THE BANKING COMMITTEE.

Otago Daily Times, Issue 10449, 27 August 1895, Page 3

THE BANKING COMMITTEE.

. SPECULATIONS AS TO THE REPORT/ •■-*■• \ A LOKG SITTING EXPECTED, (Faojt Otni Own CqtvfiesponbeNt.) Wellington, August 26. Like a historic CooimUtee of Public Safety, the Joint Committee'of the Houses on tho banking question is always sitting. This is a somewhat sinister illustration, but, deubtless, in tho opinion of mitny persons, not more so than the occasion warrants. As to its doings, while the lobbies and places of public resort are filled with more or less of rumour, nothing authentic has transpired. The balanea of evideuce would seuia to indicate that there is still disagreement. As to the cause of disagreement, I conceive that, it is by reason of the bank's representatives fighting for the larger demand that they first, intended to obtain with the concurrence of the Government. That'demand I think they will be unable to carry, in which (went I cannot get newer to the alternative proposition than indicated in my despatch published in your issue of Monday lrtßt—that is, to put it shortly, a million and a-half of guarantee, and the Batik of New Zealand to ba the *ole ba.Dk of issue for the whole of the note is«uo of the colony, without tbx obligation to hold "ooin for cover" for its own note issue. It thus appears that the one thing certain to b« contained in the report of the, cotitinittee will bs the necessity for a large guarautee: Aud howc-.var well that pill may ba gilded with Attractive considerations, the House will make an extremely wry face when the Premier, compels it to be swallowed, ■ A PAKTV QUESTION. The Premier will not only, I understand,, strain, if necessary; the allegiance of hia followers even to the breaking point, but the business will b« brought to a rliscjncfc issue before the House rises, which will ct rtainly mean an allnight Bitting and quite possibly far into Wednesday. The efforts of the Government, however, will bo to, procure adoption of the report and carriago of the bill in both Houst-s before the bank opens its doors on Wednesday. There ate signs to-day that the recalcitrant members of the Government party are being whipped ' into line, and that some of those who delivered ' themselves of brave words of adverse intent last ' weeik will be found in their accustomed places in the "aye" lobby when wanted. Still a protracted debate seems a cer- i tairity, for upou so morneutoue a question, as to which the attitude of the country is , almost an unknown quantity, the majority of members will seek to justify their vote to th.eir constituents^ through the colnmne of Hansard. then there is, or wan, a determination to stonewail the measure, and the. passage of tbfl bill •will furnish plenty of opportunity if the stonewallers are properly led. the new Standing Orders notwithstanding, Altogether there is promise of a very animated, if not s.tqrrny, sitting. But it is bsliaved the Premier will be able to quell the stjorrn, ttjough not without some difficulty. To jus&ify the proceedings to their constituents is what at this moment is sorely taxing the wits of the majority of- the Ministerial following. As I write (9 p.m.), the committee is still sitting. If the committee aje unanimous thn report will cortaiqjy be carried in the Hqusq of Rp.presenUfcives. and the Council ro«ybe relied upon in that event to do likewise. • ' . Wl? COMMITTEE CONCLUDE. ' The Bunks Coininittpq ross at 10,30, and, it is nndersftood, havq agreed upon their rqpurtj, which will certainly be brought doy»n tomorrow evening. I think lam safe in saying that the terms of the bank—which oifans the major liability for the country—have been acceded to. in which event, if tho House adopt the report, the country will be committed to an enormously increased liability. AN UWr.rKE!*V TCKPO^T. . I learn on whit appears to be good authority that the Governmeut contemplate the stoppage of all press messages after presentation of the report until after the decision of the House shall, have, been arrived, at. This is so extraordinary and unprecedented a proceeding as to appear incredible, but \t \if current, and is believtd among responsible perpopp jo various quartprs. For my part, as yop know, I attach sufficient' importance to it to have taken all possible precautions to discount the intention, if ib, is mtaut, as far as may be possible.