THE BANKING ENQUIRY.

New Zealand Times, Volume LVIX, Issue 2923, 12 September 1896, Page 4

THE BANKING ENQUIRY.

The Conclusion of Mr T. G. Macarlliy’s Evidence. At tho banking enquiry yesterday, Mr T. G. Macarthy’s evidence was continued. Ho produced a statement showing that the number of accounts closed in Central Otago since the taking over of tho Colonial Bank was seven, amounting to ,£14,277. One of tho accounts had been withdrawn owing to friction which had resulted when enquiries were made. In reply to Mr Montgomery, Mr Macautiiv said he could find no fault with Mr Mackenzie ns general manager. Witness had a high opinion of Mr Watson’s integrity and ability, and generally he had confidence in him as president of tho Bank. Mr Watson was a man of strong convictions, and, so far as the Colonial Bank was concerned, old associations might prevail with him. He looked upon Mr Watson as a very able man, energetic and attentive, and witness did not know any man ho would prefer to see as president of tho Bank. But in such a question as the appointment of an ollicer, if Mr Watson said that such-and-such a man was best fitted for the post, he did not easily give up his opinions. What he meant was that he stuck to it until he was shown to be wrong. (Laughter.) Witness thought that the discretionary power of tho liquidators should bo extended. Owing to their limited power, serious injury might result in some cases. He remembered that .£150,000 was invested in New Zealand consols j he could not recollect the date, but it seemed to him that those questions were dealing with private business. He did not think the directors would sanction an investment of the kind unless they were quite sure it was a sound one. He was of opinion that both the Premier and Colonial Treasurer wore under tho same declaration of secrecy as the directors of the Bank, and should know more of tho business of the Bank as to general management than they did at present. It would bo hardly right without very serious consideration to answer tho question whether they should, know anything of private accounts. His suggestion was that their information should deal merey with general management. Witness wont on to say that ho was quite satisfied with the purchase of the Colonial Bank. The economies and profits would moan ,£30,000 or more, setting aside tho question that by tho purchase the Bank of New Zealand had practically disposed of a very serious competitor. Unless some serious calamity occurred, and if the Bank was carefully looked after, there was no doubt that it was only a question of time for the Bank to meet its liabilities. This enquiry was doing tho Bank harm; but in tho final result, when tho public knew that everything had boon thoroughly examined, and that tho worst was known, it was probable that tho enquiry would prove beneficial. Questioned by Mr Hutchison, witness declined to state when tho ,£20,000 guaranteed by the Colonial Bank was advanced. Other questions he declined, on the ground that they dealt with private business. In answer to the Hon J, McKenzie, witness said the advance of £20,000 was now paid off. If tho Bank was to bo made a political shuttlecock of between two parties, it would be bad for the Bank and the country. During the whole time of these negotiations no member of the Government ever interfered with witness as a director, or over brought any to bear upon tho Bank. In answer to the Premier, Mr Macarthy said that if the Colonial Bank liquidators pressed their liquidation powers it would be disastrous to some of the Colonial Bank customers, and that would be due to Parliamentary interference and to tho present law. If it had not boon for the State coming to tho assistance of tho Bank of Now Zealand, tho Colonial Bank might have had a cleauing-up and gone on, .and would then probably have nursed a number of accounts now in the B list. That legislation, he admitted, must have affected a number of accounts now in the B list, and very groat hardship must have been caused, and people made practically bankrupt. Mr Macarthy, in answer to further questions by the Premier, explained that he had not suggested that the Premier or Colonial Treasurer should have a better acquaintance with tho business of tho Bank in order that they might know the position of private accounts. He expressly said that that was not so.

Mr Hutchison agreed that no impression had bean gathered that private accounts would be involved. Mr SIiCAKTHT corrected an impression which had been gathered from evidence given by Mr Booth regarding the C list. He bad seen Mr Booth, and had found that what ho had intended to convey was that no such resolution was arrived at as that the C list was not to be taken over by the board under any circumstances. What had been done was to delay the matter for further information. The committee, at 1.30 p.m., adjourned till 10.30 a.m. on Monday.

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