PUBLIC ACCOUNTS COMMITTEE’S REPORT.

New Zealand Times, Volume XXX, Issue 4551, 21 October 1875, Page 3

PUBLIC ACCOUNTS COMMITTEE’S REPORT.

The Public Accounts Committee having, in obedience to the reference to them of the 29th day of July, inquired into the conditions of the banking business of the Government, and the several other, matters referred to therein, and having taken evidence thereon, do now report as follows: — 1. The conditions on which the banicing business of the Government is conducted by the Bank of New Zealand are shown by the correspondence between the Government and the bank, copies, of which are appended. 2. The Committee are of opinion that those conditions did not require that the whole of the proceeds of the loan should be deposited ' with one bank; and would further express their opinion that for the future a limit should be placed to the depositing of large sums in any one institution, and that separate arrangements, apart from the ordinary banking arrangements of the Government, should be madeln each case for dealing with the proceeds of all loans raised by the colony. 3. Further, the Committee have come to the following resolutions, which, together with the evidence and appendices, they have the honor to report. ■ q, That in the opinion of this Committee notice should be forthwith given to determine the present agreement -with the Bank of New Zealand. 2. That tenders should be invited from the several banks (not associated, but separately) carrying on business within the colony, for conducting the Government account of the ]

colony. 3. That the imputations and inferences of Mr. Bridges, to the effect that some improper influence has been exercised by the Bank of New Zealand on Sir Julius Vogel in connection with the purchase of the Port Chalmers railway and otherwise, are absolutely unwarranted and without foundation. ■ • E. W. Stafford, Chairman. October 20, 1875.