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PARLIAMENT.

LEGISLATIVE COUNCIL.

Wellington, Juno SO. ASIATIC RESTRICTION BILL.

This Bill was negatived on the second reading by the casting vote of the Speaker. The division list was as follows :

Ayes (for Bill), 15—Stewart, Baillie, Baanicoat, Arkwright, Kerr, Rigg, Jones, Jenkinson, Beeves, Feldwick, Kenny, Jennings, Bolt, Montgomery, and Walker.

Noes (against Bill) 16—Richardson, Acland,-Scotland, Swanson, Shrimski, Pharazyn, Williams, Taiar, Bonar, Stevens, White, Bowen, Johnston, Grace, Holmes,, and Millar (casting ▼ote).

HOUSE OF REPRESENTATIVES.

Wellington, June 80. Mr Seddon gave notice to introduce the Representation Act Amendment Bilk BANKING COMMITTEE. The debate on the Banking Conimittes question was resumed by Mr W. Kelly, who said he thought a Parliamentary Committee was the proper body to make the enquiry asked for. Mr Cadman moved another amendment : (1) That the enquiry should be made into the "affairs" of the Bank instead of the " position of the Bank; (2) that the Committee should ascertain what amounts had been written off since Ist January 1888, and what had led to such writing off; (8) that enquiry should be made into the appointment of the President and General Manager of the Bank of New Zealand, and their connection with the Colonial Bank; (4) any negotiations which may at any time have taken place between the Colonial Bank and the Bank of New Zealand and the Ministry, or any members thereof with a view to amalgamation or purchase ; (5) the purchase of the Colonial Bank by the Bank of New Zealand, with speeial reference to (a) the position of the Colonial Bank at the time of the first proposal for amalgamation or purchase, and subsequently (b) the accuracy or otherwise or representations made to the Bank

of New Zealand, the Government,, or any member thereof with reference to amalgamation or purchase; (c) the amount paid for goodwill, how it was arrived at, and the correctness or otherwise of the estimate. Mr Fraser contended that a Eoyal Commission was the proper tribunal to deal with this* question. He pro* tested againßt the proposal in the Premier's motion to enquire into private accounts of individuals, and those who voted for that would do so with the deliberate intention of betraying the Bank.

Mr J. G. Smith moved a further amendment, confining the scope of the enquiry to the immediate circum-

stances leading up to the Banking legislation of 1893. He strongly deprecated the proposal to enquire into the private accounts of individuals. Mr Seddon said he only spoke now for the purpose of denying the imputation that bis motion meant to rake up dead men's accounts. There was quite sufficient for the Committee to enquire into without doing that. Public feeling in the colony would never be allayed unless there was a drastic enquiry into the whole matter, and if-the power of the committee was

limited to 1894, the enquiry would.be a mere sham, and no good would result from it. It was largely stated that false balance-sheets had been prepared by the .Bank of New Zealand in the past, and they should find out who were responsible for that. In doing so, they would probably be able to clear the memories of those who are said to be responsible. M,r G. J. Smith's amendment would entirely burk the enquiry. His opinion was that the Bank of New Zealand at the present time was the strongest financial institution south of the line. "'■: MrG. W. Russell contended that the report of the Committee asked for by the Premier would not -satisfy the country. Mr R. McKenzie was convinced that if the Premier's motion were carried it would do the Bank more harm than its worst enemy would do. Dr Newman said he had no faith in the Premier's Committee. Hon Mr McKenzie reiterated the statement that the enquiry would do no harm to people doing business with the Bank. Mr Buchanan condemned the Premier's motion as likely to ruin the Bank. Mr Bell continuing the debate, said it was impossible for the Bank of New Zealand to show a profit if its private accounts were to be enquired into as proposed by the Premier. Mr Hogg held that every man, woman and child in the colony was deeply interested in the Bank, and it was a monstrous thing thing that its affairs were not to be investigated. Mr Pirani very much doubted the sincerity of the Government over the whole matter. He thought the enquiry should be conducted by a Royal Commission' and it should be found out whether Mr Ward knew his own position in connection with the Colonial Bank when Mr Watson was appointed President of the Bank of New Zealand. Mr Duthie said it seemed to be assumed that the Opposition dreaded investigation, but they had- nothing to fear in that respect, whilst he saw a gentleman on the other side of the House" who lost £50,000 by a certain institution. He saw no use in raking np the past. Mr R. McKenzie had no desire to

go into d.eud men's accounts, bat if it could not be, av'oided'it must be done. • Personally he favored a royal Commission.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/OPUNT18960703.2.16

Bibliographic details

Opunake Times, Volume V, Issue 191, 3 July 1896, Page 3

Word Count
851

PARLIAMENT. Opunake Times, Volume V, Issue 191, 3 July 1896, Page 3

PARLIAMENT. Opunake Times, Volume V, Issue 191, 3 July 1896, Page 3

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