Bank of New Zealand Legislation

Hawera & Normanby Star, Volume XXVII, Issue 2762, 3 July 1894, Page 3

Bank of New Zealand Legislation

• • :: — ■' • j - ,v - ' ( ' ' OUTSIDE OPINIONS; , ! r. '■'< '} '(jiJß ' PBBSS ASB(iOIATION.) fp Hi: V / . - LONDON, July 1. ? ; Tfce Finandial Times comments pn the aotion of the New Zealand Government -, t towards tbe Bank of New Zealand. ;..',.,: -- . MELBOUBNE, July '- Sir J, B. Patterson, Premier, enlogißee' tbe aotion of the New Zealand Govern- r ' meat respecting the Bank of New Zealand, whioh he considers to be statesmanlike. " .He adds that if the Viotorian banks had :- * stooa together last year they Would have , « been assisted,* bnV they would not, an<J ,' juthere were too many for tbe .Government VfaMih. gjD^,^^,;- ' ' The announcement of the passage, of '' f the Bank of New Zealand Share Guarantee I tiills"has created very little Btir this morn1 ing, and business of ; f he lodal branch is I J'eveti l«sff lively- tban nenalon a Satarday. „ „ i. . • .; JulyS. ,; Tbe Herald Bays the Government |aßbed 1 with comroendable promptituie inr.tbe 1 matter of the bank emergejapy. Ajt.-tbQ same time tbe, new Act cod tains some; featnreß wbieh may cause it to be regarded as tbe thin end of the wedge of a. i vstate bank. The working 1 of the'bankwill be watched with interest, on its financial as well as its political Bide. Tbe Herald; admits tbat good may be done f without committing the .colony to Jtbe , ' establishment of a, S^ate bank. „:.',. V' 1 The ' Telegraph says t&e step averted a v'u ' orisief arid 'will' accomplish' its aim/ but for ! the 'rature - the bank will have to, be' regarded as a State bank. It wonld Have 1 been wiser to at once have converted tbe whole existing capital into three or three and a half per cent, stooks, and. issued tbe ne*w capital as a State loan. ''At present tbe state ifi not justified in taking, tbe entire control out of the hands of tbe ordinary shareholders, as it ib doing.' The, sitnation is an anomaly, and we shall in due time find tbat tbe bank will be. the o'd!y*nbte'ißßning institution in tbe colony, and the existing proprietary will- be "(educed to the position of annuitants. Tbis would be far more workable* and ar 1 more* satisfactory baeie. , Whereas in; New ( . Zealand t there is-onej jcyerpowlering Ifibanoial. inatitation wbioh is already tbe Government bank,' and tbat .institution, admittedly in diffioalties, warranty^is* given for State interposition, which oonk} mot bai found in colonies likewise , jsituated, voA although the New Zealand , Government, are taking, upon themselves, . ■otjaties, mbioh will, ia fsjef $je future , haras's. t them'at'many pointß,, if Is rigfat'tq admit '^blliere was. some temporary, jnstifiefo»bn for converting the biggest b'adk in Ihe colony: into a'fitate bank. 1111 11' 1 c ' ' .7/