Wairarapa Daily Times. [Established 1874.] WEDNESDAY, OCTOBER 1 1894. THE GLOBO ASSETS COMPANY.

Wairarapa Daily Times, Volume XV, Issue 4853, 17 October 1894, Page 2

Wairarapa Daily Times. [Established 1874.] WEDNESDAY, OCTOBER 1 1894. THE GLOBO ASSETS COMPANY.

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A I'BRUSAL of the full iinnu report of the Bunk of Now Zcalan leads to but one conclusion, viz., tin in the interests of the Colony th connection between the Bank am the Globe- Assets Company must b severed As long as the conncctio lasts it is evident that in spite of th two million advance the position o tho bank will be discredited, am that the interests of tho Colony wil bo compromised. The difficulty i mic that should be faced before th jlose of the present session. It is t be regretted that it was not deal tvith when the Government ad eanced the two millions, because th iltimate safety of this advance i uiperillcd by it, Thepublic did no ihen know as much about the posi ion of the Bank as they do now. A ■he time it was -thought that tin ■ehabilitation of the Bank was com dote, now wo learn that though tin idvance was a necessary step it vra, mly a half measure. Even if i eeond advance had to bo made ti roe the bank from the Globo Asset; jompony it would be pruden o concede it, As yet we di lot know what the proposals of thi lovemment amount to. It is sail hat ono is in the direction of free ng the bank from tho globo asset: ,nd the other to enable it to absorl .nother banking institution by pur ihase. No good or sufficient reasoi ms ever yet been assigned why thi iank should either amalgamate _ o: my out another financial institution t has been claimed that the Colonin 3ank is not necessitous and this i; he only ground on which the Gov rnment could be supposed to givei .ssistance. The main point for tin Jovernment and for the Colony i; he detachment of tho Assets Com any from the Bank of New Zealand f the operation involved calling u] , portion of tho reserve and a sacri iceofaslice of the two million rom tbe State, the arrangenien rank! bo advantageous both to th jolony and tho Bank. The Colon; las virtually bought the Globo Asset ,nd it has a sore bargain. Thi ooner it gets rid of them the botto ,s they seem in tho past to hav leen one of' those troubles whicl ;iw by keeping. It is somewha iirious that though for weeks pas he press has been full of the affairs o ertain banks and every informatioi ms been given respecting them tha tone at all has been afforded abou he Assots Company. What are tin ecurities of tho Company, where an hey situated, and what are thej rortb? Vagfie'r»mpjirpabout ilicrr, each us-from time vrtovthy"veppvti'-;|# ; yet the tate 'of these securities is the Key iote of the situation, and without ome knpwledge :of; : :tbem,\tlie Goerajjwut, the HpfteeJ thk public

t are in tlio dark. Is the Assets Com- •. pany a Bluebeard's Chamber, into which everyone is forbidden to pry ? Are there corpses hanging within its ] walls upon which daylight must not I be allowed to fall. 'We presume it is a chamber of horrors, but sooner or later the public will wanfctoknow what these horrors are, and there ib nothing to be gained by further reticence or concealment.