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Pahiatua Herald, Volume II, Issue 174, 13 July 1894, Page 2

Ever since the Bank of New Zealand Share Guarantee Act was passed and the appointment of the President of the bank became a (Wppminent appointment, the name of Mr J. R. Warburton, the present Public Trusteo, has been bandied about as the likely nominee of the Cabinet. The appointment of Mr Warburton would not by i any means he popular with tho eom- , mercial community of the large centres, | hut it does not follow that Mr WarI burton is unfitted for the position, j True, he has had no hanking ex- ! perienee hut that instead of being a j disqualification is one point in his ! favor. The past 12 months has shown j that hnsikiiig experience and financial ! wisdom count for very little, otherwise j tho sorry spoctaclo of ro many hank i failures and suspensions would not J have been witnessed. Mr Warburton is endowed with prudence, tact and administrative ability ; his association with the Port Office and Public Trust Office have given him a clear insight into figures, und with his native shrewdness and sterling honesty of purpose he would make a capable hank president. The Government might do worse than appoint Mr Warburton to the position.

I t mh os Act Aiuniiliiii lit, l.ili in irndueed bv ti 10 Colonial Treasurer will bo welcomed by those who hoU perpetual loam s ami leases in per potuity, for it provides for trustees to invest trust funds oil mortgage of perpetual loassholds and leaseholds in perpetuity, either under the Land Act ortho Wi st, Coa. l Soldonieut Itoacrvcj dot. provi l, d j in provomonts required under too Isaacs have been completed : the 1# isee

is entitled to compensation for improvements and the amount advanced dees not exceed a third of the value of the lessee's interest. This is but just and proper, for the exclusion of this class of leaseholders from the privilege of obtaining cheap money has always appeared to us an anomaly. The perpetual lease was introduced in the interests of those with limited capital and it seems the aome of absurdity to lnr them from any privileges that are enjoyed by those holding land under ot her tenures. Under proper restrictions and careful valuations, perpetual leases with compensation for improvements offer fair securities for the investment of trust funds, and should the measure become law it would tend to increase the number of perpetual leaseholders. The bill is a sVp in tho right direction.