ACTION BY THE CHAMBER OF COMMERCE.

Auckland Star, Volume XXV, Issue 228, 24 September 1894, Page 4

ACTION BY THE CHAMBER OF COMMERCE.

In connection with the proposed amalgamation of tho Colonial and New Zealand Bamks, now under consideration by the Government, the following telegram was reooivefl on Thursday last by the Auckland Chamber of Commerce from the Secretury of the Canterbury Chamber :— "The following resolution passed aba special meeting of the Committee held today, they would aak you to support and take action : 'That a special mooting of the members of the Chamber be convened with a view of considering tho propriety of urging the members of^ tho Government and House of Representatives, wh«n i considering the proposed Bank Amalgamation scheme, to refuse to sanction any scheme by which the liability of shareholders ia any bank might be cancelled, and in the evehb of loss on the realisation of assets that loss placa'd on the taxpayers of the colony. —J. M. Bird, Secretary Canterbury Chamber 6f Commerce." Since the receipts of thie telegram, the local Chamber of Commerce met and de-. cided to send thp following telegram to the Hon. J. G. Ward, on the lines suggested by the Canterbury Chamber:--" This Chamber is /of opinion thab any scheme for amalgamation of Banks should not be sanctioned unless the shareholders of the amalgamating banks are held liable for any loss through realisation of assets, so that) tho tax-payers of,the colony are relieved of all responsibility that may be incurred thereby." REPLY FROM THE COLONIAL TREASURER. Thi?, morning the following reply on the subje/at was received from Mr Ward :— " Your telegram received. I may say in rep'iy that I myself entertained the same opinion from the start, which you will obMfcrve is so when the correspondence is placed upon the table of the House."—J. G. Ward.