BANK NOTE ISSUE BILL.

Press, Volume L, Issue 8579, 5 September 1893, Page 4

BANK NOTE ISSUE BILL.

The Colonial Treasurer is to be congratulated on the manner in which he introduced and guided through the House the Bank .Note Issue Bill. It is now known that the Government intended, before the session closed, to ask Parliament to eanotion the change in the law which that measure effects, and it was simply ft question of finding a convenient opportunity for its incrodnotion and discussion. The ridiculous scare in Auokland directed men's minds to the subject, *aud Mr. Wabd very prudently resolved to invite Parliament to pass the Bill at one sitting. He judged, and rightly, that the House and the Council would be practically unanimous in their decision. Ministers received the support of both Houses all the more heartily because members recognised that the passing of the Bill was a prudent step to take. It was seen that our existing banking legislation was defective and required remedying. It was also felt that the remedy could be best applied at a time when the financial atmosphere was perfectly undisturbed, for the Auckland affair was a mere local incident, of which all those who took part in it are no doubt now thoroughly ashamed. If the New South Wales Act, which was passed when that colony was in the throes of a financial panic, had such a beneficial effect upon the public mind, it waa wise on the part of the New Zealand Parliament to place a similar measure on the Statute Book. The great difference in oar case, however, is that the scheme has become law in this colony when we are in the midst of profound financial peace. We again congratulate the Treasurer not only on having placed the Bank Note Issue Act on the Statute Book, bat also on the statesmanlike speech which he delivered when moving the second reading of the BUL