THE NEXT MOVE.

Hastings Standard, Issue 48, 22 June 1896, Page 2

THE NEXT MOVE.

What is to be the next move in the Ward affair and who is to make the move ? These seem appropriate questions, and we will endeavor to ansAver them. The concluding paragraph of clause 18 of the Banks agreement says, " The selling bank may at any time require the purchasing bank to elect whether such bank will take over all or any of the accounts in the " C'' list or reject the same, and, in the event of the purchasing bank refusing to take over all or any of such accounts the selling bank shall be entitled to take over the account or accounts respectively, or require the purchasing bank to realise or liquidate the account or accounts which the purchasing bank refuses to take over, and any deficiency arising on such liquidation shall be made good by the selling bank." The next move, therefore, rests with the liquidators of the Colonial Bank, who can call upon the Bank of New Zealand to take over the account, and in the event of refusal to instruct the bank to proceed to the liquidation of the account. It was the action of the liquidators that in a measure forced the offer of Messrs Smith and Eeid,

for according to the evidence of Mr Vigers " We called on the Bank of New Zealand to hand it (Ward Association account) over. They declined, and we asked them to take steps to liquidate. Then we got the offer. We then stopped the liquidation proceedings in the meantime to consider this, till we thoroughly understood it and saw what was the best that could be done." The offer of Messrs Smith and Beid not having been sanctioned by the Court, it is safe to assume that providing no further offers are received the Bank of New Zealand will be instructed to proceed with the liquidation, which was interrupted by the offer which has been refused. The next move must therefore be taken by the liquidators of the Colonial Bank, and that move must be to authorise the Bank of New Zealand to proceed with the liquidation of the Ward Farmers Association.