TUESDAY, APRIL 28, 1896. BANKING LEGISLATION.

Hastings Standard, Issue 2, 28 April 1896, Page 2

TUESDAY, APRIL 28, 1896. BANKING LEGISLATION.

There promises to be no finalty to banking legislation. The hasty legislation of the 29th .June, 1891, is des tined to leave its mark on the colony. For this rashness, and criminal hurry, an attempt has been made to set up a claim to statesmanship. This claim is based on the theory that the Government acted wisely in propping up a tottering institution. In commercial life, if a capitalist stood sponsor to a bankrupt house, by endorsing its bills and lost by the transaction the popular verdict would be " serve him right for being such a fool," but folly in commercial life becomes statesmanship when clothed in the gorgeous raiment of politics. Admitting the theory that the State was justified in succouring the Bank of New Zealand, it may be asked was the mode of rendering aid wisely conceived'? Is :it not a fact that the Bill presented |to Parliament* was based on secondhand information —on data and details which f.oon investigation proved to be wholly unreliable, and untrustworthy. Upon this worths information and without any effort te~ £^ )S t ant; '' ato the statements of Bank the colony was asked to pledge itself to tx£^ une of two millions sterling. Had Par= x liament known the real condition of the Bank on that memorable night in June, 189-1, it is extremely doubtful whether the help afforded the Bank would have taken the form it did.

Once the colony pledged itself to a tottering bank, then began a series of discreditable intrigues. A smart effort was made to amalgamate the Bank of Zealand and the Colonial Bank, but the temper of the House and the exor-. bitant terms of the Colonial Bank effectually stopped all efforts of amalgamation. In 1895 the overhauling of the affairs of the Bank of New Zealand before the Joint Committee of both Houses disclosed the fact that this institution was not merely t-otcor-ing, but was in a hopelessly insolvent condition. The two millions already given to the Bank was used as a lever for squeezing more guarantees. To save the two millions, we were told that we must pledge ourselves for several additional millions, and on the force of this, mouthed, as it was, by the leaders on both sides, the Act authorising the additional guarantee was passed. Some of the rank and file on both sides of the House, shrewd men too, competent to judge clearly and fairly of the measure, dissented from the Act, but it became law. As part of the measure of relief was the purchase of the Colonial Bank, the agreement embodying the t-rms of sale, which was <. .-•.■ need to Parliament, was a marve' : ''>usly well drawn document. How m-.ith ociieeait*i in its well perio d and tech - nical just beginning

allurements o£ Westjralia have Parted too much for. Uvi wild and ini}. e mous nature of the New Zealand youta and we frequently have the spectacle of promising young men with \ y,Manfl«w before them, being literally carried away with the accounts of wonderful discoveries of gold, indeed, they have often been of such a nature that the most firmly-rooted of us have thought it would be only necessary to get there, and we would be able to till our pouch with the precious metal, and return and enjoy it with our friends. Great numbers, too, have actually gone with this idea ; but how vain the delusion ! Wo remember a fev years ago the great Kimberley rush. The suffering, loss of life and property there has not been sufficient to convince people in this colony that the resources around their doors are great in comparison with those they go afar to seek. Feverstricken Coolgardie contains the graves of numbers of stalwart and bright young men, who have left good situations to seek their fortunes. It is only quite recently, too, that Hastings has contributed to the number of departui-es to the new El Dorado, passing by goldfields at their own doors. It may not be generally known that the Auckland field is turning out more gold than that of Coolgardie, but such is the ■Aase ; and not only that, but we have hunu&fla °f miles of practically unexplored which only requires money to thS^g hl y _ prospect. The disadvantages otNgetting to the goldfields of West AusflSg- oan onl y faintly imagined by have not been there. The salt-bush country description, and the which last Octo^^^^^^^^H of February, indeed seldom that a falls.—is sufficient to of the strongest men. is the percentage of cessful the search How many have be enough to strike The percentage been computed by an not more than one in a been successful. much higher in some this colony, but the relevantly higher, so to be gained by Recent accounts to hand unsatisfactory nature. employed miners are centres and these somewhat confirmed into account the threat held over the Newcastle by the mine proprietors, event of strike "stranded miners" tralia to take the places To those who have a desire the West we would say Surely the prospects^i^h^^^^^^B

rr tfj—make would-be seekers $ ponder well before taking