PARLIAMENT.

Opunake Times, Volume V, Issue 214, 22 September 1896, Page 2

PARLIAMENT.

LEGISLATIVE COUNCIL. REPORT OF THE SPECIAL COKMITTEE. The report, which is a unanimous one, says that " during the investigation made by your committee in respect to the agreement between the Banks for the purchase of the Colonial Bank, the connection with the late Colonial Treasurer with that bank has necessarily occi.ii .1 a good deal of attention. The evidence i I'vt the late Colonial Treasurer and the Ward Farmers' Association had done business with the Colonial Bank for a considerable time and that Mr Ward was the principle proprietor of the Ward Farmers' Association. The business of the Ward Farmers' Association was large, involving a a turnover of half a million a year. In June, 1895, an inspector of the Colonial Bank was sent to Invercargill to endeavor to reduce the overdraft of the Ward Farmers' Association. He obtained a draft on London for £30,000 founded on a warrant for oats. Mr Ward, late Colonial Treasurer, returned to the colony in July, 1895, and shortly afterwards became aware that his financial position was involved and also of the bats transaction, the short history of which is that Mr Fisher, manager of the Ward Farmers' Association, gave a draught for £30,000 on London, supported by a warrant for 80,000 bags of oats, but the precise terms of the authority on which the draft was given was communicated to Mr Fisher, and he stipulated the draft should not be operated upon till Mr Ward's return to the colony. It must be remembered that this was done while Mr Ward was absent from the colony, and that as soon as he became acquainted with the facts he acquainted the Bank authorities. Your Committee are of opinion that Mr Ward • tight, when he became aware that his financial position was seriously involved, to have acquainted his colleagues in the Government of his financial position, and that he ought to have tendered his resignation of office as Colonial Treasurer. Considering the financial position of their Colonial Treasurer and having in view the necessity that was then known to exist for negotiating for the purchase of the Colonial Bank and passing of legislation to give effect to the same and the knowledge that those transactions and that legislation must neoessarily affect him, it was, in our opinion, extremely unfortunate that Mr Ward should have continued to hold the office of Colonial Treasurer. Your Committee think it right, however, to state that they found no evidence to show that Mr Ward was associated with the negotiations for the purchase of the Colonial Bank."