THE BANK OF NEW ZEALAND. (BY TELEGRAPH.) (FROM OUR OWN CORRESPONDENT.)

North Otago Times, Volume XXXVII, Issue 8265, 21 August 1895, Page 3

THE BANK OF NEW ZEALAND. (BY TELEGRAPH.) (FROM OUR OWN CORRESPONDENT.)

Wellington, August 20. The banking enquiry again engrossed the attention of Parliament this afternoon in both branches of the Legislature. Au interim report was presented from the Joint Commie cc, recommending that it be made a secret ona. In the Upper House this recommendation was adopted without any debate s*ve a few remarks from Mr Shrimsk*, who said that he did nob see the making of the Committee secret would prevent iaformatiou oozing out. Mr Slmmski c lied for a division, and the motion fur adopting the report was c rried by 26 to 6. The names of Messrs Ormond, Jennings* »nd W. 0. Walker were aUo added to the Committee. In the Lower House there whs a long discussion, provoked by the rambling remarks of the Premier in moving the adoption of tho report. Mr Seddon explained that no strangers or members nob appointed to the Committee would be admitted at any time to the proceedings of the Committee, bar said that the Committee's report would be sufficient to warrant the conclusions arrived at without going iuio de»- .'a. Th«y might submit a statement to (he House. Arguiug in favor of secrecy, he and evidence might be tendered, as a result of which members could earn or save money, and a large amount, too, out of craosecactions in b.uk shaies. He h»d fal confidence, however, in the members of the Committee, who, he said, were like Csesir's wife, above suspicion. As nn addition to the motion he moved that the nr mes of Messrs Pmkerton, Fraser, and Millar be added to the Committee. There was much discussion as to the suitableness of the gentlemen nominated, it being urged that the best intellect of the House should be brought to grapple with this banking position, and a feeling prevailed that it was not those most qualified who had been chosen, bub that party considerations had also weighed in the matter. Another opinion expressed was that the Committee was too strongly provided with members favorable to amalgamation between the Bank of New Zeahud and the Colonial Bank. Replying to this view, however, the Premier very strongly repudiated the assertion that amalgamation was to be allowed to enter into this enquiry. It was not In the order of reference which had been given the Committee, and the Government had endeavored to keep en-> tirely clear of amalgamation, which personally he was not in favor of. It seemed to be geuerally conceded that ib was essential the deliberations of the Committee should be secret, bub members made it clearly underbtood that the Commissioners must bring down very ample reasons for their recommendations. Several said they would be satisfied with nothing less than the full evidence being laid before the House. Mr Bell voiced the opinions of most members in saying that whilst the Commitbee muab observe a scrupulous confidence with regard to the private business of the Bank's clients, there could be no delicacy about the Bank's own business. When the House came to determine whether >he matter of the private affairs of the Bank as distinct from the private affairs of the Bank's customers mast be disclosed, the Committee mast, he said, give full reasons for its recommendations, and he would vote against any resolution without full evidence in support thereof. Mr J. W. Kelly moved to B'rike out Mr Millars name with a view to the substitution of that of Mr B. Thompson therefor, but this was negatived by 28 to 24, and the Premier's motion was carried by 29 to 25.