THE BILLS BEFORE THE COUNCIL.

Otago Witness, Issue 2106, 5 July 1894, Page 21

THE BILLS BEFORE THE COUNCIL.

Wellington, June 29.

The Bank of New Zealand Share Guarantee Bill reached the Legislative Council at 12.40 am.

The Hon. Sir P. A. BUCKLEY moved the second reading of the bill.

The Hon. Dr POLLEN objected to the Government by a side wind guaranteeing the credit of the colony under the conditions proposed by this bill. He thought it needed no prophet to predict that the prospect of the country ever getting the money the State was called upon to guarantee was an exceedingly shady one, but whilst saying this he was nob averse to affording assisbance to the Bank of New Zealand.

The Hon. Mr STEVENS objected to such hasty legislation, and 'did not like the bill because the colony would come last in the question of claimants against the bank.

The Hon. Mr OLIVER said the Council could not rejecb tho bill because the result would be disastrous.

The Hod. Dr GRACE and the Hon. Mr KERR also spoke.

The Hon. G. M'LEAN sympathised with the Government at the present juncture. He did not like the bill, but was not prepared to oppose it as he believed the Government were sincere in their endeavour to avert a public catastrophe. He thought shareholders had reason to complain that the Bank of New Zealand had not been placed in liquidation. The present crisis brought it home to every colonist thab it was their duty to take a deeper interest in monetary institutions than they had hitherto done.

The Hons. SHRIMdKI and PHARAZYN also spoke.

The Hon. Mr BOWEN objected to hurrying the bill, and would rather see it thrown out altogether than not discussed on its merits.

The second reading was agreed to on the voices, and the bill referred to a select committee, which is still (2 45 a.m) sitting. The Bank Note Issue Bill and Bank Shareholders Bill was read a second time. June 30. The debate on the second reading of the Bank of New Zealand Sbare Guarantee Bill finished in the Legislative Council at 1.45 this morning, and the bill was immediately sent to a select committee, before which the Hons. Messrs Ward, Seddon, and Mr Murray (representing the Bank of New Zealand) were examined. The deliberations of the committee lasted till 3.45 a.m., when the Council resumed, and the committee reported that the bill be allowed to proceed without amendment. No discussion took place on the bill in Committee, and it was reported without alteration and afterwards put through its final stages. The Bank Note Issue Bill and Bank Shareholders Bill were also committed without amendment, and put through their final stages. The Council rose at 4.5 a.m.