union Bank, although the Manager well knows for what purpose the money is reqnired, and that it is not strictly a mercantile transaction. Although I am not competent to argue the question of currency and exchanges like your correspondents " The dtp Merchant" and '• Censor" and others; yet I canye«fthat a great injustice is done us, by shutting parties similarly situated to myself from the benefits which a Bank impartially conducted confers on a trading community. I am, Sir, yours sincerely, AN OLD SETTLER,