The Banking Bill.

Hastings Standard, Issue 146, 15 October 1896, Page 2

The Banking Bill.

[By Telegraph.]

(7'Vaw uitr Sjiccial Currfxpondciit.)

Wellington, This clay. After a continuous sitting extending over 23i hours, the House adjourned at 2.10 yesterday afternoon, the final stage of the Banking Bill being then reached. The main alterations effected in Committee may be briefly stated thusly : The salary to be paid to the General Manager of the Bank of New Zealand was increased to £1,750. The salaries for the directors were raised from £250 per annum each to £4OO. Clause 10, which provides that no overdraft is to be paid to any officer of the Bank, or to any company of which a director or officer of the Bank is a director, was struck out by 24 to 21. The clause terminating the contracts with the Bank officers was restricted to the president and auditor, the compensation to be awarded to Mr Watson being fixed at £2,250. Clause 14, empowering the making of agreements for the taking over by the Bank of New Zealand of the accounts in the "B " list, was struck out by 31 to 24. Clause 18 was amended by making it compulsory for every Bank to have assets equal to three-fourths of the liabilities. For the purpose of strengthening the Board of Directors the Government may appoint two additional directors, who shall hold office up till the 81st March next, and the operation of the Bank-Note Issue Act was extended till two months after the commencement of the next ensuing session of Parliament. After a very brief third reading debate, only Captafca Russell, Mr McLachlan, Mr Geo. Hutchison, and the Premier taking a hand in it, the Bill was read a third time, and the House adjourned till 7.30, so that members and reporters might take a little needed rest.