THE BANK CRISIS.

Evening Post, Volume L, Issue 52, 29 August 1895, Page 2

THE BANK CRISIS.

* THI POSITION TO-DAT. The angry feeling that was so manifest in the House yesterday afternoon was somewhat tSUyed last niifht. To-day it has largely calmed down, as members have oome to rationally opnsider the proposals. The strain on Ministers, bnt especially on the Premier and Colonial Treasurer, during the past week, when ttiey have had to keep the House going, and yet sit night and day on tba Committee, has beer very great, and it had had visible effect yesterday. To-day they, like every one else, look relieved that the first shook is over; There is a muoh more reassuring feeling in the lobbies, and mnoh of the hostility so far shown will be now withdrawn, and though some half-dozen members will maintain their aotive opposition to-night, the passage of the Bill through all its stages at to-day's sitting may be considered as assured. In Committee there will be mnoh opposition on details, and especially to the | proposal which is understood to oover the absorption of the Colonial Bonk, and various ' amendments will be moved. It is necessary lo pass the Bill to-night in order that the Counoil may complete its passage to the Statute Book to-morrow. THB HOTS PBOCDAMATION. While members were fulminating against the proposal of the Premier to protect the note issue last nieht, % Speoial Gazette was issued at 11 p.m. containing the Governor's proclamation. Members knew nothing of this, though a oopy of the Gazette was in tho possession of some press representatives in the Gallery, who were muoh amused at the continuous appeals from members to the Premier that the dreadfnl deed be not done. Mr. Earnshaw waa particularly aotive in this, and this morning the Premier, meeting him in the lobbies, ironically congratulated him on the material assistance he had given in pre-^ paring tho House to acoopt the proclamation. 'Ihe proclamation only holds good to the 2nd prox., as the Bonk Note Issue Aot expires then, bnt in the Bank of New Zealand Bill power is given to extend last ■ year's provisions for another year, and nfller this a fresh proclamation will be issued to carry the proteotion on till tbe result of the new proposals has established confidence. THIS AFTIENOON'S PROCKDINOB. On the House meeting at 2.30, a new olanse in the Bank of New Zealand and Banking Bill, providing for the renewal of the powers of the Bank Note Issue Act, was introduced by Governor's Message. The Premier moved the suspension of. Standing Order 55, to permit the Bank Bill to go through all its stages to-day. 4.w 1i Ben I. op Pi )sed thu« on tbß grounds that time should be given for the consideration of a Bill to pledge-tbe oredit of the oolony to three or four millions of money. I Left sitting J

[PEISS ASSOCIATION.] (Received Augnst 29,0.15 p.m.) _„ _ , , Sydney, This Dat. The Sydney Morning Herald says the Bank of New Zealand is not yet out of its troubles, whioh are apparently of deeper origin than was supposed. Donbtless they have been intensined by the low priceß of produce. Probably hod the extent of the losses been known a year or two baok the Government would not have given the guarantee, bnt having done so, it eeeems necessary to follow it np on the lines recommended by the Committee. The severance of the Estates Company will free the Bank from the dead assets wbioh have so long kept it down. The fresh oapital will furnish resonroes for business of a sounder nature. It is hard on the shareholder* to have to again provide more oapital, bnt they will probably regard it as the lesser of two evils.