THE NEW BANK.

Press, Volume LXIV, Issue 19413, 12 September 1928, Page 12

THE NEW BANK.

BILL IN LEGISLATIVE COUNCIL. SIR FRANCIS BELL CRITICAL. (PEEBB ASSOCIATION TELEOBAM.) WELLINGTON; September it. An interesting, if brief, discussionoorn r the London and New Zealand Bank Bill took place in the Legislative Council to-day. The Leader of the Council, Sir Francis Bell, who was careful to state that he ,was expressing his own personal opinions and not those of the • Government, adversely criticised the; proposal. Moving the second reading. of tho Bill, the Hon. Mr Reed pointed oii* that it would be necessary to refer it to a special committee, and he therefore suggested that discussion be deferred, until it had come back. The Leader of the Council, Sir iWncia Bell, submitted that surely the: question should be considered by the Council as to what should be'the subject matter of the enquiry before-thor Committee. It was the Council s duty "'to enquire whether the setting up. of a new. bank was in the public _intererti » Personally, not speaking on behajrv « the Government, he it was in the public Waajthere hdces&ity, 'or teal establishment of a new bankr. He wanted to be sure that relevant iswmi wonkl be considered. Caution should be exercised in granting authority for adding to the circulation of promissory notWi It was not apparent tnat ° B ss* ing facilities were needed in ths minion. In conclusion, he emphlUHBM that there was nothing So dingeroijr to-the community as a ,weaK bank; ana,; he added that unlesß very different dence were adduced before the Council Committee from what had been_giveti before the Committee - of • the x House, he would vote against the measure. Sir James Allen endorsed; theLeJtfer's observations, and- remarked on the Council's serious responsibility in the matter. He bfejifeved there were sum--cient banking facilities already, oo»r eider ing the population of the Dominion. '... _ .- ■, ..■■■'« .i'v;'' The Hon. Mr Newman declared that it. was not unreasonable v that a mow financial institutions should fee set up to assist in the development of the conn* try as trade and population increased. He believed the bank would find.: a splendid opening if it issued long-dated The Hon. Mr Garland said he would : eupptirt the Bill if the bank was shown to be necessary. J . Sir "William Hall-Jones said that every safeguard should be provided to ensure that the business of the bank--Was conducted on a sound basis. . .. The Bill was read a second time, and referred to the committee of selection.