THE OTOGO DAILY TIMES WEDNESDAY, OCTOBER 14, 1896.

Otago Daily Times, Issue 10622, 14 October 1896, Page 2

THE OTOGO DAILY TIMES WEDNESDAY, OCTOBER 14, 1896.

Howbtee little the people of this colony may like'it, it is evident that this year again they have to put-up with the inevitable Banking Act. So far as a reasonable excuse could be found for this in the ever-changing circumstances arising out of the relations between the colony and the Bank of New Zealand it might be Borne with fortitude, but it is evident that while reasons exist for legislation in the necessary course of the adjustment of these relations, the occasion is made an excuse for political and, indeed, party legislation. This we consider, to say' -the least, unfortunate. Two sessions ago we ventured upon a prediction that each future year would see the birth of a new Banking Bill. "We are sorry to see evidence of the fulfilment of this. The bank threatens to become a political shuttlecock, which can only result in its becoming a political incubus. Before introducing the new Bill, the Premier appears to have treated it as a political Bill, suggesting that some members would like to see its introduction indefinitely postponed "because they don't want the Bill at all." This we think eminently probable. It may, however, be assumed that the Bill. is, to some extent, at least, necessary and desirable; what we object to in it is that what ought to be treated as an economic palliative should be used as an aggressive political measure virtually for electioneering purposes! It may well be that now that the colony is plunged millions deep in banking interests legislation from time to time is absolutely necessaiy, but unless it assumes the aspect of being regulated as to quantity and character by the actual requirements of the case sorrow will be the inevitable sequel. We have played too long with the fire, but our leaders do not yet appreciate this fact.

The Bank of New Zealand and Banking Act Amendment Bill in a great degree reconstitutes the bank. Three directors are to be appointed by Government; these are to be removable by the Governor. We are becoming accustomed to the presence of important officials who are virtually the dependents of the Government of the day; in their tenure of office we cannot but see that form of Government control of the bank which results in the bank controlling Government. The novel feature of parliamentary election to the board does not offer an inviting prospect; but as in the case of the Upper House it probably means an appointment for a long term, while in the case of the House it means auother Government nomination, the result may turn out better than can be anticipated. The salary of the general manager, fixed at £1250, is far too low. Mr Mackenzie's present salary is, we believe, £1600, which is lower

than that which he had in the Colonial ! Bank, andlower than the .estimated value .of the position according i» ideas pre- | valent among bankers. It is true that ! skilled officers may be obtained for almost all other purposes at this salary, j and even the Chief Justice gets only £1700, but the market value of the office cannot be left out of consideration when it is intended to secure the best man obtainable. The salaries of directors— i.e., £1000 for the chairman and £250 each for directors— are high or low according to whether they are expected to work or

i not. It may very well be assumed that this is a bona fide attempt to fix the remuneration, to be followed by a revision at a later date. For political as well as for banking reasons we think that the directors should be disqualified from being members of. Parliament. The proposal to abolish Mr Watson's office and then cither offer him an inferior office in the service of the bank or compensate him with one year's salary is absurdly unjust. If Mr Watson can be proved to have done anything deserving of dismissal he should s be dismissed; but if he is to be worked out of office in this way such an act on the part of the Legislature is tyrannical, and cannot honestly be justified by reference to his want of success as inspector of another bank. This again savours of an electioneering measure. An attempt is made finally to deal with the "B " list accounts of the Colonial Bank. These accounts were taken over by the Bank of New Zealand as purchaser subject to terms. They were going accounts, but not reckoned worth 20s in the pound. To ensure the purchaser against loss on these accounts, which were numerous, a large sum was held back out of the purchase money. In'many -cases, by releasing a proportion of the debt and thus compounding with the debtor, the account might be made "good" ; but this could not be done under the liquidation without bringing the matter before the court. It is understood that the, Bank of New Zealand objected to take over accounts which had been publicly brought before the court, while it was willing to take over many at a reduced sum if in making the reduction the debtors were relieved of .burdens. This provision is intended to allow the liquidators to adjust these accounts and get them taken over with all celerity. This will rapidly exhaust the " cover," but it is not likely to prove in the long run pecuniarily injurious to the Colonial Bank shareholders, while it may' prove beneficial to them.

To one provision of the Bill we most decidedly object. It is to the effect that every bank carryiug on business within the colony shall keep within the colony assets equal to its liabilities. If there was the smallest need for this it would be well, but the provision may be treated as a prohibition against the Union Bank carrying on business in New Zealand. This is the oldest bank in New Zealand, and' one of our most valued institutions. It is a great and sound bank, but its principal officer in New Zealand has displeased the present Government, hence this clause. It must be borne in mind, however, thafc the real effect is to dictate to depositors in this bank where their money shall be invested. It is another piece of the mischievous legislation of which we haye had so much of late.

