THE BANKING REPORT.
Oxford Observer, Volume VII, 31 October 1896, Page 3
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THE BANKING REPORT.
The People. We congratulate the Committee oi the House of Representatives on its report. It bears the stamp of integrity, and we heartily endorse its recommendations. These show that the Government were misled m the first place, as to the true position of the bank. As Mr John Murray got £5000 »hat we know of, and perhaps much more that we don't know, for misleading the Government, it is a matter for regret that the report does not go further on that point. The evidence shows that the Bank has averaged a loss ol half a million a year for the past eight years. It is a curious coincidence that it will take another ei*ht years to wind up the assets business of tbebank. The condemnation of the management of the Colonial Bank is fully justified, and the sequence is a right one— that as the office? of the Colonial Bank manage the Bank of New Zealand, they should leave the service of that institution. Then again, improper agreements w«re disclosed, showing that, while the President and Auditor were Government officers, private guarantees liad been given them by the Bank of New Zealand: Our opinion is that the whole "jing bang lot" of the Bank of New Zealand, directors and officers, who were> party to that double dealing, ought to go as well as the President and General Manager. The weak point of the report is its conclusion, where it is stated that if the prices of produce, are .maintained the Bank will be able to meet its engagements. The fact that the prices for produce have shown a steady fall for twenty years has been overlooked m this report. Prices are therefore bound to continue still on the downgrade, the logic -of which is that the Back will not b| able to meet the engagements. jW$ have said from the first that the Gov* cm men t must take over the bank. The report confirms that view.
