PARLIAMENT

Northern Advocate, 5 September 1913, Page 3

PARLIAMENT

I HOUSE OF REPRESENTATIVES. YESTERDAY'S SITTING. (Press Association.) WELLINGTON, Sept. o. THE PROPOSED NEW BANK. The House met yesterday at 2..'!0 p.m. Mr Myers (Auckland East) moved the third reading of the Commercial Bank of Australia (Limited) Bill. The Hon. D. Buddo (Kaiapoi) we - corned the advent of another banking institution in New Zealand. He thought that it would be a great benefit to farmers and traders, who would be largely assisted by the increased banking facilities.

Mr Ell (Christchurch South) said the advent of the bank was not going to help matters in the least. Did anyone suppose that there was going to bo any competition amongst the banks? There was not the least chance of it. The rates of interest and all other charges would be the same, because there was combination amongst the banks as there was amongst all big financial institutions. Our banking system was obsolete, and it was time the State took up the question of currency and declared every bank note legal tender.

The Hon. Sir J. G. Ward said it had been predicted that the price of wool would fall, but he did not believe it. The man who had a few hundred acres and ran sheep was on the best wicket in the world. He had time and again looked into the matter of State note issue, but he had some doubt as to the wisdom of adopting such a course as had been adopted in Australia. He thought it was practically impossible to establish a State bank in this country. He held that this country should establish a system of agricultural banks.

Mr Myers said the note issue of the banks operating in the Dominion was £1,715,059, and they held gold, bullion, metals, etc., to the value of £5,016,557. The Bill was read a third time after Mr Payne (Grey Lynn) had called for a division, which lapsed owing to his inability to secure a teller. The House adjourned at 5.30 p.m. EVENING SITTING. « The House resumed at 7.30 p.m. The Bank of New Zealand Bill, Irrigation and Water Supply Bill (providing £100,000 for the irrigation of Central Otago), Land Drainage Amendment Bill (providing for the levying of a rate of three halfpence in the pound for drainage and for bringing into the rateable area land otherwise excluded), were read a second time. The Auckland Weekly Half Holiday Bill was read a second time pro forma, and referred to the Labour Bills Committee. The House rose at 2.3 0 a.m.