PARLIAMENTARY.

Wairarapa Daily Times, Volume XVI, Issue 5166, 26 October 1895, Page 3

PARLIAMENTARY.

THE BANK DEBATE. Welhxgton, Friday. The debate on the Bank Agreement, wns continued in tiro House, as follows

[ Sir Robert Stout said it was per- ■ fectly evident that the House could ' not form a proper conclusion without ; more information. The figures ' showed that tlio purchasing Bank 1 had to take over some doubtful assets, and he calculated that the Bank of Now Zealand was paying £78,505 for the good-will of the selling Bank. He would suggest that flic agreement be referred fo a Select Committee, to go info the whole mutter before asking the House to decide on it. Mr Seddon submitted that, not 11 single reason had been urged for the rejection of the agreement, and it would he against the Banking Act of last session, to adjourn the debate till after the Bill was brought down. He therefore moved, as an amendment, "That the Directors of the Bank of New Zealand, having in accordance with the recommendation of a Joint Committee (which recommendation was passed into Law) and with the approval of the officers representing tlio Colony, and after careful enquiry this llonse—notwithstanding the contract does not, in minor details, comply with (he law—docs not dissent, and recommends that legislation be introduced to remedy any defects." Mr Seddon further contended that the assets of the selling Bank were set down at their lowest possible rate, Those members who were supporting Mr Bell's motion, were trying to undo the work of the 1 House in the earlier part of flic session, The House should accept ' tlio statement of the responsible officers of the Bank of Now Zealand, that a most careful and exhaustive , enquiry had been made into the position of the Colonial Bank. As to what had been said about a Banking monopoly, his opinion was there were already too many Banks in Now Zealand, The argument that the agreement should be rejected because numbers of Bank clerks j would be thrown out of employment, was altogether too llimsy. The debate was interrupted by the luncheon adjournment.

THE AGREEMENT APPROVED.

II;/ Telegraph.—Press AmchUim. Wellixgtox, Saturday. The House last night approved the Bank agreement by 81 to 24. The Banking Bill to remedy defects in law has passed all its stages, unaltered, without much opposition,