The Timaru Herald. SATURDAY, SEPTEMBER 7, 1895.

Timaru Herald, Volume LVIII, Issue 1861, 7 September 1895, Page 2

The Timaru Herald. SATURDAY, SEPTEMBER 7, 1895.

From time to time the newspapers of this colony are supplied by the Press Association with numbers of Australian cablegrams which contain no facts, but are merely portions of leading articles which have appeared m the Australian newspapers. The editor of the Argus, the Age, or the Sydney Mwning Herald, takes it into his head to write something about this colony, and forthwith a portion of the supposed words of wisdom are cabled across the Tasman Sea as though they were of importance. Very often what comes to hand is nonsense, m consequence of the Australian writer having had erroneous or defective information. If portions of leading articles ought to be telegraphed to the papers, the better course to pursue would be to adopt a system of interchange between the various centres m the colony itself. In regard to New Zealand affairs the opinions of New Zealand editors are worth very much more than the opinions of their brethren m Australia. It would be strange if it were not so. But the Press Association's agents at the various centres m New Zealand have distinct instructions hot to telegraph opinions or editorial comments. Why then should the papers be troubled with the same sort of matter when it has been written, m Australia. If it concerns New Zealand- it is almost certain to be of less value than the locally manufactured article. But the fact is that neither the land lines nor the ocean lines should be used to transmit editorial comment, unless the circumstances are very exceptional. Recently we have had a good deal of this Australian stuff, and the sooner the supply is stopped the better we shall be pleased. There is a long cablegram m this morning's Herald, headed " The Bank of New Zealand." The "financial editor" of the Argus is good enough to inform the readers of that paper that he finds it difficult to see what good can result from the adoption of the views of the shareholders of the bank m London; and he adds that the denunciation of Mr Ward's statements' m London will not mend matters. The " financial editor "of the Argus may be right, but was it worth while to telegraph his commonplace remarks to the papers of this colony? We say decidedly. No; the privilege of securing an early perusal of such small-talk is far too expensive a luxury. Towards the close of these cabled remarks are a couple of very foolish sentences. The "financial editor" thus delivers himself: — "What is to be feared from the whole business is that the English Courts may be brought into collision with the Courts and Parliament of New Zealand. This would give colonial credit a great shake." The " financial editor " of the Argus may make his mind perfectly easy on those points. He may rest assured that the English Courts are not going to rule the new Banking Act ultra vires of the Parliament of New Zealand. The committee of shareholders of the Bank of New Zealand m London may summon the meeting for the 16th instant, and the shareholders may carry a resolution m favour of liquidation; but nevertheless they will be bound by the following provision of the Bank of New Zealand and Banking Act, 1895 :— " Notwithstanding anything contained m the deed of settlement, or m any Act or law, to the contrary, it shall not be lawful for the proprietors of the bank, or any of them, to wind up, or dissolve the bank, or for that purpose to pass any resolution or make any application to any Court, or take any other step or proceeding, so long as any liability on the part of the colony shall continue to subsist under this Act or the Bank of New Zealand Share Guarantee Act, 1884."