THE BANK OF NEW ZEALAND.

Wairarapa Daily Times, Volume XV, Issue 4776, 18 July 1894, Page 3

THE BANK OF NEW ZEALAND.

Discussion in the House

In the House of Hcprcsoutativcs, yesterday, the Colonial Treasurer moved the suspension of the Standing Orders, in order to allow the Bank of New Zealand Share Guarantee Bill Amendment Act and Bank Shares Transfer Bill, to be put through all their stages at one sitting. Captain Husscll staled Hint he could not consent to this course, in the absence of auy cvidenccas to the necessity for the measure. In liis opinion the Bill now boforothem should be referred to a Joint Committee.

The Premier in the courscofhis speech pointed out that it was not intended to issue tho Govcriimcnt stock but simply to guarantee the Bauk stock. The Hon Mr Ward pointed out that before the Colony would bo called upon to pay anything under the guarantee. the whole of the Drown indebtedness would have to bo discharged. In the course of his speech in moving the second reading of the liill, the Colonial Treasurer stated the object of the Bill at some length. Tho Government had received a cablegram from tho Agent-General that a difficulty had arisen, and that it had been found under the deed of settlement that a shareholder could not hold more than 3000 shares, and that the capital necessary to be obtained could not be got within a reasonable time unless the shares were put upon the market at a heavy discount, and that it was illegal to put the shares upon the market at a discount, The Government replied that under oto circumstances would tlicy agree to the flpatiiig of the capital at anything less than par. As n result of further' communicatious, the Agcnt-Gcncral mid the financial advisers who represented the Cplony stated that itivouhlbo necessary to substitute stock for shares in order to do away with |he limitation of the amount' one shareholder might hold. Thp Government felt that the credit of the colonics was attached to tkjs, and after numerous communications withtho Agcut-Geucrai. agreed (p the proposal subject to the House ratifying it. He need hardly, point out to ton. mem-

hers how impoi Inut itv.as tint the Unjik should havo;at its.commandthecxtra million whioh tho proposals already coil|SC)ited"lol>y,tliis Houso would give it. Ho need not tell; members what an appreciable and improvingolf cot this would liavo upon tho trado and industries of tho Colony, becnuso until that money came hero they might, and ho' sajd jt deliberately, expect.to sco a continuation of tho tightness of money and tho want of proper employment in many places, and to soniooxteut a continuation of the uneasiness prevailing so long. There was a great amount of misapprehension about this second million. It ,had been raised, not for the' purpose of carrying on, tho Government of .the Colony, but for tho purpose of strengthing the Bank. Before that extra million of monoy could bo used for any other purpose than that for which it has been raiscd-for strengthening the Bank to enable it to conduct its business—nothing could be done oxcept by legislation passed by the House. They proposed that it should bo invested safely in the interests of tho Bank. _ Several members spoke to the question, and Captain liussoll moved an amendment referring the Bill to a joint committee of bothHouscs,Tlie amendment proposed by Captain Kusscll was lost by 41 votes to 13. The second reacting was agreed to.