THURSDAY, SEPTEMBER 27, 1894.

North Otago Times, Volume XXXVII, Issue 8087, 27 September 1894, Page 2

THURSDAY, SEPTEMBER 27, 1894.

Tjik Government havo dono the right thing in the Bank amalgamation business. It has been said that they woro the first to propose that tho two Banks should unito, but whether this is tho caso or not they Imvo at last shown, perhaps as a matter of necessity, that they recogniso tho public good to bo their iirst concern in this rather doubtful affair. This is bo far satisfactory, and wo hope they will keep tho position they havo taken up. Tho bank managers arranged thoir terms Mid submitted them to tho Government, and fho Government, after careful consideration, indispensable to thoir undertaking to legalise tho union, and these conditions tho said managers havo practically declined. Mr Murray, on tho part of tho Bank of Now Zealand, strenuously objects to tho sixth condition, and Mr M'Loan, on tho part of tho Colonial Bank, not less ritronuou<<ly to tho fourth. Tho lion, George M'Loan does not sco why his Bank should becomo liable for any possible deficiency of tho Assets Company, and Mr Murray does not sco why tho Government should appoint ono director on tho Board of tho now Bank besides tho president, who ia also a director. This, ho says, would pjaco fcho shareholders of tho Bank of Now Zealand in a minority on tho Board, and so practically at tho mercy of persons not appointed by them, and thoreforo beyond thoir control. Why should they bo asked to agree to such a condition when they are responsible for tho future of tho Bank to tho oxtonfc of thoir paid-up capital, thoir future profits, and their reserve liability of L 1,000,000 ? Mr Murray also objects to the Government having practicably the solo control of tho Assets Company. Tho objections of both parties are perfectly proper, considored from the point of view of thair respective Bunks. Tho Government, howovor, may admit this, and yot quite properly bold that they cannot forego their conditions. Their duty ia to protect fcho interests of the colony, just as the duty of Mr Murray and Mr M'Loan ia to protect tho interests of thoir Banks. Tho Banks besides havo no claim to be amalgamated under tho auspices of tho Government. If their managers therefore cannot recommend the acceptanco of the conditions to tho respective bodies of shareholders there is no harm dono. Tho bargain is simply off, and so for the prosent, it seems to bo. Ministers havo roplied very curtly to both gentlomon that they cannot soe their way to depart from the conditions named in tho Colonial Treasurer's lettor. It now remains to bo scon whothor the B-uiks will yet accept the Government's terms, though wo can scarcely sco how they could do so after ho Btrong objections stated by their representatives. Tho coun'.ry at all ovonts will echo tho approval expressed by the llouso when tho decision of tho Government was announced. Wo shall only add that seeing tho Share Guarantee Act has virtually inado tho country responsible for tho Bank of New Zealand's liabilities, it is tho bounden duty of Ministers to tako every possible precaution against loss. There is no reason why tho shareholders of a Bank should be relieved of their responsibility by the Government any more than the shareholders of any ■othor company, and we need but say that tho Share Guarantee Act provides for tho recovery of tho money guaranteed to tho Bank of New Zealand, Tho chairman (the Hon. George M'Lean) at tho half-yearly .mooting held yesterday said tho Colonial Bank had virtually withdrawn from tho Bcheme, so that the shareholders might not be ad. vwsely wflfcgted by tho liquidation of fchs

Assets Company. Tho decision of the Government therefore pavedtho way for a graceful withdrawal. It is questionable, howover, whothor tho shareholders would have endorsed a scheme of amalgamation. Tho chairman's statement and figures to prove that tho Colonial Bank is tho strongest in tho colony are gratifying, in so far as they show that the Bank is quite capable of maintaining itß position and standing on its own bottom. Ac« cording to tho tone of tho meeting there ! seemed to be general satisfaction at tho result of tho amalgamation proposals, and this it? very heartily endorsed by tho groat bulk of the public.

" Dawn's " loiter will appear to-morrow. The annual Papakaio ploughing match takes place to-day at Peebles. Nominations for the Timaru Trotting Club's handicaps close to-morrow with the hon. secretary, Mr Fred. Watson, at Titnnru, The Hiiinpdcn ploughing match takes place on Thursday, the 4th October. The value of the standing prize in Chun A is now about LI 6, bo that competitors will have something to go for. We again draw attention to the entertainment to bo given this evening in the Public Hall. The entertainment will be a novel and interesting one, besides boinjj entertaining. A dress rehearsal was held last night, and judging by the manner in which the various performers acquitted themselves the entertainment should be a great success. The Mayor, who has been interesting himeelf in the matter of the Livingstone road, and who had written to Mr Duncan on the subject, has received a reply stating that work on the road will be continued. This is satisfactory, more especially when it is remembered that only two miles of the road remain to be formed. Tho Kobe (Japan) Chronicle reports that a pitched battlo between two detachments of frogs, numbering altogether several thousauds, was observed the other day at Taunagun, in tho Hyogo prefecture. The belligerents fought for two hours, and loft enough limbs on the battlefield to stock a restaurant for a month. Tin's closes the frog yarns for the season. A limelight entertainment te being arranged for in Columba Church, which should prove both interesting and instructive. It will consist of a toip to tho Old Country, via Suez, the return being made through America. The entertainment will j be interspersed with appropriate bongs, and | tho descriptive lecture will bo given by a gentleman who has been over the ground. A most enthusiastic meeting was held last evening in St. Andrew's Hall, to discuss the formation of a Women's Court in connection with Forestery. Some 40 ladies were in attendance, together with three members of the Committeeof tho Court Pride of Oamaru — Messrs Cairns, Hart, and Penfold. Tho former occupied the chair, and in a brief, cheery address, opened the business, explaining in a clear manner tho benefits accruing from the formation of the Court. Several questions were asked and answered, and then the enrolment took place. Over 40 names wero given in, and all arrangement wero made for opening the Court at an early date. Any other ladies desirous of joining are requested to communicate with any member of the cotnmitteo at once. Palmerston North was the place where Miss Laila Adair created the biggest furore in her New, Zealand tour, and the following is an extract from the Daily Standard : '• The process of inflation onco commenced, it was not long beforo tho heated air caused the balloon to assume shape, and in the course of about half an hour tho monster had risen to it? height of 80 foet, fully expanded, and requiring the strenuous efforts of numbers of assistants to prevent its rushing into space. All being ready Miss Leila Adair suddenly appeared on the scene, and was the calmest individual there. " Let her go," was the signal, and before anybody could realise the fact Miss Adair and her btlloon were high overhead. So rapidly did her ascent take place that a suppressed murmur of infinite surprise rose from tho crowd, and before they could recover from the sensation Miss Adair way a tiny speck iv the .sky. The descent, although not so rapid as the ascent was, was very quick, and within 20 minutes of starting Miss Adair landed about two miles away. A drag was in readiness, and she was driven round the square amidst loud and prolonged cheering to the Club Hotel. This ended an event which proved the greatest sensation here, and will undoubtedly form food for gossip for weeks and months to come, JamksGkmmjjmj invites inspection of his first summer consignment ot Scotch and English uitings, coatings, and trouserings, ex Pnkcha, A choice selection of exclusive novelties ; also Oamaru and other Colonial goods of the best quality. This Establishment lias long been noted for the first-class character of it 3 productions, Suits from 7Cs upwards, Waterproof overcoats to order and ready made at lowest current rates.— Jami^s Gemmell, Thames Street, Oamaru.