THE Temuka Leader. SATURDAY, OCTOBER 26, 1895. THE LIQUOR BILL.

Temuka Leader, Issue 2886, 26 October 1895, Page 2

THE Temuka Leader. SATURDAY, OCTOBER 26, 1895. THE LIQUOR BILL.

x’he Liquor Bill is settled for the time being, and the Temperance Party have now what a few years ago was their dream, viz., local option. In the discussion last Wednesday evening Sir Robert Stout spoke very sarcastically of Mr Seddon’s new-found zeal in the cause of Temperance, and said he hoped he would now join the Prohibition League. Mr Seddou replied that if he (Mr Seddoa) joined Sir Robert Stout would doubtless leave it. Sir Robert’s conduct justified the retort. When the Bill came down from the Council in a mutilated form Air Seddon moved for the appointment of Managers to argue the points iu dispute with Managers from the Council, with the view of an agreement being arrived at. Sir Robert Stout moved an amendment in the opposite direction, and wanted the Bill to be laid aside. In moving this Sir Robert Stout made a moat virulent attack on Mr Mr Seddon : accused him of insincerity and all sorts of things, and called on the House to resist the imperious conduct of the Council. The result was that 46 voted for Mr Seddou and only 12 for Sir Robert Stout, notwithstanding his soulstirring appeal. The Managers of both Houses met, and the result was that an agreement was arrived at on some points, but the Council refused to agree to national prohibition or the placing of clubs under the operation of the local vote. Mr Seddon, seeing that the Temperance Party all over the colony had passed resolutions calling on the House not to give way to the Council, moved that the amendments be disagreed with ; but no sooner had ho done so than Sir .Robert Stout moved in the apposite direction, and thus stu tified his previous action. Sir Robert’s conduct was really eccentric, the cause no doubt being the candid, upright action of the Premier, which left no room for cavilling. Sir Robert’s dream had proved illusive. He thought he could so show up Mr Soddon’s alleged insecority that the Temperance Party would vote against him, but finding no weak point in the Premier’s conduct he lost his temper and his wits together. All along we have said that the object of the Christchurch Prohibitionists was to decry Mr Seddou with the view of putting Sir Robert Stout iu h's place, and now Sir Robert Stout’s own conduct shows that he was the prompter of all the abuse that has been heaped on the Premier’s head. We cannot believe that the Temperance Party will doubt Mr Soddon’s sincerity any longer, and consequently we htve every hope that we hoard the last of the abuse heaped upon him ; but the point is, Has the right thing been done ? Ought the House to have accepted the Bill as it is now '! It gives local option, but it is nothing like the Bill that Mr Seddoa brought in or that the Bouse passed, and it is no final settlement of the question. We shall have it again next election ; it will perhaps be the cause of splitting up the Liberal Party and the retqrn of the Conservatives to power. In that case further legislation on the Temperance question woqld be indefinitely postponed. On the other hand, if the House had accepted Mr Seddon’s motion to postpone further actiui; until next year it is quite possible that it might be tfien carried. There can bo no doubt that Seddon meant it; he was tired of it, ho said, and wished it out of the way. That being so, he would have forced it through next session, and made fresh app nutmenta to the Council in order to carry it, but can he bo expected to tackle the subject again in this Par , ->r ! We do not think that he liamou. -.rj doubtful if he will ought, and it is * .** may bring attempt it. A private mom ov. in a Bill next session, but it would nor havo the slightest chance of passing unless backed up by the Government i hat. boi ig so, it is very doubtful whether the right thing has boon done 1 i accepting liio compromise. Then! cn R no doubt that, tlio Council has lorded it ovei i.ho douse in a high-hamiod manner, bir the majority submitted to it, and the result dims not please ns. However, tin Temperance parly now hive locil op ion, ami if they make good use of it national option is sure to follow. THE BANK AGREEMENT. Tun agreement between the Bank of Now Zealand and the Colonial Bank now before Parliament is the sensation of the hour, hut we cannot see how anyone who Is not behind the tecnes can form a correct opinion on the subject. o have noticed that the city papers and others nearer hand are indulging in very learned disquisitions on the subject, but their long

and windy dissertations have just about as much substance in them as a soapsuds bubble. The position is this : The Colonial Bank baa agreed to sell to the Bank of New Zealand at £401,211. Of this sum the Bank of New Zealand retains £327,305 until it has realised the Colonial Bank’s assets, in order to provide for any losses which may result from the winding up of the business. Practically what has occurred is this ; The face value of the assets of the Colonial Bank is about 45s in the £, but the Bank of New Zealand is only paying at present 13s 4d in the £, and the margin is allowed to stand over until the assets are realised. The Bank of New Zealand has agreed to pay £l 33,906 cash down, and retain £327,305 in hand, so as to secure itself against losses which may arise in the process of realisation. Now it is impossible for anyone who has not gone through the accounts of the Colonial Bank, and is not personally acquainted with the position of its clients, to say whether the agreement is favorable or unfavorable to the Bank of New Zealand. All the talk and all the writing is arrant bosh, for no one can possibly know the exact position. Looking at the subject superficially, however, it appears to us a very fair bargain. The Bank of New Zealand only pays down in cash 13s 4d in the £, and surely with so large a margin that ought to be safe—very safe indeed. If that is safe it cannot make a loss, for the £327,305 still remains in hand to cover all losses. On the other hand the bargain appears fair as regards the Colonial Bank. It gets 13a 4d in the £ cash, and if its assets realise tho'r face value, it will get about 45s in the £, or 40s in the £, or 20s, or whatever the assets will realise. The agreement, there fore, seems fair to both, and the only question involved is: Are the assets of the Colonial Bank, whose face value appears to be 45s in the £, worth 13s 4d in the £. That is the whole point, and it is a point which no amount of discussion can unravel, and which no one can possibly know except those who are behind the scenes. The next most interesting point is : What is the Bank of New Zealand to gain by purchasing the Colonial Bank 1 The gain is this: A rival is got out of the way, and the Bank of New Zealand expects to secure its business. There is no obligation on the clients of the Colonial Bank to transfer their accounts to the Bank of New Zealand, but it is expected that the bulk of them will do so. The Bank of New Zealand counts on making a large profit out of this increased business, and it it is particularly anxious to secure it, as the amount of money at its command now is more than sufficient for the purposes of its present business.