Poverty Bay Herald. PUBLISHED EVERY EVENING, GISBORNE, MONDAY, SEPTEMBER 4, 1893. THE BANK BILL.

Poverty Bay Herald, Volume XX, Issue 6768, 4 September 1893, Page 2

Poverty Bay Herald. PUBLISHED EVERY EVENING, GISBORNE, MONDAY, SEPTEMBER 4, 1893. THE BANK BILL.

At a meeting of the trustees of the Auck. land Savings Bank a resolution was passed thanking the Government for their promp 1 and unsolicited action during the recent panic. The nature of the Government assistance was not stated, so one is somewhat in the dark as to the kind of help # The Bank Bill which was rushed into law could have been of no direct service to an institution which was not a bank of issue. But the telegram stating that at the close of the rush there was more money in the coffers than at the beginning may be taken as throwing some light on the subject. The institution had advanced to the colony L 125,000, probably on Treasury bills, and the whole of this mone^r in gold may have been immediately placed at the disposal of the trustees. The State would have run no risk in liquidating its own debt. It is quite possible that the Government went further than this, and made deposits in the institution. If so, the secret will soon come out. The Government Bill was most likely brought in at the instigation of the ordinary banks of the colony, the directing bodies of which must have felt * bit uneasy at the suddenness and extent of the Auckland panic, which was quite causeless. In introducing the Bill in the Lower House, the Colouial Treasurer s iid thero were circumstances which rendered it advisable as a precautionary step that the Government should be prepared as occasion arose to do what seemed necessary in the best interests' or the country. At the same time, he desired to say that as far as the Government were aware there was not any immediate or possible necessity for the Bill beiug put upon the statute book, but circumstances had arisen during the last day or two in the north of the colony which had brought prominently before every member of the House that even in a small way a financial panic in a city might arise without tho slightest cause.

The fact is also well kept in mind by most people that loss of confidence in monetary institutions of all kinds is a most catching complaint. If depositors had not completely lost their heads nearly all the collapsed institutions of Australia would be open to-day, and, if not earning large dividends, there would have been time allowed for amalgamation. The depression was rapidly bringing out the fact more clearly that there were too many financial institutions in Australia for the volume of business to be transacted. Mr Ward said it was extraordinary how the run on a powerful institution in Auckland had occurred, for it was well managed, its inTastments were sound, and it had a larga reaerre. Thero is no doubt the pratw is well deserved, but the same thing could have been said with equal truth of several of the banks which collapsed on the other side during the crisis of a few months ago. Public faith in monetary affairs ia one of the most variable things under the sun. The best measure of precaution is placing the banks in a Btate of preparedness to meet a rush. The Bank Bill, which has just passed both branches of the Legislature, is a fortifying measure of considerable strength. It will enable the banks to increase their note issue to the extent of their reserve capital, and the whole of their paper money will be irredeemable so long as the proclamation remains in force. The effect must be to very largely increase the available resources of the banks during a crisis. The Hon Mr Ward said the Government hid undertook no financial responsibility under the Bill. The notes are to be a first claim on the assets, and they are to be legal tender. . According to the Colonial Treasurer's speech, as telegraphed, the sole object of the Bill is to enable the banks to increase their paper issue ; but it was first stated that the measure was a copy of the Act passed by the New South Wal«e Parliament du»hi« the reoetit crisis, and which, it was understood, coof erred a Btftke guarantee on the note issue. Still as far aa the public- Me concerned, tkey need not trouble the* heads whethei there is a Government gaaratteo behiad the notes or not, for the affairs of a monetary institution would be very rotten indeed whose assets did not yield enough to meet the note circulation. Ihe few members in both Houses who spoke on the Bill warmly approved of it. Mr Rolleston did not think that there was any cause at all for a panic, but the wisest of men could not tell what would happen. Another measure on a kindred subject has passed both Houses. The Bank and Bankers Act Amendment Bill authorizes banks to increase their capital on an

extraordinary resolution of their shareholders. The legislation is not regarded by auyono ;is portentous of v panic, but has Him ply been undertaken on the principle tlint it is not wiso to defer locking tho stablo door until the steed is stolen. The Australian experience has taught us a lesson.

