The Banking Inquiry.

Hastings Standard, Issue 120, 14 September 1896, Page 2

The Banking Inquiry.

THE COUNCIL'S PROBABLE REPORT. AN IMPORTANT DOCUMENT. [By Teleghai>h.] (From our Special Correspondent.) Wellington, This day. The report'of the Legislative Council Banking Committee will be presented to-morrow. It is surmised that Mr John Murray will be taken to task for not disclosing the position of the Estates Company when urging the Government to bring in amended legislation in 1895, and that the Minister will get a rap over the knuckles for not insisting on a full disclosure of the Bank's position before asking for the two million guarantee. Stress is certain to be laid on Mr Butts holding an agreement by which the Bank of New Zealand are to re-instate him in the position he held before accepting a Government auditorship in the event of his losing the latter office, and the Committee may be expected to recommend the immediate cancellation of this arrangement, the object of which was to preserve Mr Butts' claim on the Bank's Pension Fund. As to the famous "Oats " transaction the Committee are sure to find that no warrant existed for the 80,000 bags given to the Colonial Bank's inspector by the manager of the J, G. Ward Farmers Association. As to Mr Ward's position the Report will probably be in the direction of expressing regret that as soon as he discovered the financial position he did not resign his office as Treasurer, particularly as his relationship to the Colonial Bank made it unpolitical that he should be a party to the Banking Legislation introduced by the Government. At the same time it may be surmised that both Mr Ward and the Government will be acquitted of anycorrupt aet in connection with "the Banking Legislation. As to the future of the Bank of New Zealand additional representation on the part of the colony on the Board of Directors is sure to be advocated.