Sir Robert Stout on the Banking Legislation

Southland Times, Issue 13434, 21 April 1896, Page 2

Sir Robert Stout on the Banking Legislation

THE "0" LIST. (By Telegraph.) New Plymouth, April 20. Sir Robert Stout delivered a political address here to-night to a large audience and was well received. His speech was in many reopects similar to others recently delivered by him but he dealt more fully on the banking legislation. He said that the 1894 Parliament was assured by the Government that the two millions guarantee would be amply sufficient for the purpose of assisting the Bank of New Zealand and saving the colony from a financial crisis. In 1895 they Baid further assistance was required in order to save the two millions already guaranteed. In this way the Government had kept up a system of telling half-truths which deceived Parliament and the people. There w&s a clause in the banking legislation which no one but the Government understood at the time, giving authority to the purchasing bank to make certain concessions to certain clients of the Colonial Bank. The way in which the clause operated was first pointed out by Judg* Williams and it was a revelation. Sir R. Stout hoped that the names of the favoured clients in the "C" list, who had their indebtedness forgiven them by the Bank of New Zealand, would yet be made public. If any of such clients were members of Parliament then the banking legislation of last session was the most corrupt ever passed in any country. He criticised the new policy of the Government, stating that there was really nothing in it. State fire insurance was ridiculous ; the abolition of distraint for rent a farce, nnd the abolition of special juries unwise. It was absurd to say that the Government by legislation could tix the rate of interest : if Parliament fixed the rate at 2 per cent, money would bo withdrawn from the colony and taken elsewhere. They could no more fix the price of money than they could the price of butter or any other produce. The new policy of the Government was valueless. He advocated purity of administration, which could best be secured by means of returning good men to Parliament, and the referendum and aa elective executive. At the conclusion of his speech a vote of thanks to Sir Robert was carried by acclamation.