THE BANK OF NEW ZEALAND.

Wairarapa Daily Times, Volume XVI, Issue 5119, 2 September 1895, Page 3

THE BANK OF NEW ZEALAND.

THE BANK BILL PASSED BY THE HOUSE.

MR WARD'S EXPLANATION. Bij telegraph,—Press Association, kWttuxwox, Sunday 1.6 n.m. A {tor a long debate the JJank Bill was read a third time and passed by 33 to 21. Tho Houso roso at midnight. Mr Ward replied at 11.25 p.m. He said it wns very easy to find fault as many lion, members had done. Some generosity should ho shown to those who had the solution of this difficulty on their shoulders, No better scheme had been brought forward by all other lion, gentlemen, and he regretted the aspersions that had been cast on those who had been trying to do their best for the colony. The <<• . attitudo of some of tho km. members appointed was in distinct contrast to that of tho leader of the Opposition. Members should remember the great, strain that had been on Ministers and mombers of tho committee during tho last few days. As to what ho had said to shareholders in London. He had told them he could not promise then) another call would not bo made, Mr Geo. Hutchison was alwavs ready to im-

unworthy motives to members jjgfei statements they made. Since last years guarantee had been given, two Directors had personally inspected tho whole of the properties of the Estates Company, A Director had been sent to Australia to examine the books there, and tho General Manager had been sent to London to look into matters there. It was not until Juno of tliis year that the true position of the Estates Company was arrived at, Mr Ward then detailed the circumstances which led' up to the guaranteeing of two millions last year, and took exception to the contention that the onus of the whole affair should fall on the Government. The balance-sheet of the Bank of New Zealand, was placed in the hands of theGovernmont, by MrMurray.and it was on the position disclosed therein, that the Government gave the guarantee. He said distinctly that Mr Murray did not mislead the Government, and the Government did not mislead the House. It was

an arguable point as to whether the two millions guarantee was jnstilijMile, but it was seen since, that it Tras required. If the two million share capital had been obtained in the first instance, instead of stock, there would have been no necessity now to apply to the House formore share capital. Tho Government knew and so did the previous Government of the weak position of this Bank. The Bank had tried on its own account, to get additional share capital in London, to enable iv to carry on, and it was only when it failed in this attempt that it came to the Houso. for assistance. Last year ho had referred in his speech to the absolute necessity of severing the Assets Company from the Bank if the institution was to prosper. As soon as the actual position of the Assets Company was ascertained by tho Directors of tho Bank, the Government was approached ou the subject, and negotiations woro opened which led up to the present proceedings, No Government would have

been doing right if it had not dis«losed the true position of the whole i) the House through a Joint Committee. Even if the Committee had been set up last year, it would not have had the information possessed by this year's Committee, and its investigations would have been practically useless, It was stated then that it would take a year to fully ascertain the true position of the Bank. The Government had been congratulated from all parts of the Colony on tho action it had taken this year, to prevent the Bank suspending, and telegrams from all parts of the country told them they were doing tho right thing. He was Korry he had not time to go into the details of the Bill, As to what had been said about his private affairs he was prepared to meet the Member for Patea, with regard to them, whenever he liked. He deprecated* the lying statements that had been made about him in tho lobbies. There could not be one word of truth in the statement that this scheme had been circulated some

weeks ago, and there had been hh

secret compact on the matter. had been done in the JWttteresls of tho Colony, and he hoped tho proposals would p rove successful. On division, the Third Reading was carried by 33 to 21 and the Bill

passed. The House rose a few minutes after midnight, and it was agreed to meet at 7.30 on Monday to receive the Bill, after it has passed the Legislative Council.