Aechbishop Beksok has died with almost tragic suddenness, apparently ■while on a visit to the distinguished statesman and churchman to whose nomination he owed his preferment to the chair of St. Augustiu'e. Members of the Anglican communion throughout the world will be conscious of a serious loss, and the event is doubly to be deplored coming as it does almost on the eve of the Lambeth Conference. It was only on July 30 that Dr Benson issued his letter of invitation to the bishops, with a list of the subjects for discussion at the conference. Perhaps it can hardly be said thafc Dr Benson was a famous archbishop: he did not court notoriety in any way; but he proved himself a sagacious and thoroughly competent custodian of a great charge. When Archbishop Tait died The Times wrote: " Certainly no Primate ever realised so fully the essential unity of the great Anglican -community and its catholic function in the modern world, and none ever strove more earnestly to compose and adjust the minor differences of parties within his own immediate jurisdiction.*" Many churchmen will be of opinion that these words are at least as applicable to Dr Benson as to his predecessor. By his masterly judgment in the case of the Bishop of Lincoln it is pretty generally agreed that the late Archbishop did the Church a great and lasting service, and though his personal sympathies were undoubtedly with the High Church party, his fairness, zeal, and charitableness were recognised by the Church as a whole. If his relations with the Nonconformists were less intimate than those of his predecessor, they were, we believe, always marked by appreciative kindliness and mutual goodwill. His -virtues and qualities were written on his face—a face of scholarly refinement, purposeful force, and winning graciousness. As an organiser and practical administrator he is said to haye been specially successful, his experience as a head master having doubtless served him well in this respect, as has been the case with so many English bishops. Dr Benson, ifc may be of interest to note, was the ninety-third occupant of the See of Canterbury, reckoning from St. Augustine. Tho Archbishop of Canterbury is the firsfc peer in the realm, having precedence of all dukes not. of the Blood Eoyal. He places the crown upon the Sovereign's head; " and, wherever the Court may be, the King and Queen are the proper domestic parishioners of the Archbishop." Dr Benson fully appreciated the dignity of his position, and ho has sometimes been charged with aristocratic bias; but if there was a foible of this kind, it m?.y safely he attributed to the i exigencies of a difficult position rather j than to individual weakness. Of his j devotion to Christianity and national ] well-being, as he conceived it, there can I be no question. He has told how that j fine but slightly pessimistic enthusiast, Bishop CmtisTOPHEB Wordswoeth, once said to him: l: My dear friend, you have this great comfort before you, that probably you may be enabled to live to be a martyr." Dr Benson was not called to be a martyr, —indeed, the idea compels a smile, —bufc "he died like a soldier," as Mr Gladstone said, and he would surely have wished for no better epitaph.

In the Legislative Council yesterday a number of bills were advanced a stage. The Land Tax and Income Tax Bill, Tobacco Excise Dutits Bill, and Publio Revenues Bill (No. 2) were passed. Tho Horowhenua Block Bill was further amended- and reported from Committee. The Banking Bill and the report of tha House Banking Committee oconpied the attention of the House of Representatives yesterday, and thu debate was proceeding when tho telegraph office closed. Mr AUen moved an amend- ! , ment that tins Bank Bill be read a seoond time | I (ir months hence. i

