BANK OF NEW ZEALAND
Thb report of the Secret Committeee .of the House of* Representatives on the Bank Jof New Zealand and the Estates Company was presented to the House on Wednesday evening. There has bean and is great excitement. It discloses a worse state of affairs than was anticipated. It is supposed that a million and a half .will be lost in realising tbe Estates Company's properties, and it it declared that the Bank, Estates'Company, and Agricultural Company are one concern. The result of the report is GOVERNMENT GUARANTEES THE NOTES
Wellington, August 28. The following proclamation was issued in a Gazette extraordinary at eleven to-night: “In pursuance and exercise ot the power vested in him by ‘The Bank Note Issue Act 1893,Amendment Act 1894,’ and ‘ The Banking Act 1894,’ His Excellency the Governor being satisfied that as between the Bank , and its creditors its assess in the colony exceed its liabilities in the colony, and acting by the advice'and consent of the Executive Council of the Colony doth hereby proclaim and declare that notes payable on demand by the Bank of New Zealand, and now or hereafter to be issued, circulated, or re-issued within the colony of New Zealand under any lawful authority in that behalf, shall, during the period commencing on the 29th day of August now instant, and continuing until the second day of September next ensuing be everywhere within the colony a good and legal tender of money to the amount therein expressed to be payable.” PRESENT STATE OF AFFAIRS Members urge they are not prepared to deal with the question, and the Government, by getting the Colonial Treasurers introductory speech through the country would gain an unfair advantage, The Premier stated the Government intend to guarantee the note issue of the Bank to save a run on it now that the House refused to pass legislation. There is'determined opposition to the Bill, but the end will be that the report- w4l be adopted and the BilT passed. *
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Te Aroha News, Volume XII, Issue 1766, 31 August 1895, Page 2
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333BANK OF NEW ZEALAND Te Aroha News, Volume XII, Issue 1766, 31 August 1895, Page 2
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