BANKING LEGISLATION

Press, Volume XLIX, Issue 14660, 8 May 1913, Page 7

BANKING LEGISLATION

STATEMENT BY THE PRIME

MINISTER.

(special to "the tress. , *)

WELLINGTON, May 7

Thero will be some important banking legislation brought down during tho coming session, i said the Hon. W. F. Massey in conversation with . a "Post" representative this afternoon. In the first place thero would be the question of renewal of the Government guarantee, which expired \his year. There was also the proposal to give the nowly-started Commercial Bank of Australia power to issue "notes, which it does not at present possess, but the most important legislation would, ho added, be in connection with the Bank of New Zealand. Thero was evidently a decided difference of opinion between the directors and the shareholders at tho present time, and until that was settled ho could not even suggest what course he proposed to follow. "Will you,' , he was asked, "legislate according to tho desire of the majority?" "Not necessarily so," was the reply. "I shall consider the interests of tno country as a whole, apart altogether from the interests of tho shareholders. 1 know exactly what course I propose to take, but until I know what tho shareholders and directors of tho bank have decided, I am not in a position to make it public."