The Temuka Leader THURSDAY, APRIL 24, 1890. THE BANK OF NEW ZEALAND.

Temuka Leader, Issue 2037, 24 April 1890, Page 2

The Temuka Leader THURSDAY, APRIL 24, 1890. THE BANK OF NEW ZEALAND.

The Dunedin Public Opinion has an article on the Bank of New Zealand, in which it says that it is “like Mahomet’s coffin—poised between the empyrean vault of solvency and the dismal vault of liquidation.” It continues to say that its future depends on Mr Kean's report. Mr Hean, it argues, haa come to New Zealand, not on behalf of the directors, but on behalf of Messrs Glynn, who have hitherto backed up the bank, and the object of the visit is to examine the estates held by it with the view of getting up a company or a syndicate to take them over. The company will take over all the land, and relieve the bank ot it. Our contemporary then goes on to call upon Parliament to prevent the land passing thus into the hands of a foreign company, but thinks that as the House is at present constituted no opposition will be offered to it. We think so, too. The present Government and the party which supports it are as pliable tools as the money-rings could desire, and if snch a company is formed we feel certain that no opposition willl be offered to it. Our Parliament will do exactly what suits the money-rings, but the electors do the same thing, so they cannot blame their representatives. But, after all, we cannot see what difference it will make. No company, foreign or domestic, can make worse use of the land than the Bank of New Zealand, and consequently we cannot see how it will hurt us to have the land pass out of its control into that of a company. It is merely six of one and half-a-dozen of the other: the laud will still be locked up for speculative purposes. We have all along held that the bank and other land companies ought to be made to sell their lands at whatever;

prices they would fetch, but it is useless to talk of it. Electors will put the friends of the money-rings into Parliament* and consequently nothing can be done. The banks and land companies have now been holding these lands for ten or twelve years, waiting, Micawber-like, for something to turn up that would enable them to obtain fictitious prices. The expected land boom has not arrived, and still they cling to the land with limpet tenacity. Now, why has not the boom come ? Simply because the natural increase of our population is fleeing from us; because progress is impeded by the non-expansion of settlement; because we lack confidence, owing to almost all our industries being in a languishing state through paucity of population ; and because our life-blood is being sucked out of us by foreign money-lenders. We cannot prosper so long as this is the case, and it will be so until a generation of sensible men rise up and insist that land held for speculative purposes shall be immediately settled on. It is not men who would sell their vote for a pint of beer will do 1 this, but men determined to be free and to enjoy a fair share of the good thing a bountiful Providence has placed within their reach. An election will take place in a few months; the people will then have an opportunity of voting on these questions, but they will not embrace it, we fear, and so it is no use talking about it. But we wish to talk about it to the owners of the land. Let us suppose that the Bank of New Zealand sold its land at a sacrifice, and it was settled on by a thriving population, would it not soon recoup its loss by the increased business it would do ? If the monetary institution only tried, they could double the population of this colony in a few years, and if we had twice the populatiou would not they do twice the business they are doing now, and make twice the profit? “ Whom the gods wish to destroy they first make mad.” We cannot conceive greater madness than that which characterises the actions of the wealthy men of this colony; they are really making no progress themselves, and are allowing no one else to make any. We ask them to think over this, before they ruin the colony and destroy themselves. It is of no use to appeal to the electors; they have been screaming about cutting up large estates for the last fifteen years, and voting the other way. There is nothing to hope from elections, but we do hope that some day these infatuated holders of large estates will open their eyes to their own folly We do not ask them to sell, Let them do as Mr Hayhurst has done; let them cut up the land and lease it at a reasonable rent. They can do this, and by doing it they will do themselves and the colony a great deal of good. In our opinion they ought to be compelled to do it. The Government ought to step in and insist on the land being let at a reasonable rent. If this were done we should soon increase our population, and we should be prosperous, but so long as the land remains sheep walks there is no hope for us. It does not, however, matter to us one straw whether the land shall pass into the hands of a company or remain in possession of the bank; the result will be the same, unless people are settled on it.