The Temuka Leader. SATURDAY, OCTOBER 1, 1892. THE COLONIAL BANK.

Temuka Leader, Issue 2406, 1 October 1892, Page 2

The Temuka Leader. SATURDAY, OCTOBER 1, 1892. THE COLONIAL BANK.

Foil sometime past it has been whispered that the next meeting of the Colonial Bank would disclose unsatisfactory results. The meeting has now been held, and judging at all events by appearances the bank is in a flourishing condition. It has paid a dividend of seven per cent, put £2500 to the reserve fund, and carried forward £8126. Another healthy feature is that while it owes other banks only £1162, the other banks owe to the Colonial £12,641. It is, therefore, in a position to pay similar institutions £l2 for every £1 it owes. The Colonial bank appears to be in as sound a condition as banks generally are. They are all sound so long as the public repose confidence in them, but iio»e tf- them cquW stand, anything of

a serious run. The fact that £2,306,296" is on deposit in the Colonial Bank shows that it has secured a large measure of public confidence, and as it is not easy to frighten New Zealandeis into suspecting the stability of their banks it may be taken for granted that the Colonial is safe. New Zealanders may certainly be given credit for having great faith in their banks. There is not probably another country in which the Bank of New Zealand would have outlived the storm through which it passed a few years ago, but fortunately for itself and the country, the people never lost faith in it, and the consequence is that now it is sounder than ever. We are not very much in love with banks, but whatever our prejudices may be, we must not overlook the fact that the Colonial Bank is, strictly speaking, the only local monetary institution we have in New Zealand. All the other banks are managed in other countries, but the Colonial is a locally managed institution, and its shareholders are almost all, if not all New Zealanders. It is therefore the only New Zealand bank we have, and consequently it behoves us all to "Be to its faults a little blind, and be to its virtues ever kind." It is now seeking to get a share of the banking business of the Government and we see no reason why it should not get it. On the other hand we see strong reasons why it should get it. It claims support on the ground that it rendered good service to the colony some time ago, but we do not attach so much importance to that as to the fact that it is what we might call a " local industry." We shall never come to anything in this colony until we become patriotic—until we feel a pride in our country and in her institutions. The present Government has set us a good example, and has gone a good distance towards inspiring us with this feeling, by inaugurating a policy of self-reliance. When at the time of the Maori wars, the English soldiers were withdrawn Sir Frederick Weld instituted the policy of self-reliance, and that proved the best thing ever done tor New Zealand. Just as Sir Frederick V r eld did without the assistance of British soldiers Mr John Ballance has resolved to do without the assistance of the British money lender and has thus re-inaugurated the policy of selfreliance. The result so far has been more than satisfactory. We are beginning to realise our vast resources, we look with almost surprise at the great expansion of our exports, and at the growth of trade and commerce, and Ihus a feeling of pride in our country is being inculcated. The more this feelis inspired the better for us, and in no way can we do that, so well as by giving a preference to our own institutions. The Colonial Bank is a local institution and the Government would certainly do well to give it a helping hand. The British Government has practically a partnership in the Bank of England, and we see no reason why our Government should not make somewhat similar terms with the Colonial Bank, more especially if they are going to float debentures locally, and cease borrowingin foreign countries.

FOILED AGAIN.

Mb Rollkston's position in Parliament a few evening's ago must have been really pathetic. He appeared as if he would tear down the House, if the Government did not lay on the table the cablegram to Lord Glasgow, and also any cablegram from the Agent-General, relative to the Legislative Council appointments. Mr " "Moa told him that the Government I-n "** a.. J cablegram received by never saw the .. J the Governor, and i... w * munication whatever had been . ceived from the Agent-General, and Mr Rolleston collapsed. He had been building on finding out some under-hand dealing with regard to the Agent-General, and was completely nonplussed by having been disappointed, There is a cry to the effect that instead of appealing to the British Government, the Ministry ought to have resigned The effect of resigning would have been that Mr Rolleston would have formed a Ministry, that a vote of no confidence would have turned that Ministry out immediately, and that there would have been a general election. We have seen it stated that a general election costs about £IOO,OOO. so by not resigning the Government saved that amount. We think the electors of this colony will feel very thanful to the Government for not putting the country to the cost of a general election, and a double session. Since the above incident occurred we learn that a cablegram has been received from the Agent-General, and itself and the Governor's cablegram have been laid before Parliament.

THE -GOVERNOR.

Tin; Tory papers have placed His Excellency the Governor in an awkward fix. It would appear that the Opposition Party in Parliament lost their heads when the news about the Legislative Council appointments was received. They spread all sorts of stories, and appeared as if they would like to tear Mr Seddon to pieces, because he would not give them information which he had not got. Next morning there appeared in the Press, the Otago Daily Times, and the Auckland Herald, a "eport of an interview with the Governor, in which elaborate details were <riven, and when His Excellency saw it, he caused his private secretary to get the papers to publish that he had never been interviewed, and never consented to be interviewed by any reporter since he came to New Zealand. This made it look that what had appeared in the papers above-named was all false, and of course the reporters were thrown on the defensive. They now assert that they went to the Government House, that they saw the Governor's private secretary, through whom they held an intwvww with the Governor. TJiey*

put questions to the secretary, who went into the next room, where the Governor was at the time, and brought out to them the Governor's replies. They sent the secretary time after time, until they got the information they wanted. But this fact did not appear in their reports. From their report any one would infer that they had a personal interview witli the Governor, and sat down cheek by jowl with him. It is certain they were wrong in putting it in this way, but it is more certain that the Governor was very foolish in denying that there had been any interview at all. He knew from his private secretary that the information he was giving would be published, and to say that there had been no interview, just because it was conducted through the secretary instead of personally, is a poor way of getting out of it. The wrong was, if there was a wrong, in giving the information, not in giving an audience ; the information was given, and therefore His Excellency's denial was illadvised, to say the least of it. When Lord Onslow left the Council appointments to his successor we predicted that it would lead to trouble. It has done so. Lord Glasgow inherited a most disagreeable legacy, and unfortunately for him he does not appear to have exercised much tact or discrimination in dealing with it. If like a sensible man, he had appointed the same number as Lord Onslow had offered and filled in the vacancies, he would have saved himself much trouble, annoyance, and worry, but he has not done so, and the consequence is that he has placed himself in a very disagreeable position.