HOUSE OF REPRESENTATIVES.

Press, Volume LI, Issue 8930, 22 October 1894, Page 5

HOUSE OF REPRESENTATIVES.

Saturday, October 20. MORNING SITTING. THB BANKING BITX. After the Telegraph office closed, In Committee on the Banking Bill, Mr R. McKENZIE movod—" That progress be reported," and a leugMiy debate took place. Mr BUCHANAN protested against business being done at such a late hour. Mr WARD said there had been no attempt to force the Bill through, and the division just taken accounted for 65 members. Nothing would be gained by reporting progress. Mr T. MACKENZIE said if the decisions of the Committee were favourable all would be well; but if they were against the Government, the Premier would simply move to recommit the Bill. The CHAIRMAN (Mr Guinness) said this remark was not relevant to the motion, and asked Mr Mackenzie to withdraw it. Mr Mackenzie resumed his seat, and attention was called to the fact that he had not obeyed the Chairman and withdrawn the statement. Mr T. MACKENZIE again rose aud said he felt he did not receive the justice he was entitled to, especially considering ths latitude allowed to the member for the Bnller. Mr Mackenzie was called upon to withdraw this remark, but refused, saying he was prepared to take the consequences. The CHAIRMAN requested the leader of the House to make a motion on the subject. Mr WARD regretted that the inoidenl had happened, and hoped Mr Mackenzie would conform to the ruling of the ohairDr. NEWMAN said if tha Opposition had behaved as the member for the Bnller had done during the session the Government would not have tolerated it. Captain RUSSELL joined with Mr Ward in asking his friend to conform with the ruling of the Chairman and withdraw the remark. It must be admitted that _th« conduct of the Opposition had always been exemplary. . Mr T. MACKENZIE said he was labour, ing under a feeling of intense irritation at the way the member for the Buller went on in the House; but, under the oiroumstaaeea he would agree to withdraw the statements to whioh exception had been taken by the chair. The motion to report progress was lost by 37 to 13 and the debate proceeded. Clause I—Short title, Agreed to without disouasion. On clause 2, Mr SAUNDERS moved ao amendment restricting tbe operation ot this clause to the Bank of New Zealand. < Mr WARD objected to this proposal, as it would really tend to injure the Bank of New Zealand. Mr BELL strongly urged the Treasurer to accept the amendment. Mr THOMPSON said this clause opened np the whole question as to whether the colony was prepared to prop up all tbe bank* ing institutions of the country. Mr BEDDON said that to pass the amend" ment would defeat the object of the original. Bank Note Issue Bill. It had a general scope and applied to all the institutions alike. It would not help the Bank of New Zealand. Mr MEREDITH said there was a feeling in tbe country that we were going too far in Banking- legislation and were approach' ing apreoipioe, After i. long discussion Mr Saunders 1 amendment was lost by 35 to 14. The olauee waa amended, at the instance ot the Treasurer, to include paid-up capital, called-up capital, and reserve fund an additional security for the notes guaranteed. Clause 2 as amended was added to ths Bill by 33 to 15. Clause 3, forbidding amalgamation without the consent of the House, was carried | on the voices. Mr GEORGE; HUTCHISON moved a clause, stipulating that the publio account :of the oniony should be restricted to the ; Bank of New "Zealand. | Mr SEDDON objected to the clause, whioh would tie the hands of the Government. If any application were made by another institution for a share of the Government account, the Government must take the responsibility of dealing with it and report to Parliament. , After a short discussion, the new clause was rejeoted en the voices. The Bill was reported witb amendments,, and on tbe motion for the third reading, Mr GEORGE HUTCHISON protested against the way in which such an Important measure had been forced through the House, He did not think clause 2 was required by any Banking Institution in the colony. Mr BUCHANAN spoke in a slmilai strain. Mr THOMPSON declined to take any responsibility for passing the measure. Mr BELL expressed his conviction thab negotiations would be under weigh as soon as the Parliament was prorogued for the transfer of a part of the publio account to the Colonial Bank. ! Mr SEDDON admitted that none of the Banks bad asked for this BiU, but it waa the duty of the Government to remedy a [ defeot in the law. In case any emergency I should arise this was a precautionary measure, and would not add to the taxation of the country. Mr By M'KENZIE thought the Government made a great mistake in passing this. BilL Mr HONE HEKE also spoke against the BilL Mr WARD in replying, said the last speaker had been responsible for five) or six hours' delay in the business to-day, and nothing was more calculated to bring about the abolition of the special representation of the Native race in the House than Ida conduct. Oa every question that hou. member got up and presumed to lecture and dictate to the House in a way he had never seen a new member .do before. Unless during tbe recess an application was made by some institution under tbe provisions of the Act, not one sixpence, in the way of guarantee or risk', would be incurred by the colony. Mr Bell was abso- ! lutely and totally incorrect in saying that negotiations were on foot tot the transfer of a part of the publio account to the Colonial Bank. Such statement* should not ,be made unless there was some foundation for them. " ' Tbe third reading was agreed to on the voices, and the BiU was passed. At 6.15 a.m. tbe Honse adjourned till 2,30 p.m.