THE BANK OF N.Z.

Wairarapa Daily Times, Volume XVI, Issue 5123, 3 September 1895, Page 2

THE BANK OF N.Z.

THE BANKING BILL IN THE UPPER HOUSE.

By Telegraph.—Special Correspondent. Wkm.ingtoh, Monday. The Banking Bill, as presented to the Upper House, contains a number of minor amendments and a'new clause which will make it unlawful for any Bank, wiihiu the meaning of the" Banks and Banking Aet, 1880," |to carry on after the expiration of seven years from dato of present legislation, any mercantile concern other than the legitimate business of a banker. The first reading of the Bill was passed on tho voices, and the debate on the second reading is now proceeding. The Hon. Mr Plmrazyn in speaking of the measure said the Government were not statesman ; they were nieroly politicians and were perfectly blind to tho conscquonces of their legislation. The present serious position was the result of past wild legislation. If that ceased, confidence would he restored, trade' might | improvo and property values be revived. On this prospect the Bank of New Zealand depended, but it might quite be expected that the Bank would again come to the Government for further assistance in the long run, and that they would once more have to consider the propriety of throwing good money away after bad. However, the Council would be wiso in passing the measure. It was the bettor of two evils and they could regard the other Houseas fairly representing the voice of the country. Ho would support the Bill, although he was doubtful as to its ultimato consequences,

When the Council adjourned at luncheon time, the Hon. 0. 0. Bow en was speaking.

The Lower House meets at seven o'clock to receive the Bill back from the Council and put it through its final stage. THE BILL PASSED. Wruixutox, Tuesday, The Bank Bill has been road a third time and passed in the Council on the voiles. The house meets at 10 o'clock to consider the amendments, soino of which are material. Later

lljl Telegraph—Siicciat. WuhxGtox, Tuesday,

The Banking Bill, not yet having passed its final stage, the guarantee of the Bank notes expired at midnight, and till the now measure becomes actual law, they aro not a legal tender. As a matter of fact, although the Bank of New Zealand was yesterday paying out whenever possible, notes only, it was prearranged that to-day, whether the Banking Bill became a consummated Act or not, notes would be met hy gold whenever demanded in all parts of the Colony.

The Lower House meets at ten o'clock to consider by conference the alterations to the Bill made by the Legislative Council, when, if finality can he arrived at with regard to fcho amendments, the Bill will recoivo tho completing touch, and duly become an Act of Parliament.

There may still be somewhat prolonged wrangling over tho Legislative Council's principal amendment, which provides that the approval of the Governor-in-Council shall he sufficient to confirm the amalgamation with another bank, and that the clauso requiring the consent of Parliament shall be struck out.

The new clause precluding tlie Banks, after seven years grace, from carrying on any morcantilo business, or any business not in the nature of legitimate banking business, was eventually thrown out in tlio Upper House. If it had been retained it was intended to apply to all New Zealand banks,