DRAWN FROM COVER.

Observer, Volume XVIII, Issue 1017, 25 June 1898, Page 2

DRAWN FROM COVER.

The B,N.£. in the Open

Hoiveveb, the Bank of New Zealand waa dow drawn from cover as one of the active parties to the negotiations. It was in the open, and the Council knew with whom it had to deal. Bat why did the Bank pursue Bach devious wayß in coming to the point ? Why also did it await the publication of the Streets Committee's report before making any overtures at all ? And how had it the gigantic effrontery to approach the Council as the owner of the tramways, after. asBaring the Council in writing that it had finally and absolutely sold the tramways and that its interest in them had ended ?

But the hostile tactics of the opposing party did not end even when the Bank of New Zealand's proposals were, metaphorically, kicked into the street. A. determined effort was then made to amend the Streets Committee's proposals so as to reduce the time allowed to Mr Bingham to acquire the tramways from two years to twelve months. The argument chiefly used in support of this move was that two years meant a long and unnecessary delay in the construction of the tramways, and that if Mr Bingham was not prepared to commence the work in twelve months, he never would be prepared. This argument was correct bo far as it went. But it either went too far or it did not go far enough.

The people who created this diversion knew that to limit the period to twelve months was virtually to shut Mr Bingham out altogether, because the tramways are actually under option to Mr Epstein for twelve months. But to grant Mr Bingham two years — or twelve months after the expiry of this option — was simply to place him in a condition to treat after the expiry of the option if the holders of the option would not treat before. The Council did this. Bat their action involves no delay. Now that Mr Binghain's hands have been strengthened, and he iB not at the mercy of either option-holders or Bank, the probability is that the whole negotiations for acquiring the tramways will be satisfactorily completed to the satisfaction of everyone within a couple of months, and the work of converting the system commenced straight away. In this matter also the Council showed its excellent sense.