POLITICAL INTELLIGENCE.

Otago Daily Times, Issue 11200, 24 August 1898, Page 2

POLITICAL INTELLIGENCE.

(Fkojc Ovr Own Cobrespondent.) WELLINGTON, August 23. THE BANKING BILL.

i The debate on the second reading of the Banking .Bill was continued to-day in the Council. The Hon. Mr Bonar, in the course of his remarks, said he had taken the trouble to obtain particulars of Mr Watson's purohase of some of the'batik's shares, and he found that only 20; shares had been bought by Mr Watson. The trustees in the estate of a recentlydeceased person .were anxious to get rid of these shares, and he believed he was right in saying that they had, in order to get quit of them, paid £1 per share towards the unpaid calls. He combated Mr Montgomery's argument that the shareholders had received fat dividends in the past. There were, very few of the present shareholders who had received those dividends! but there were many wtio wore'misled into buying shares at as high a price as £17. He knew men who had bought shares at £17 who had been worried into a lunatio asylum by their losses. After thj bill had been read a second time on the voices. Mr Ormond moved the motion of which he had given notice^—viz., to refer the bill to a | Select Committee. He gave his reasons at I some length. The directors had a right, lie said) to refute the charges of extravagance that.had been preferred against them. It was : his intention to move in Committee that the auditor have st seat'on the board of directors, but no vote. -He also wished to make pro visions for the 'auditor's offi.ce being made a pateiit;one, the same as that of the Controllergeneral's, and he would move that it be his duty' to attend meetings of the board and wa,tch: its-proceedings in the interests of the colony... In the event of any business or proceedings being adverse to the interests of the colony, 'the auditor should exercise the power j of in regard to such business or proceedj ings. He would also propose that the audi- [ tor, in reporting to the Colonial Treasurer, should not give information regarding the accounts'of any customer of the bank. The discussion on MrOrmond's motion was continued in the evening for about two hours', but nothing new transpired.. There was apparently a large majority against the "motion, and Mr Ormond, therefore, did not press it to a division, .and: it was lostron the voices.'-The bill will be committed on Thursday, '•■■■