BANKING LEGISLATION.

Opunake Times, Volume V, Issue 222, 20 October 1896, Page 2

BANKING LEGISLATION.

As a sequel to the abortive bauking enquiry a Bill was introduced by the Government and duly passed by the Lower House. It provided for getting rid of the president of the Bank of New Zealand (Mr Watson) and the general manager (Mr McKenzie). Other reforms, as a kind of a blind, were introduced, but the main object of it was to wreak vengeance on these two men. When Mr Watson was appointed president we are satisfied those responsible for his appointment thought they could mould him as wax, but he is evidently made of more sterling stuff, and once in power was not to be moved from the straight path of duty by either fear or favor. All must admire the stand he took when before the committee in refusing to divulge the private affairs of clients of the Bank, and it will be a sorry day for the Bank aud the country, whenever an alteration is made, enabling any Government to vent its spleen on clients of the institution by dragging their names before the public. It is admittedly the most disgraceful proceeding which this or any other parliament has been guilty of. The Government, however, had others than their servile following in the House to deal with, for when the measure reached the Council it did not meet with approval, and resulted in amendments being introduced chiefly dealing with the famous C list, which did not suit the Government programme, with the result that after three conferences between the two Houses the Bill has been dropped for this session. There endcth the first chapter.