THE BANK OF NEW ZEALAND.

Evening Post, Volume XL, Issue 9, 10 July 1890, Page 2

THE BANK OF NEW ZEALAND.

A great inoubus is about to bo lifted off the colony. Ever since the memorablo day when it first became known that the Bank of New Zealand waa in troubled waters, the fact has lain like a dead weight on the spirit of enterprise, and has tended greatly to intensify depression. Feople often wonder how it is that with our enormously developed exports and the fairly remunerative prices for produce which havo ruled of late, business remains dull and money tight. To a very large extent the Bank of New Zealand has been the ennse of this. Its partial collapso and tho ever recurring doubt as to whether the worst was really known, shook publio confidence to the very bed-rook, killed all enterprise, and utterly extinguished all speculation. Those who had or oould get hold of money showed a steady determination to stick to it. They would risk nothing. No investment was good enough to tempt them, and as to any speculative enterprise, thoy turnod away irom it with a shudder. There waa a constant fear that further discloauroa as to the Bank might at any moment produce a financial panio which would render property of all kinds, save money itself, absolutely valueless. All confidence was destroyed, and ths other Banks -set the example of a cautiousness amounting to timidity. The people who had money were content with the smallest modicum of interest, so long as the principal was exposed to no risk. This limitation of liquid capital in ordinary circulation, has naturally reacted upon and i aralysed trade and business of every kind and form. Now the ond has been reached. Tbe full truth about the Bank <f Now Zealand is known. The worst provos better than most people probably expoctod, and a scheme has been evolved by which tho Bank, freed from the dead weight of its past loaeea and unroalisable assets, will bo placed on its legs onoe more, in a position to perform all it 3 legitimate commercial functions. Moro than this, the fear of a crisis from compulsory realisation of the glob? assets at any sacrifice, is dpne away with. They are to pass into tho hands of a new company comprising the strongest financial names in London, which company oan afford to nurse them until the times aro brighter and property more buoyant. To bring about a revival of legitimate trade and re-establish a snbstausubstantial prosperity in the oolony muat, for its own interests, be ono of the main objects of the Assets Company, and of ita ability to promote those objects there canbs no qnestion. The cable news to day is a bright gleam of sunshino penetrating the dark clouds of commercial depression, and indicating a power which will speedily disperse them altogether. A revival of oonfidenoo, with an unloosening of oapital so aa to enable trade to be carried on unhampered by tho heavy handicap it has so long suffered under, may now speedily be looked for. The formation of the Assets Company will do moro to rostore prosperity than aay Parliamentary action could possibly offeot.

