THE BANKING BILL.

Otago Daily Times, Issue 10622, 14 October 1896, Page 3

THE BANKING BILL.

A MINISTERIAL CAUCUS.' AN ACKLMONIOUS .DEBATE. (Prom Our Ow.v Coruissvondknt.) • Wkllinqion, Ootober 13. Political conversation is to-d*y devoted entirely to banking matters. Business people .- j are also discussing tbe now Bunking Bill, and i there Beems to be a fairly unanimous consensus I that the proposed legislation is not likely to do ' much good. It is contended thab it will be quite impossible to get a sufficiently capable' i manager at the salary indicated in the bill, and i that the amouut of political co>atrol provided j for is dangerous. I A Government caucus wss held tbis morning, ; and the different clauses of the bill were dis-. , cujsi'.d seriatim. All went' well until clause | 11—-in regard to the "B" list accounts—was reached. Tben tbere was trouble. Messrs j Buddo, Montgomery, Maslin, M'Nab, and R. f Thompson insisted upou a specific assurance i that the clause was cot decigucd in the | interests of the directors of the Culonial Bank. IMr Seddon said the clause was necessary to strengthen aud conserve the eainiug power of j the bank, and tbe Hou. J. M'K-snzie spoke in I a similar strain. But tho»e who oppossd the clause were not satisfied, and eventually the \ Premier decided to allow members,a free hand ! wheu the clause comes to ba discussed in Comi mitfcec. Tbe matter of compeheation to be paid [to Mr Watson was also discussed. The bill fixes it at not lees than ono year's salary, but Mr O'Regan wanted the exact amouut stated. ! This proposal waa, howover, lost by a large majority. Another matter dincuspwd at tho caucus was the bills on the Order Paper that are to bo abandoned, aud tbe Premier mentioned several bills tbat he wouid allow to go by the board. It may be taken for granted, however, tbat beyond the Banking Bill no further legislation will be pissed this session, though the Piemier, I am told, mado a bid for the second reading of the Government Fire Insurance Bill.. The caucus, however, would have nothing of this. Clause 18 of tha Banking Bill, in reference to prescribing tbe foim of balauca sheets and | returns, comes in for severe criticiem, and ' clients of tho bank will probably not regard it with any great degree of satisl'acfciou. Betides lif one Government bas the right to dictate j what shall be dono in this matter other Gorera- ! meats in the other colonies would have the | same right, and if they differed in opinion it i would be a matter of impossibility for i.he bank ■ affected to reconcile tbeir balance sheets. ' Mr Seddon rose to piopone tbe Bank of New j Zealand Bill at 3 o'clock to a full House. The j upeeoh throughout was an able oue, the I Premier having evidently braced himself up for an effort. Greiit attention was I paid by members, and there ware many j interruptions, showing perhaps tbat tbe pro- ' visions of the measure will be resisted or [ keenly criticised. The remarks came chiefly i from members of thfl Opposition, such s.s Mt | Beli and Mv Alien. Sir K. Stout, itho followed I tbe Premier, began a very truncbunt criticism [by remarking upon the fall in land valuts j which had been eaured by tiie imposition of the graduated land tox. What .Sir Robert said about the way in which the bill put an cud to contracts which bod been entered into with individuals evidently made a great impressiou on the House. Tne same may be said of his remarks about thu danger of the bauk beiug made an entirely political institution. On Mr Hutchison getting up to read bis minority report there was an immediate flight from thn House, while a number of those who remained took to reading the evening paper which bad juat been circulated. Mr Hutchison read at h. very rapid rate and in a low tone of voice, his object being merely to get the,minority report into Hansard. ! Mr Bell, who followed, wa3 exceedingly forcible on the bnbject of tho president, iv consequence of the putting an end to hia engagement. He dealt >._jo with the clauses as to tbe directors, showing that the new proposals wero likely to result in a much worse board thau in the past. His speech was a severe handling of the provisions of tba bill. - • At the cveniu^ sitiiing Mr G. W. Russell resumed the debate. Mr Russell is a member of the Left Wing. Ha speaks with great fluency and readiness, and oa tbis occasion was specially forcible and vehement. Every one of the speakers complained that tbe time allowed by the Standing Orders — namely, half an hour—was too short to allow them to discuss all the important questions that arose out of this report and tbe bill. By the time Mr Duthie, who followed, had got well uuder way tbe fat was in the fire. Mr Ontbie raked the enemy fore and aft with bis trenchant criticism. At one stage there was danger of a scene. Mr Seddon interjected tbat Mr Duthie hr.d not escapud criticism himself, to which Mr Duthie replied, eomawhat warmly : "An honest man doss not escappi when he mixes up with yonr sort, and when his name is associated as mine haa been with gross lies uttered by members on those benches." Mr Speaker here interposed, and Mr Duthie withdrew the words. Mr Duthie, however, continued in trenchant language to criticise the r.ction of the Government in regard to banking matters. Meantime Mr Ward was sfteu to be preparing for action, *nd when Mr Duthie resumed his seattbe hon. member for Awarna rose to reply. Mr Wurd wen absolutely fierce in his denunciation of those whom ho considered his eiiemise, especially of Mr Hutchison. Mr Ward then turned his attention to Mr Q, W. Russell, and the debate got to the point of wbite bf at. Mr Ward, in piercing tones, challenged Mr Russell to allow bin private affairs to bs inquired iuto. '■ I'm quite pre-iared ; I'm qnite prejxired," iutef jected Mr Rusi-eii, taking off his hat and rising in his seat. " Let the hon. member agree to an investigation of his character in connection with s. certain church," repUed Mr Ward in loud toufis; "would he like me to refer to torn?" "Ref*tr to them, and don't bs a coward," replied Mr P»ussell. Whereupon Mr Ward resumed his seat, and the Speaker made Mr Rpifsell withdraw the words used. Mr Ward resumid his seat amidst applause, and then we had a shower of personal explanations. Mr Russell (Riccarfcon) was the first to rise to give his own story concerning hiß retirement as a probationer for the ministry of the Wesleyan Church. Messrs Bell and Duthie abio made explanations, and Mr Buehannu continued thei debate. He was followed by Mr John j M'E«nzie, who made s. forcible speech, speak- j iug iv loud tones, and cbsfling individual nic-mbsrs of the Opposition in a way tbat msde both sides of tbe Houso lAugh. His remarks, I however, did uot ssem to be taken seriously. The debate was proceeding r.t 2 a.m., and stemed likely to last for some time. The Opposition bave moved au amendment with a view lo giving Mr Georgo Hutchison an opportunity of making a speech on tbe bill, which he is now doing. It will probably bo well after daylight before the House rises. Mr Houston, in Com- I j mittee, is to move the addition of the toHowiug { new clause:—"(l) The bank (shall not hold j any resi property, however acquired, except j such as is rtquired for its own use, for ! any period exceeding two years from tbe j date of acquisition- thereof; (S) in every ! case wbeie r«uy real property is held by the bank f :» broach of this section, every director of the *.;an'« who is rtSiwnc-ible for or is a party to such iiraneU is liable to a penalty not exceeding £5 for -."v.'pry day during wbich such brtaeb continues." llr O'Regan is to move tbe following *. —" In ; -.-very cane where lauded property forming the ' •lecurify for advances falls into the bands of the I bsnk, ib should be tbe duty of the bank to disj pose of the same by way of absolute sale within ; the period of 12 months thereafter." ;