GENERAL ASSEMBLY.

Press, Volume XLIX, Issue 14823, 14 November 1913, Page 14

GENERAL ASSEMBLY.

(ABRIDGED PBES3 ASSOCIATION IIEPORT.)

LEGISLATIVE COUNCIL

ThVKSDAY, NOVEMBEII 13

AFTERNOON SITTING.

The Council met at 2.30 p.m. The Hon. i , '. H. l>. BELL, moved to ao into committee on tho Local Bodies Loans Bill and the State S+dyances i>ill.

The Hon. GEORGE entered his protest against the bringing up of those important measures at mis late oi the session. "We have," he said, "been suiting and heeling a lot of pottifugging legislation for many weokj past and in spue vi the fact that \v« won.- premised a reform in Parliamentary methods when the party now in office c-nme into power, here we have important Hills brought down, and ire are asked to consider them alter having them in our possession for only a few hours.'" lie admitted that some of ilie Mills had been before the Statutes Revision Committee, but the Council should not be asked 10 accept the amendments made by that committee without understanding them, and it was" impossible to understand them at a ii'\v minutes' notice. The Hon. O. SAMUEL said ho thought there was little ground for complaint at the manner in which the business was brought before the Council. Tho Hon. J. AXSTEY said he regarded Mr Jones's protest as to some extent justified. The Hills had only been placed in their hands that morning, and it was quite impossible to understand the full import of the amendments made by the Statutes Revision Committee unless they had longer time to consider them.

The Hon. F. H. D. BELL., in reply, said he was always willing to adjourn any business which lion, members were not ready to consider. In this cose, however, the Bills had been before the Council for some mouths, and if hon. gentlemen had done their duty, they would have read them. Tho Minister's motion "was agreed to. TEMPORARY EMPLOYEES BILL. The Hon. F. H. D. BELL moved tho second reading of tho Temporary Employees Bill, giving a better status to certain persons in the Public Service The Minister stated %hat tho Bill had beou asked for by the Public Service Commissioner to enable him to deal with certain public officers in whose cases hardship would otherwiso bo done.

Tho Hon. W. BEEIIAN objected to tho preference temporary employees benefiting under the Bill were receiving over younger men who entered the Service in the ordinary way.

The Minister, in reply, said this was the only amendment of the Public Service Act intended this session. The question of status bristled with difficulties, and the Minister of Finance had not had time to go into the matter during the session as fully as he had wished, but a more comprehensive amendment would bo brought down next session. Tho Bill was read a second time. STALLIONS BILL. The Hon. J. D. ORMOND brought up the report of the committee on the Stallions Bill, which was to the effect that no Bill could be satisfactory unless it dealt with all breeds of horses, and they recommended that the Bill be riot proceeded with this 6ession. • The Council rose at 4.35 p.m.

HOUSE OF EEPRESENTATIVES

Thursday, November 13,

The afternoon sitting was occupied with a discussion on strike- incidents. In the evening the House went into Committee on several Biils. BANK OF NEW ZEALAND BILL. In .the Baiiic of.. New Zealand Bill, the Hon. D. BUDDO moved iv Clause 13 to limit the currency of the increased stock to ten years instead of twenty. Mr ELL asked the reason for making the term twenty years. He thought it was there to prevent the Bank's affairs being discussed in the House for twenty years. The Hon. JAMES ALLEN said he could not accept the amendment. Tho proposal came from the directors, and was in the direction of insuring stable and sure finance. The Bank could be discussed every year on tho balancesheet, which was- laid before tho House.

Tho amendment was iost on tho voices:

On the clause providing for new capital to the extent of three millions, The Hon. J. A. MILL Alt moved to reduce the amount to two millions. . He said the proposal was the biggest watering scheme ho had ever heard of. Ho would not agree to the Bank having a capital of practically six and a half millions when that amount was not required for the Bank's business. Tho MINISTER OF FINANCE explained that if the amendment was cavried, the Government proportion of one to two would bo upset. Sir JOSEPH WARD said it seemed to him the more shares that were issued to shareholders in the future, the less likely would the Government's proportion of interest be. maintained. He thought that three millions of extra capital was too much, and if there was to be a reduction, the proportion of one , to two should be maintained. Tho MINISTER OF FINANCE said what was proposed was to call up about a million next year. There were a great many shareholders who wanted to pay off the Government's million guarantee, but the directors and the Government were not of the same opinion. However, if tliey all agreed that a miftion should be paid off (and the Government got no benefit out of it) the Bank must hare that million on hand. Therefore, he eaid, the three millions extra capital must stand. He mentioned that the Bank of Now South Wales's nominal capital was 9i millions.

Mr ELL said it was ridiculous to suggest, considering the fact that the whole of the country was behind tho Bank, that tho proposed capital was necessary.

The Hon. J. A. MILLAR said under his proposal the shareholders would hold 300,000 shares, against 225,000 of tho Clown's. Compared with the banks of Great Britain, tho Bank of New Zealand carried very much more capital, bearing in mind the proportion of trade. Tho House divided on Mr Millars amendment, which was lost by 4-1 votes to 22. Tho Hon. J. A. MILLAR then moved to bring all the shares up to equal value.

The MINISTER said ho could not accept the amendment-, hol-ding that if carried it would ir.ean that the Bank would have to call up all the capital on existing shares. The amendment was rejected by 42 votes to 23. At Clause 12 Mr McCALLTJM nioved an amendment to limit the holding of snares by any one shareholder to iqu.r thousand. The amendment was lost by 37 votes Mr CRAIGIE moved the following now clause: —"On all current accounts kept at the Bank, there shall be allowed interest at a rate of not less tha/i 2 per cent, per annum on the average amount at the credit of the account during each month." He explained that the Bank of New Zealand had £14.000,000 of money on which it was paying no interest, as was done in many of the Home brinks. The Hon. W. FRASER said he could not accept the amendment, as it would bring deposits to the Bank that it could not use. and would do the Bank more harm than good. The amendment was rejected by 42 votes to 13.

The Hon. D. BUDDO moved to reduce the annual charge for keeping accounts from 10s to 2s Gd. This was lost by 29 votes to 19. The Bill was reported with amendments. .SOCIETY OF ACCOUNTANTS BILL. On the Society of Accountants Biil, Mr WITTY moved to delete tho clauso providing that the Council of the Society may refuse to accept the resignation of unfinancial members. The amendment was lost by 35 votes to 17. The Bill was reported. THIRD HEADINGS. The Pest and Telegraph Bill, the Society of Accountants Bill, and tho Railway Authorisation Bill were read a third time and passed. The House rose at 11.30 p.m.