THE NEW BANK.

Press, Volume XXI, Issue 2504, 14 August 1873, Page 3

THE NEW BANK.

TO THE EDITOR OF THE PRESS. Sir, —I see by the newspaper telegrams published to-day that the new Bank will have to delay its operations for a year if the Bank of New Zealand petition against it ia successful. I am neither a shareholder nor in any way connected with the new Bank, but I certainly do regret that any Bank in this country should have a power of humiliating a rival bejond the power of any such institution at home. Your article of to-day shows clearly enough that the monopoly enjoyed by the Bank of New Zealand is very expensive to the settlers, and it is equally plain that such a monopoly would not exist if our rulers were not under some fear of, or entertained a most unjustifiable favor towards, that Bank. But perhaps this tender solicitude may cost us a little more yet. The English money- . market may be made less pleasant for us when the news of the treatment of the ! National Bank reaches home. For such a \ state of things cannot possibly be regarded . as indicative of that high degree of independence which alone can ensure a high dei gree of national honor. For how can our I Parliament be regarded as independent by ' those at home where even that truly national institution —the Bank of England—would . not be allowed to interfere with the name of j that other Bank—the National Provincial Bank of England. [ With regard to the Bank of New Zealand [ being a .national institution, perhaps some of : your readers won lei be astonished to find, on looking over the share list, what a large pro- » portion of shareholders belong to England j and other distant parts, i Yours, Sec, No Monopoly, ; Tuesday, August 12,1873.