HOW THE LEGISLATION WAS RECEIVED.

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

HOW THE LEGISLATION WAS RECEIVED.

(From Our Own CoRRESPONnENT.)

Wellington, June 30.

From all appearances the Government and the colony have now safely passed through a very dangerous financial emergency, and have successfully grappled with what threatened to be the most serious monetary difficulty in the banking hisbory of New Zealand. Everything was quiet in Wellington this morning, and though the head office of the Bank of New Zealand waß kept busy, there was nothing in the nature of panic. As a matter of fact, the amount of business done at the bank was in great measure due to the fact that it was pay day for Government officials, and that Saturday morniug is also pay day with the business firms of the city. Still, a few hysterical women and some men whose knowledge was limited to the fact that something mysterious was in the wind with reference to the Bank of New Zealand, applied for gold, which was, of course, readily supplied to them without the slightest hitch or delay. Thus the prompt action of the Legislature and the cool-headed confidence of the authorities of the institution practically allayed all suspicion and fear. The general opinion prevails that the only inadvisable and ill-considered speech in the Houße was that of Mr Hogg, who, while professing to support the measure, approached the question entirely upon party lines, and by his personal attack upon Captain Russell and the Opposition generally irritated the whole House. The Premier made no attempt to disguise his disapproval of the words of Mr Hogg both by signs and speech. The Ministry have had a very anxious time, their fear being that the passing of the measure might be so long delayed that the morning journals throughout the colony might appear without the news of the final passing of the measure.

The Premier stated that if such should happen he had some fears that some foolish and hysterical people might be alarmed. The telegraph offices were therefore, by Ministerial orders, kept open until the Council had done with the bill. The Hon. J. G. Ward, who has been suffering for some days with a bad cold, was completely knocked up by the time the bill had become law. Auckland, July 2. Telegrams were sent out on Saturday from the Auckland office of the Bank of New Zealand to all the branches throughout the colony. The answers from all quarters is to the effect that the passing of the Bank Act was received with satisfaction, and that there was no disposition to withdraw. Wellington, July 2. Mr Murray has received a number of telegrams from various portions of the colony stating that the action of the Government met with general approval. At none of the bank's branches has the business been more than normal.