Two members of tho House havo plans of their own for increasing the usefulness of tho Railway department. Mr Joyce thinks the Government has overlooked the complaints that -the railways are be.no; used for the purpose of extracting the greatest possible amount of revonue out of the people using them ; and he asks that an opportunity shall bo givon to tho House to discuss a proposal to reduce the Commissioners' revenue estimates by in order that the Commissioners may lower tbo rates on all colonial products. Mr. Ward wants the Minister for Agriculture to resommend the Commissioners to reduce the charges for conveying manures and other farmers' requisites to the lowest possible rates. In acknowledging the receipt of the resolution recently passed by the House on his retirement from offioe, Major Campbell, lato clerk of Parliaments, has written to tho Speaker, Sir M. O'Borke, as follows:— "I have tho honor to acknowledge receipt of your letter of tho 26th June, forwarding to me a resolution of tho Houso of Representatives in reforenoo to my retirement from its service I am very sensible of tho lionour tho Honso has done me in passing suoh a resolution, and I desire to ezpnss my acknowledgments to yon, sir, for the manner in which you wore pleased to refe? to my services when communicating my retirement to the House, and aleo for the good rashes convoyed to me in your letter." With respect to the round robin presented to Sir Robert Stout by the Opposition party, requesting him to re-enter politics, we learn that Sir Robert has intimated to tbo requißitioniats that he will be nnable to give a reply until his return to Dunedin. All attempts to arrange for a comnitteo suitable to both sides of the House io enquire into Mr. Hutchison's charges agaiust tho Government as to their alleged relttions with the Bank of New Zoaland have ftiled. The Government therefore intend to move this afternoon for the appointment of a Scleot Committeo for tho purpose. This probably moans the thrashing ont o' the whole matter on the floor of the Home, in which caso there is certain to be a Ion; and warm debate. A number of letters to the Editor ar« held over. Mr. Fishor informs us that in the allusions ho made to the intrigues of Ministers in his speech in tho House yesterday afternoon it was the Ward-Hislop correspondence hi had in view, not the Gasparini incidents, as stated on our fourth page. Tho Countess of Onslow will hold inceptions at Government House on Tnesdi7,the 15th instant, ond on Wednesday, tho 30th instant, at 4 30 p.m. Tho steamer Waihora, from Sydney, vi'h a Brindisi mail, arrived at Auokland at 4 this morning. Tho Wellington portion of hor mails is expeoted here by tho Manswatn train to-morrow night. It is stated that the amount mentionod in oonneotion with the proposed purchase of the Tramway and plant by the Co-operative 'Bus Company is £15,000. There was a spotless sheet at the Ifagistrato's Conrt this morning, so far aa the criminal Bide of the Conrt was ooncermd. Last evening a person named Thomas Siner sustained a fall in Manners-street by which he broke his leg. The patieni was taken to the Hospital, where, to-day, ho was roported as progressing favourably. A bolt occurred in Molosworth-streeb yesterday evening about 6 o'clock, the runaways being a pair of horses attaohod to a cab owned by Mr. J. Smith. It appears that tho conveyance was standing near the Metropolitan Hotel, when the horses became alarmod at tho flapping of a mackintosh worn by a passer-by, with the result that the affrighted animals made off down the streot at a hard gallop, and were only brought up at tho corner of Hill-strest by coming into collision with a laden coal cart, which was being driven in tho opposite direction. The cab was almost wrecked, but the horses harnessed to it essaped injury. The horse in the coal cart, hoiteTcr, was found to be seriously hurt, j Mr. Knott gave the third of the aerie* of word piotures, entitled " Evils of Drunkenness," in the Webb-street Primitive Methodist Church last evening. The ohair waa occupied by the Bey. C. £. Ward. Mr. Knott near the end of the leoturo depicted the dying scene of a drunkard beseeohiig his mother to come and cheer him in hi( last moments. The song "O, Where is my Boy To-night," was sung as a solo by a lady, the ohoir joining in the chorus. At the conclusion of the meeting, several persons signed the pledge. The Co-operative Meat Company yesterday extended their field of operations by opening a new branch at Newtown. The premises lately ooenpied by Mr. Foothead, plumber, have beon soourod by tho company. j