Tolago has at last got a much -needed Money Order and Savings Bank. The Abercorn Masonic Lodge has wired to the Grand Lodge for dispensation to wear regalia at Brother Maude's funeral. A small boy fell off the breakwater into the river the other day. Fortunately he could swim, and kept afloat until picked up at the end of the pier. The Wairoa coach in going through the gorge near Waerenga-o-kuri last week was stuck in a big hole in the road for a couple of hours. Eight horses were required to drag it cut. The road is said to be in very bad repair, but the County Council plead " no funds." Temperance people will no doubt be glad to hear that unprecedented success has attended the ten days' mission of Mr E. Tennyson Smith at Hobart. Although the meetings are held in the largest hall in the city on five consecutive evenings hundreds have been unable to obtain seats. The enthusiasm is said to be increasing nightly. The Kaiti Road Board met to-day, there being present— Messrs Harris, Matthewson, Harding, and Liddle. A committee was appointed to make enquiries as to the best way of affording access to Mr P. Maher's section 315. A schedule of necessary works will bo drawn up for approval of next meeting. At the run on the Auckland Savings Bank on Friday afternoon the schoolboy class who ' bad 10s or 15s in the bank were very much in evidence, and the knowing manner in which the urchins volubly discussed with each other the chances of the bank suspending because the}' had withdrawn their small fortunes was highly diverting. The standard-bred American trotting stallion "Emerson" arrived in Gisborne yesterday by the Tarawera, and was landed without a scratch. He is a, rich brown in color, and stands upwards of IG"2 hands, just the stamp of horse calculated to cross well with light mares. The silver cup won by him at the Canterbury Trotting Club's meeting on August 11th is on exhibition in Mr W. Good's window. The New Zealand Land Association, Ltd.. has received the following cable from Lunilon, dated September 2: — Frozen Meat : Mutton market unchanged, Quotations unchanged since last cablegram. Lamb market depressed. Prime New Zealand lambs arc worth per carcase 4Jd per lb. Tallow : Market unchanged. Fine mutton tallow is worth 28s 9d per cwt. Other quotations unchanged. The monthly meeting of the Waimata Road Board was held last Friday, September Ist. Present — Messrs Tombleson (Chairman), Strachan, and Bellerby. The Chairman reported that Malone's contract was completed, and the payment for the same was passed ; also that Captain Winter had completed the survey of the deviation through sec. 10 aivl 11. Mr Barker was granted three months' leave of absence. It was decided to hold a special meeting on Wednesday, September 14th. The following accounts were passed : W. Richardson £1 6s, County Council £4 4s. Mr Evett, who was recently offered and accepted the position of handicapper to the Poverty Bay Turf Club, has notified that lie will be unable to undertake the duties owing to a previous engagement with the Wanganui Club. At a meeting of the committee of the P.B. Turf Club, it was resolved to offer the appointment to Mr A. T. Danvers, of Nupier, who has accepted by wire. The names of those ladies and gentlemen who have consented to assist at Friday evening's concert in aid of Holy Trinity organ fund, will be found on reference to another column. At the concert Mrs Sunderland and Mr Oalrymple will sing a duet from the " lolanthe " opera, and Mr Woodward will sing " John Wellington Wells " from the " Sorcerer," a solo in which he was so successful at the production of that opera about three years ago. The full programme will appear in Thursday's i3sue. Indignation meetings are being held throughout the colony to protest against the order for imprisonment of an officer of the Salvation Army at Milton for playing a cornet in the street. A meeting has been arranged to be held in the Gisborne barracks on Tuesday evening. The Mayor will preside, and Mr DeLautour is to speak. The Salvationists rely on several decisions in the English law courts, backed up by the Lord Chief Justice, who, in the celebrated Whitclnirch case in 1890, said, " It is no breach of the law to go down the street blowing trumpets of herns and beating drums ; they have a right to do so. I do not see how you can distinguish the Salvation Army Band from the Guards' Band playing down the street." A painfullj' sudden death occurred on Saturday evening. Mr William Maude, a very old resident and a Justice of the Peace, whilst attending a meeting of the Gisborne Park Company in the Argyll Hotel, was seized with an apoplectic fit. Doctors lunes and Heale were summoned, but they could do nothing, the patient's heart being seriously affected, and he died within an hour of the seizure, passing away at about 6 o'clock. The body was removed to Mr Maude's late residence, from whence the funeral starts to-morrow at 3 o'clock. Sincere sympathy will be expressed with the daughter and two sons of the deceased in their sad bereavement. Two Maori boys of the same name, Paora te Riri, but belonging to different hapus, one living at Te Arai and the other at Pakirikiri, formed a company concern and went in for the business of obtaining hens at the lowest possible price and selling them at the highest value obtainable in open market. Unfortunately they based their business on a miscalculation, and the firm of Paora te Riri has been bursWip by the police. The boys appropriated two liens, the property of Rutene Kewai, and sold them for two shillings, with the result that Messrs Townley and Johnston, J.P.s, inflicted a penalty of <£1 9s each, or three days in gaol. The scene jn Queen street, Auckland, on Friday was intensely exciting. Bj r 11 o'clock some thousands of people had rushed the bank to withdraw their monc}'. Several thousands of pounds in money (including a lot of gold) was paid away by the staff during the morning, but the. bank was quite equal to the rush on it. The manager and directors did all that was possible to reassure the depositors and stop the run. During the morning the directors decided not to pay away any amounts over £a, informing the depositors that the balance over that amount could be obtained on giving notice. Great excitement was shown by some depositors. Men sent home cabs to bring clown their wives and children to draw out their money. There were several spielers in the crowd, and some women were stated to have been lobbed. One woman in her excitement, having got her money (£45) and her pass book, left both on a corner of the counter, where they were found by a clerk three hours afterwards. Several women fainted, and one or two suffering from heart disease will probably pay the penalty with their lives. During the past four years the Seamen's Union has expended the enormous sum of £154,000, all contributed by the hardworking seamen. Of this large sum £38,1X53 was for strike pay, £13,965 for law costs, and £37,026 for salaries— in all £89,944, 1 nearly three-fifths of the total. Now the union has lived almost solely for strikes — to wage them unsuccessfully and to pay for them. A policy of this kind is, of course, oxp€»sive. There is not only strike pay, but lav costs involved in defending individuals, and then the salaries of organisers and others specially engaged for strike purposes, who demand liberal pay and expenses for rushing about from port to port. Of course the union has a benefit side, but this is little better than a farce, sick pay during these four years being only £3,559, and shipwreck relief only £2,416 ; so that the sailors and others have received only £5,975 in four years, against the £89,944 spent as shown on strike pay, etc. What haa become of the remainder (nearly £60,000) is at present unknown, no balance-sheet having been published by the union officials during the past year.— ' Shipping Gazette,' July 7.

