THE BANK OF NEW ZEALAND.

Wairarapa Daily Times, Volume XVI, Issue 5118, 31 August 1895, Page 2

THE BANK OF NEW ZEALAND.

YESTERDAY'S PROCEEDINGS.

Bi/ Telegraph—Press Association. Wellington, Friday. Immediately the House met, it weut into committee on the Banking Bill. On Clause 1, Mr Russell, of Riccarton, moved as an amendment, that the Bank be taken over as a State Bank.

THE BANK BILL TO BE PUSHED THROUGH.

Bjj Telegraph.—Own Correspondent. 1 Wellington, Saturday Morning, The Bank Bill passed through Committee, after an all-night sitting, and a fearful amount of wrangling and obstruction, mingled with personalities, at half-past eight this morning. The amendments are few and unimportant. The principal being with regard to the purchasing of other bank business. This was tied down with restrictions which remove all other objectionable features.

Tho House has now adjourned till 2,30, when the Bill will be pußhed through its final stage.

PARTICULARS OF THE , DEBATE. J

By Telegraph,—Press Association, Wellington, Saturday, All last night Parliament was in Committee on the Bank Bill. MrG. W. Russell's motion to strike out that portion of clause 36 that allowed tho amalgamation botween the Bank of Now Zealand and another financial institution was debated at great length. Mr Ward said this clauseombodied one of the most important portionsof tho Committee's scheme, and to negative it meant the reconsideration ofthe whole schemo. Amalgamation was one of the strongest recommendations of tho Directors cf the Bank, and its rejection would put a differout aspect on the whole question. Ho suggested that an amendment providing that tho- contract for tho purchase be subject to tho approval of Parliament. Mr Russell's amendment was lost by 34 to 24. On Mr Seddon's motiou that the clause bo altored to provide that before the amalgamation con-< tract could ho ratified, should have an opportunity todissent from it. The remaining clauses wero passed without material amendment. A new clause was added extending ' tho operations of tho Bank Noto Issue Act, 1893, for one year, and a further clausothatnooicialor Director of the Bank, Estates Co., or the Realisation Board be allowed an ' overdraft. j The Division List on Mr Russell's amendment to prevent an amalgama- , tion was as follows Ayes—24; ' Bell, Buddo, Buick, Carncross, Crow- , ther, Earnshaw, Graham, Hall-Jones, J Heke, Hutchison, W. Kelly, W. Laing, McKenzie, R. McNab, More- „ dith, Mitcholson, Montgomery, G. jj W. Russell, Saunders, G, J. Smith, i Steward, Tanner, ft, Thompson, I Wilson, ' Noes, 34—Cadman, Carnell, Carroll, Collins, Duncan, Flatmau, I Fraser, Green, Hull, Harris, Hogg, ' Houston, J. W, Kelly, T, McKenzie, ' Maslin, Mossey, McGowan, J. Mo-] Kenzic, J, McLachlan, Millar, Mills, ' Morrison, O'ftegan, Parata, Pere, ' Pinkerton, Pirani, Reeves, Seddon, W, R, Russell,E. M. Smith, Stevens, _ Ward, T. Thompson, i~ Pairs,-Ayes-Allen, McGuire, Dutliie, Lawry, G. Hutchison, Noes—Guinness, Mcintosh, Willis, . Stout, Buchanan. [' Dr. Newman moved a now clauso, ' applying the Disqualification Act to all appointments by the Bank and . Estates Company.-Lostby 31 to 19, Mr G. W. Smith moved as a now j 1 clause, that neither the Bank not ' Estates Company, after the cxpira- ' tion of five years, shall carry on any ! trading business. I' Mr Seddon said this proposal was brought forward at tho instance oi j. private companies who were in , | competition with the Estates Corn 1

puny. After considerable discussion Mr Ward suggested as a compromise, that the clause should bo mads general and the term fixed at seven years. Mr Smith accepted the and withdrew his clause on thJH understanding that it be inserted in the Council. This finished the Bill in Committee and at 8.30 a.m. it was reported as amended, The House then adjourned, the third reading being fixed for 2,30 p.m.

The Legislative Council met this morning and merely adjourned again till Monday at eleven.

THE SHAREHOLDERS AT HOME,

Received August 31,10 a.m. London, August 29,

A summary l of tho Committee's report on the Bank of Now Zealand, cabled by Dalziel's Agency, has created surprise and consternation among sliaroholdors at Home, especially in view of Mr Ward's assurances of tho improbability of further calls being made on them. Officials here doubt theaccuraoy of certain of the figures as telegraphed,