THE BANKING COMMITTEE.

Nelson Evening Mail, Volume XXX, Issue 210, 5 September 1896, Page 2

THE BANKING COMMITTEE.

YESTERDAY'S SITTING.

[United Press Assooiation.]

Welungton, September 4. The Banking Committee resumed at 11 o'olook to day. Members handed in thequeetions they desired answered by Mr Murray in Sydney, and oonsiderarion of these questions was deferred till to-morrow

From a statement put in by Mr Watson, it appeared that the cost of floating £1,500,000 worth of debentures in 1890 was £305,286. Aooording to another statement produoed by Mr Watson, the sheep on the Estates Company's propartiea as valued by Mr Foster on 31st March, 1895, was £147,984. At that time the amount written down was £94,063, and the amount written up was £83,380. By some mistake witness explained that the amount written np was about £11,000 less than the amount written down.

Mr Sedlon resumed the examination of Mr Watson. Witness promised to pro. duco a return showing all the accounts taken over by tbe Estates Company since its foundation. The attorneys ol the Company would not allow any writing down of the book value of shefp on the properties when they took offloe, though Mr Foster wished to ilo so. Witness oould not say whether anything had been written down for depreciation in pasture on stations, but Mr Johnston, Chairman of the Board, would be in a position to give the inform _tion. Witness could not say why the Estates Company took up a half share in the Matamata Estate for £81,649, when its property tax value amounted to £53,342, The Company from which the Matamata Estate was taken over owed bank £285,000, but witness knew nothing of this Matamata transaction The value of ths produce shipped home from the Bank's estates was said to be £90,000. Witness said the legal advice was that the amount oould not be treated as inoome until the money had been aotually reoeived. He believed the Assets Realization Board which now had control of the properties of the Estates Company had last year made £58,000.

This oonoluded the re-examination of the witness by the Premier. Mr Montgomery re-examined witness reapeoting the Estate^ Company's properties, and the Oommittee then adjourned. Tire Banking Committee to-day is considering the mattor of Mr Watson, President of the Bank of New Zealand, who has refused to answer a question regarding the private affairs of Mr Murray.