The Seatoun Eoad Board have strnok a rate of }d in the £ on all rateable property within the Board's boundaries. Messrs. Kingdon, two Wellington gentlemen who hare been prospecting- at Coal Island, Preservation Inlet, for some months past, returned to Wellington by the ss. Hinemoa tbia raornin?. They bring very unflattering accounts of the state of things at the island, where they say they haye met with very little success. There are about 62 still on the field, but none of them are doing much in the way of getting gold, Mr. PftuliD, a gjntloman who is interested in Ecmc claims at Big Bay, and has been on a visit to that locality, retnrned by the came boat, bringing with bim some samples of onartz, which will be crushed in Wellington. It will be remembered that the brothers Kingdon wero nearly losing their lives on the coaßt in an advonture which befell them. A fortnightly meeting of the Wellington Debating Sooiety was held in the Exchange Buildings last night. Mr. J. B. Harcourt, in tho unavoidable absence of the Piesident, llr. H. B. Bridge— who appeared at the opening, and explained why ho was unable to remain — occupied the chair, and there was a good attendance of members and visitors. The preliminary business, whi;h included the election of six new members, having been disposed of, the debate of the ovening was entered upon, the subject being " That Compensation to Publicans is Juat and Equitab'e." Mr. W. G-. Tustin opened in the affirmative, and Mr. J. A. Heginbotham lod the opposition. The debato was kept up with animation until the closing hoar, sumo of tho speakers evincing considerable rhetorical ability and knowledge of the subject. On the show of hands being taken after the leader's reply, the motion was dedared lost b/ nine votes to seven. TLo proposals of Captain Sommerville, chairman of the Hew Zealand Rifle Association, relative to future contests, were diecussed by the local members of the Association in the Driilahed last evening, Lieut.Commander Davy boing in the chair. It was deoided that the Intercolonial Match Bhould be retained in next year's programme, with separato teams for each islands ; that a three-minute time limit should be allowed ; that squads aware of the infringement of the rules and not reporting the eaine should be disqualified ; that the order of firing should bo varied in eaoh match, and squads redietiibuted at least once during the meeting; that the next meeting, which is to be held at Napier, should come off in February ; that the Press Match should be retained, only bona fide reporters engaged at the meeting to be allowed to fire ; and that all 20Q yards shooting should be _ from the knee only. The other proposals, including one that Miss Gibbie, proprietress of the Shamrock Hotel, Dunedin, should bo created a life member in return for her donation of 50 guineas to the Association's funds, were adopted. It will be seen by reference to our advertising columns that tho Salvation Army are holding some important frathering3, including the novel feature of a Maori wedding. Ihe meetings start tomorrow evening with a holiness convention, and close on Tnosday evening with the seventh annivorsary tea. We understand that there will bo about 40 officers present at thoso meetings. In the course of a weok or ton days an important branch of the clothing trade will be opened up in this city, as the reoognised commercial centro of tho colony. The premises in Johnston - street vacated by Messrs. Greatrei and Son arc being renovated and fitted up as fast as it is possible for Mr. T. Glujas Pascoe, lately manager of the Kaiapoi Woollen Company, a position which he filled with credit for ten years, and who previously had control for a number of years of one of the largest Australian woollen mills. Mr. Pasooe, who is joined with his Bon, contemplates introducing into tho premises before named a wholesale olothing manufacturing business, which will be worked on suoh a scale of magnitude as will give immediate employment to at least 150 persons. As many of theße as is possible, Mr. Pasooe informed a representative of this journal yesterday, will bo prooured in Wellington, and as ho is an ardent believer in Unionism none other than Unionists will be taken on. All the necessary machinery and appliances for carrying on an extensive wholesale business have beon prooured locally, and, as before stated, it is expected that the premises will be in full working swing in about a week or ten days' time We may mention that negotiations for tbe> leasing of the premises wore conducted by Messrs. Baser Bros., which firm also inform its that a large Dunedin firm of soft goods importers are enquiring of them about premises in this oity, with a view to opening up a bneincßS. Our readers are reminded that Mr. Robert Parker's annual concert takes place this evening in tho Theatre Royal. Tho fortnightly meeting of the Knights of Labour was held at the Foresters' Hall last evening, the principal business being the installation of officers for tho ensuing halfyeir, at the conclusion of which oeremony those present Eat down to a fruit banquet. The National League request us to call tho attention of lady members to the advertisement which appoars in another column. The Wellington Naval Artillery Volunteers announce their soventh annual invitation ball for 15th proximo. A strong committee met last night to make the n;ceseary arrangements, and we understand the Wellington Nayals are resolved on this occasion to surpass, if possible, their previous successes. The annual meeting of the Girls' Friendly Society is to take place at 3 o'clock to-mor-row. The attendance of overy member is desired. Jno. Yotm(r, ironmonger, is offering at his OToretock sale of ironmongery a let of cornice poles complete at very low prices. Attention is directed to the important sale advertised by Mr. F. H. Wood, to take place on Tuesday next, at Clareville, near Csrterton, when be will submit the whole of the racing stock and other horses, dairy cows, fat and other cattle, and ewes and hoggets, belonging to Mr. T. lUy, who n giving up his farm owing to ill-health. Particulars of tbe horses, some of which are in active training, and otber'intorroation concerning tho sale, will be found in the advertisement. Messrs. T. Kennedy M«cdon»ld & Co. hold a land sale in the Exchange Hall to-morrow afternoon, at half-past 2 o'clock. Amongst the properties to be submitted are two ia tbo township of Fetooe, by order of tbe Official Assignee without reserve, also a very compact, neat and convenient cottage property in Austin-street, in the city. Francis Sidey & Co. will sell to-morrow, furniture, &o. Towneend & Paul will sell to-morrow, fruit trecß, &c. A. J. Reid will sell to-merrow, sundries Noble Campbell & Co. will sell to-morrow, fruit, produce," horses, &c.