THE BANK OF NEW ZEALAND.

Temuka Leader, Issue 2062, 21 June 1890, Page 2

THE BANK OF NEW ZEALAND.

A cablegram represents the London Standard as having said that the Government of New Zealand was about to assist the Bank of New Zealand, The Timaru Herald makes this a peg tor an attack on Mr Fergus, and says the only grounds for it is that Mr Fergus said in Queenstown recently that the Government contemplated buying up large estates. We do not believe a word of it. The Auckland Observer said recently that negotiations were going on to get the Government to take over the bank altogether and run it as a State concern, and that this would have been attempted only fora London syndicate of wealthy men coming to the Bank’s assistance, Is it not more likely that this prompted the article in the Standord ? It is still easier to explain the Standard’s article. That paper is owned by London Jews, and is entirely published in the interest of stockbrokers. For years the Standard baa been attacking New Zealand and the Bank, the object being to bring down the value of shares, so that its friends might buy them cheaply. This, we believe, ia at the bottom of it all. The Standard’s friends have now on hand a great many of the shares of the bank, and they want their value to be enhanced so that they may be able to sell them, and the Standard’s article is intended to have that effect. There can be no better way of inspiring confidence in the stability of the bank than by saying that the Government is at its back. This, we think, is the explanation of it, and in justification of this conclusion we direct attention to the fact that the shares have already been sold at an advance of 10s. As for the virtuous indignation of the Herald at the idea of the Government doing any such a thing as help the bank we just would like to remind it that the first thing the present Ministry did was to borrow 2i millions of money to assist it. The bank is sound enough now, and we should like to see the Government step in boldly and make it a State Bank. It would be a grand thing for the colony if this ; I were done.

POLITICAL PROBABILITES. Sir George Grey has sprung a mine under Parliament. He always does it. Iramediataly after the delivery of the Governor’s speech he made a motion to the effect that Parliament should be dissolved at once, as the country has not sufficient confidence in the present Ministry to carry on the Government of the colony for another twelve months. The motion was ruled out of order, but Sir George will find some other way of bringing it forward again. Perhaps we may as well explain the effect the carrying of Sir George Grey’s motion would have. If it were carried an election would take place immediately, and if the country did not return a majority of ministerial supporters, the Government would go out of office. If on the other hand, the Government should be able to carry on through this session, they would be able to retain their position until next year, even if only twenty of their supporters were returned, because there will be no session of Parliament until next year again. Much as we dislike double sessions we should like to see the present ministry turned out of office at once.