LEGISLATIVE COUNCIL.

Star (Christchurch), Issue 4739, 2 September 1893, Page 6

LEGISLATIVE COUNCIL.

In the Legislative Council, Progress having been reported on the Electoral Bill, The Colonial Secretary intimated that a Bill entitled the Bank Note of Issue Bill was expected from the House of EepreBentativas within a few ruinute3. The , measure was a moat important one. He ■ a3ked that the Standing Orders be suspended with a view to passing the Bill through all its stages at one sitting, i This waa agreed to. ] The Bill referred to reached the Council , ' at 10.10 p.m., and, on the motion of the ; Colonial Secretary, was read a first time. , i The Colonial Secretary moved the ! second reading, and said that the action of i j the Government was of a most unique i I character. He wa3 very glad to say that I there was, he believed, very little neod for . ; the panic which had occurred in Auckland j that day. The Savinga Bank of Auckland j was in a sound position. Indeed, there > \ was do Bounder banking establishment in

the Colony than it wa3. However, the Government had considered ibwise.to take action at once, and he hope:! the Council would pats the Bill in trie saina snirit and with the same jiKatrimity as the House of | Representatives had just exercised with j regard to the Bill. j Sir G-. S. Whit:ioke supported the Bill. ' He raid a high compliment to the Govern- '• meet fcr tha Tsrompt actiou it had taken in connection with the Auckland Savings . Bank. Of course the Government could do nothing less than ifc had dotie in introducing the Bill, because the Government • was a debtor to the bank to the extent of j £125,000. However, he was convinced that the Auckland Savings Bank was a sound institution, and the same was equally fcruo of the aavingo banks of Dunedin and Napier. The Hon W. H. Reynolds was underetood to eupporfc the Bill. He said that the Dunedin Savings' Bank waa a3 safe as the Bsnk of England. I The Hou E.-O. J. Stevsms remarked that i the sGrioiia responsibility involved in ! passing the Bill with such great haste I rested with the Government. The need of ! passing tfce Bill in eueh; haste was ap- ' parent. He .'trusted, however, that it would not ba taken as. a precedent that an undeelrv.ble paper currency should be acc6pt3d by theLegißlaturs of New Zealand on any future occasion. The responsibility in connection with the Bill rested with the Government, and therefore he need say no more. The second reading was agreed to. The Bill wan committed, reported without auiendmente, read a third time and passed. '^be Banka and Bankers Acts Amendment Bill ws.s received from the House of. Kc-presGntatlvas and read a first time, and at 10.85 the Council adjourned till Tuesday.