The Hastings Standard Published Daily. MONDAY, SEPT. 21, 1896. THE COUNCIL'S REPORT.

Hastings Standard, Issue 126, 21 September 1896, Page 2

The Hastings Standard Published Daily.

MONDAY, SEPT. 21, 1896. THE COUNCIL'S REPORT.

For the cause that lacks assistance, For the wrongs that need resistance, For the future in the distance, And the good that we can do.

The Banking Committee of Inquiry set up by the Legislative Council has sent in its report, and we venture to say that those who expected serious disclosures will be sadly disappointed. Of course the main interest centred round the late Colonial Treasurer and hrs connection with the Banking Legislation and the report shows how completely he has been the tool of others. His constant reiteration that he in no way influenced the Banking Legislation of last year was refused credence by political opponents ; but now that impartial tribunal has emphatically cleared him of the imputations we hope to hear less of Ward. The Com mifctee, very rightly, we think, direct attention to the unfortunate position in which Mr Ward placed himself by not resigning his portfolio when be knew of his financial embarassmeats, but it is to his credit that, notwithstanding the many temptations thai must have existed and to which a weaker man might have yielded, he kept himself from falling. AVe cannot, however, excuse him for jetaraiag his

position as Colonial Treasurer, when his financial affairs were in a pickle and liable to come into conflict with his public duties. The finding of the Committee that the Bank is likely to recover its position if left alone, is but a repetition of what the officers of the Bank have said time and again, and it is manifest also even without the statement of the Committee that Parliamentary enquiries such as that to which the Bank has been subjected this year, if repeated, will ruin the prospects of the institution. The working of the Bank since the legislation of last year appears to have satisfied the Committee and the credentials of both Mr "Watson and Mr Mackenzie are accepted at face value. The side agreement entered into between the Colonial auditor and the Bank as to reinstatement in the event of certain eventualities is properly condemned as placing Mr Butt in a false position. This point Mr Butt himself has acknowledged, and an alteration will of course be insisted upon. Most people will agree with the recommendations as to the Assets Eealisation Board. It is a well-known fact that there is no market for the sale of large properties, the Land for Settlement Act has killed that, and under the circumstances it is the duty of the Government to absorb the estates as opportunity offers, but such absorption must be strictly in accordance with the requirements of the people, and only such estates as are suitable for settlement should be purchased. The recommendation as to an improvement in the form of balance-sheet is distinctly good. The tendency of all joint-stock companies, Banks particularly, is to endeavor to conceal as much as possible, and a balance-sheet very seldom discloses the truth ; and of all documents issued by joint-stock companies a balance-sheet ought to be the most truthful and the accurate.

Taken altogether, the report of the Legislative Council Committee is considerably in favor of the Government. Their attitude and connection with the Banking legislation has been entirely in the interests of the colony and above suspicion. The only fault —and it is a fault that cannot be pardoned—is the stupidity of Mr Ward in retaining his official position when his own interests and those of the country demanded that he should have retired. If the Government erred in coming to the assistance of the Bank and if their first efforts fell short, it was due to the slender information supplied by Mr Murray, information which he could have furnished but withheld for his own purposes.