A Wellington telegram states tbat the condition of Lady Glasgow has not changed much, except that the temperature has slightly increased. To-day being Labour Day will be pretty generally observed as a holiday. The chief attraction will no doubt be the procession and sports which follow, the latter being held on the Caledonian ground. With flne weather the harbour excursions ate sure to bo largely patronised. Io the evening the Roscins Dramatic Society produce " The Ticket-of-Leave Man" at the Princess Theatre, while those who desire something lighter will find it at the City HaU, where the Colorado Minstrels j and others give a performance. j A short sitting of the Supreme Court in i Bankruptcy wsh held yesterday morning before ! the Registrar (Mr C. M'K. Gordon), when a J creditor's petition for the adjudication of Harry ! Shrimpton, aocountant,. Dunedin, was taken. j Mr Hosking appeared on behalf of tho Bank of ! New Zealand, tho petitioning creditor, and Mr i Solomon represented the debtor. Mr Solomon | eaid unless it was necessary for Mr Hosking to | give formal evidence he would not oppose tha application for adjudication. Mr Hosking said lis had brought witnesses, but the court could, by oonsent, dispense with the personal attendance of the petitioning creditor and the witnesses to prove bankruptcy. Learned counsel put in various papers, including a judgment obtained by the Bank of New Zealand in the (Supreme Court against the defendant for £1822 5s 6d, to writ of sale and a return of nulla bona. The order of adjudication was made. "We will take no farther steps until Tuesday, October 12, so that in the interval you can consult your board, but wo desire you clearly to understand that unless this moaey—(the sum of £1655, calculated on a requisition of £11.500 for the year's operations) —is provid-sd bafore 2 p.m. on that day our resignations will be at once handed to' the secretary. So far as we aro concerned this decision is final." This was the determination expressed by Messrs C. Haynes, W. Brown, Colin Allan, H. Gourley, and W. Bridgman, as trustees of the Benevolent Inntitution, in a letter addressed by them to the Charit&ble Aid Board ou the 3rd inst. The psychological moment Arrived yesterday afternoon, whsn a meetiog of the trustees was hold, but.it did not bring with it the money tbat had been demanded. Messrs Brown and Allan thereupon tendered their resignations as members of the trust. The four trustees then remaining appointed Messrs J. Robin, J. Hazlett, and D. Baxter to fill the vacancies caused by the resignation of the two gentlemen named and Mr R. Chisholm, who retired from the trnst a. few weeks back, and that having been dona Mr Haynes handed his resignation to the secretary. Mr Gourley demurred to resigning until it should bo seen whether the three gentlemen appointed to act as trustees would accept the duties of the position, as in the other event there might be a daDger of an interruption in the administration of relief to tho indigent. Mr Bridgman did not indicate what coarse he would adopt—whether he would follow the example of Mr Gonrley or whether he wonld recede from the declaration of the 3rd inst., that "this decision is final."

A petition for the winding up of the firm of Walter Guthrie and Co. (Limited) bas been presented to the Supreme Court by the Bauk of New Zealand, and will be brought before Mr Justico Williams in Wellington. It is understood tbat no opposition will be offered to,the making of tha winding-up order. It is stated that none of the companies allied' to Walter Guthrie and Co. (Limited) will be affected by the proceedings.

Our Auckland correspondent telegraphs that a son of Mr Edwin Hesketh, solicitor, has in. vented a new and improved electric tramway patent, and a company has been formed in London to place the invention on tbe market. Au offer of £365,000 has been received for the patent rights over Australia. Mr Hesketh is at present in England. IS is stated that one of the features of the invention is the smalloe9a of the space set apart for the machinery for generating tho electricity, only about a third or a fourth of an ordinary car being sufficient to provide enough force to draw five other full cars.

The following are the names of those who have passed the nursing examination of the St. John Ambulance Association :—Third course (medallion) : Mesrianiea Downes, Logic, and Kobb, Misses Allan, A. G. Burton, O. Burton, Cunning---!, H. B. Durie, Hercus, Hitchcock, Logic, Nichol!, Reid, Stewart, J. Wright, Tyillson. Nursing certificates; MrD Calder, Misses Bridgman, Campbell, L. Galloway, Henderson, and Macgregor.

The last of a aeries of monthly invitation concerts in connection with the Pioneer Lodge of Duuedin, No. 2, 1.0. G.T., was held last evening in the Choral Hall and was well patronised, there being about 300 persons present. Mr ffiazengarb occupied the chair, and congratulated tbe lodge on the w&y they had initiated and sustained these entertainments. Songs were rendered by Mr E. Eager, Mr C. M. Campbell, Miss N. Thomson, Kiss Weir, Mr Dempster, Mr Buinpus, Miss Palmer, and Mr P. Chisbolm, and weire all well reoeived. Du^ts were given by Misses J. and J. Johnston and Misses M'Donald and Weir. A cornet solo waß nicely played by Mr G. Buckley, a mandolin solo by Miss K. P&rdoe, a baritoue solo by Mr J. Flint, and a recitation was given by Miss E. Churchill. Instrumental selections were also acceptably played. by a quartet party consisting of Miss Fraser (piano), Mr J. Fliut (violin), Mr Yf. T. BruDdell (clarinet), and Mr G. Buckley (cornet). Miss Kate Eraser acted as aceomp&nUte efficiently.

The Rev. Haskstt Smith, M.A., whose Oriental entertainments aroused the enthusiasm of the Dunedin public last year, will on Monday next commence a short series of farewall entertainments at the City Hal!, where he will present an entirely new lecture-entertain-ment entitled " Constantinople, or the Crisis in the Turkish Empire." Mr Haskett Smith is now on his way to America, .where he has secured a highly lucrative engagement for a lengthened tour through tbe Dnited Stntes and Canada. . _feis breaking his journey for a few weeks in New Zsaland and brings with him a choice selection of entirely new subjects, whilst his former entortaiuments havo beeu rearranged and improved.