The Waikato Times AND THAMES VALLEY GAZETTE.

Waikato Times, Volume XXXI, Issue 2534, 6 October 1888, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

Equal and exact justice to all men, Ot whatsoever state or persuasion, religious or political.

SATURDAY, OCl'.O, J MS.

Tiik serious character of tlin report on the position of tlin Bank of New Zealand presented by the Committee of Investigation, which Las caused such a flutter in every part of the colony, should convey to the people of New Zealand a very suggestive lesson, worthy of imitation in regard to their own public affairs. The Bank is the chief monetary institution of the colony, and with it is linked in a very close bond of union the national and political progress of the country. It is, therefore, a question that affects the entire community in a vital part that such an institution, which occupies a similar relative connection to us that the Bank of England does to the Mother

Country, sh uiil lie in a condition of unquestionable soundness. There li.is been a great deal of anxiety with reference to I lie Hank for some time past, and I hat feeling has had miK'h to do wit!) adding to the oonoral depression and want of confidence whieli have pervaded the whole colony. And here comes the lesson we wish to adduce, in order that the, people may protit by it. Wet see how practical common sense asserts itself in business circles where enormous interests are concerned and which are not affording that, satisfact'on that is expected of them. The most honourable, proper and, in fact only course, is adopted by common consent, to make ft thorough investigation in a bold and open manner, and steps are at once taken to rehabilitate the institution in such a way as satisfies the minds of its constituents, reflects the utmost credit on the concern, and directly influences the restoration of public confidence and commercial tone throughout the colony. Can we not pursue a precisely similar method to that adopted by the shareholders of the Bank of New Zealand, to rehabilitate the financial position of the colony 1 There, has been, and still is, universal uneasiness felt in regard to the national business. How many can grasp the true state of the affairs, or really have any clear idea of the actual state of the finances and indebtedness of the colony 1 The jugglery of ligun s contained in the annual {Statement of the Colonial Treasurer does not help to elucidate the true situation. Dissatisfaction reigns supreme with the system of administration which has become corrupt, and with the Government, who fill, in their sphere, the same position as do the directors of the Bank in theirs. It is quite certain that the constitution of the Treasury is a bad and unbusinesslike. one, requires a rigorous investigation and a more severe overhauling than any other institution in New Zealand. The taxpayers and electors are the shareholders in the business of the nation, and not being satisfied with the manner in which th* managing directors, the Government, conduct their affairs, should demand a special and drastic investigation at the hands of a committee of experts. Able and approved professional accountants should be appointed to inspect the books and accountsof iheColonialTreasury and report to Parliament, in a clear and concise business way, on the position of the colony, making such recommendations as they might think necessary to adjust the finances and reform the system in vogue in ihat department. There is nothing startling in this proposal. The New South Wales Government, a year or two ago, engaged professional men outside the Service to investigate and report on that colony's financial position. If we do as they did.or.is the Bank of New Zealand hits just done, we shall obtain a practical insight for the first time into the state of our country's attains. We shall then know what ought to be done, and will no doubt see it done. The work of putting our house in order, which is now being carried out in on imperfect and not altogether satisfactory fashion, will then become thorough and complete. With national finances swept and garnished, and our leading banking establishment proved to be in a position of security, the career of the colony would be at once restored into tho deep and safo channels of natural and legitimate progress and prosperity. Perfect confidence would bo inspired into the minds of all classes, capitalists and workers, both within the colony and abroad, and we would make sternly way towards that brilliant future which Nature has so lavishly intended for New Zealand.