The house of Mr Andrew Young, Upper Willis street, was entered by burglars, ami a large quantity of cutlery and tableware stolen.

Mr John Anderson, of the s.s. Australia, has been appointed engineer at the Porirua Asylum, and will superintend the erection of the electric lighting plant, etc..

Speaking on the Native Land Acquisition Bill, Mr Taipua said he felt very grateful to the Government for their moderation in only proposing to take the Native lands ami leuse them for 99!) years, when they might have easily proposed to go further, and take them for 1000 years.

During the bank panic in Auckland on Friday a member of the Charitable Aid Board got a surprise whilst in the Bank. He saw nine of the applicants for relief come in with their bank-books to draw their money out.

Sir John Hall haa been presented with a handsome bouquet of white flowers on behalf of the Women's Christian Temperance Union, in recognition of his exertions on behalf of woman's suffrage. He placed the flowers iv his hat, and displayed them proudly on his desk in the House.

A Christchurch man recently met with a painful eye opener. He wedded a woman with six children (having seven little darlings himself). The fair one assured him ere the knot was tied that she had "an income of her own." The " income " proved to be six shillings per week— paid by the Charitable Aid Board. The new husband has since disappeared.

It now transpires that Sir Robert Stout cannot stand for Inangahua, in the face of a promise made to Mr Richard Reeves that, he would not oppose him if he desired to stand at the general election. Sir Robert's friends allege that ho will stand for tlie Mutaura seal in opposition to Mr G. P. Richardson, but lie himself will not state his intentions in the matter.

Mr E. M. Smith 3ays he is probably the only independent member in the House. He was pledged to no party. "They came to me, sir," he said, " and asked what party I was going to support, but I said' ' What is the use of you asking me that question ? Wait till I get down there and see who is going to support me and my measures !' " The rest was inaudible in the general laughter.

A fxtal affray occurred recently at Mount Pleasant (Victoria) after a football match. A dispute arose during the match, and as a result a fight took place between two men named Hennessy aud Conray. After a few rounds Hennessy was knocked down, and as he did not rise again, assistance was rendered him, but he was found to be dead. The deceased was 35 years of age, and was the son of a fanner living in the Elmore district.

Thirty miles from the city of Ku mamoto, Japan, is the volcano Aso Sam, which has the largest crater in the world. It is more than thirty miles in circumference, and is peopled by 20,000 inhabitants. The innor crater is nearly half a mile in diameter, and a steady column of roaring steam pours out of it. The last serious eruption was in 18S4, when immense quantities of black ashes and dust wore ejected and carried by the wind as far as Kumamoto. where for three days it was so dark that artificial light had to be used.

The reason why the Legislative Council will not agree to amendments to the Electoral Bill is well known in Wellington. The Government helped the Bill through the Lower House, comforting the opponents of female franchise with soothing phrases to the following effect : — " Never mind, the Council are bound to make some amendments, and then we can refuse to go any further with tfoe Bill because they have mutilated it."' But the Council know this, and not being inclined to play the Government's game and pay the stakes also, have apparently decided to allow no amendment at all. The engineer is hoist oil luVown petard.— H.B. Herald.

There is a flour famine just now on the Coolgardie goldfields, Western Australia. Four is selling at £3 the 501 b bag. One miner utters a warning note to persons without money to tide over the first few months, though he says of Bayle3 7 's reward claim, "It is a wonderful reef. They are only down about Bft. The stone is literally hanging in gold. It would make your eyes sparkle if you were to see it. Sir Lyons had a bucket of specimens, which he said contained 50lb of gold. There is no game of any description. The only birds to be seen are crows, and in the animal line the only things are mice, which are iv hundreds. The aboriginals are miserable specimens of humanity, being very short, and almost iv a nude state, with limbs not much thicker than sticks, and have sore eyes."