The Clutha Leader. BALCLUTHA: FRIDAY, JUNE 29, 1894.

Clutha Leader, Volume XX, Issue 1040, 29 June 1894, Page 4

The Clutha Leader. BALCLUTHA: FRIDAY, JUNE 29, 1894.

After many vicissitudes and experiences of both a pleasant and unpleasant character, the reconstruction of New Zealand Loan and Mercantile Agency Company has been completed, and the company has resumed business with renewed strength and confidence. We have no wish to enter upon a review o£ the past ; we prefer to let the dead bury their dead. Whatever may have been the shortcomings of the past, the shareholders and the country are to be congratulated on the present position and prospects of the company. The success of the reconstruction scheme has been thorough, and of its permanency thereis no reason to doubt. Hal/ a million of money was asked for, and it is significant of the confidence the shareholders had in the concern that the sum subscribed exceeded that asked for by LIOO.OOO. Then as to the company's clients, their safety seems absolutely assured as one of the provisions in the articles of association of the new constructed institution is as follows : — "To sell or otherwise deal with on commission, any live or dead stock wool or other pastoral, farm, or agricultural produce, or any merchandise or other properties of any description, upon any terms as to remuneration or otherwise, that may seem expedient, and particularly upon terms whereby the property in question and the net proceeds, or balance of net proceeds, of any sale thereof or other dealing therewith, or any property representing the same, are to be held by the company as trustees, for the special account and on the special behalf of the principals, and are not, except to the extent of the company's beneficial interest therein, if any, to be in any way subject to any obligations debts or other liabilities of the company." Thus the company's clients are secured against responsibility or sharing in any misfortune that may at any time overtake the company or any of its branches. The company is only a trustee of ttheirr r clients' inter .

esfcs, and funds of the latter are safe whatever losses the company may incur. This must have the effect of inspiring public confidence, and no doubt the i-esulb will be a largely increased business. In moving the Address-in-reply to the speech delivered by his Excellency the Governor at the opening of Parliament Mr Montgomery commenced by saying that the speech was a remarkable one in many respects. We quite agree with Mr Montgomery in this statemen r, but we think in. his criticism of the Governor's speech he omitted, either purposely or by oversight, te make any reference to the most remarkable clause contained in it. The clause to which we allude reads as follows : — " You will be afforded full opportunity to consider the liquor question. .4. bill will be brought in to consolidate and amend the licensing law and to simplify the procedure at the local option poll. My advisers desire to make it plain that they have no wish that this important matter should bo approached by membets in any other spirit than that of adherence to public pledges and individual convictions." We venture to say that this is the first time any such announcement has been made in a Regal or Vice-regal- speech at the opening of any parliament within the British dominions, what does it say 1 ? Simply that otf; one question to be brought before Parliament the representatives of the people will be at liberty to adhere to the pledges they have given to their respective constituents and also to vote on that question sccordingto their individual convictions. And this concession is so unusual under the present regime that the Premier deemed it necessary to give the announcement all the weight and force of a Vice-regal official utterance in order to assure its being credited throughout the country. .""Of course the fair and logical deduction from this announcement is that on all other questions to be brought before Parliament the pledges o£ members and their private convictions must give way to the exigencies of party government; that is, that the overshadowing consideration in every case is the keeping of the Government in power. In the face of this question every other question, every interest, every pledge, and every private conviction must give way. In every such emergency ," there's not to reason why "; absolute and unquestioning obedience must be given to the mandates of the whip as these are communicated to him by the Hon. Richavd . Seddon. This, then, is the stago party government in New Zealand has now reached, and all must see that it reduces representative government to a complete farce. In view of the effort that will be made during the present sessiou to abolish or modify party government, the Premier deserves the thanks of the country for giving this very definite and forcible explanation of the position he takes up in connection with this matter.