BANKING LEGISLATION.

Star (Christchurch), Issue 5349, 29 August 1895, Page 3

BANKING LEGISLATION.

The Bill introduced to give effect to the recommendations of the Bank of New Zealand Committee, contains some details cot embodied in the report. The sain of -6376,900 of the bank deficiency ia incidentally stated to be due to bad sbd irre- j ■coverable debts on ita book.. The half million of new capital to be provided by the oolony is to be raised by the issue of 150,000 shares of -613 6s 8d eaob, which ahall be entitled to a fixed cumulative dividend of 3£ per cent. The ownership of these shares by the colony Bhall confer no. right to convene, vote or otherwise take any part in any meeting of the proprietors of the bank. The bonds in payment of the Estates Company's properties are to have nine years' currency. The Chairman of the Assets Realisation Board is to be appointed by the Government, is to give his services exclusively to the Board, and is to be the executive officer of the Board. The members of the Board are to he paid ,£ISOO yearly for their services, that sum to be divided amongst them in proportions fixed by the Governor-in-Council. There are seven long clauses dealing with the question of the purohase of any other bank's business. With? reference to the Bank President's power of veto, it is proposed that it Bhall be exercisable upon any resolution or act of the Board of Directors of the Bank, oa any committee thereof, and any resolution ot the proprietors of the bank. The Bill contains in all fifty-one clauses, and is therefore not a measure that could well be considered at one sitting. The Bank of New Zealand here had a number of its notes presented this morning, with a request for gold, by people who evidently did not understand the force ot the proclamation ; but there has been absolutely no rush, or the slightest approach to a financial panic. It is expected that the Houee will Bit continuously to-night until the Bank Bill is passed through all its stages, whioh it is hoped will be done before the bank meeting on Friday. The fate of tho Bill will not even then be assured, as the measure has to run the gauntlet of a debate in the Counoil, which may lead to an all-night sitting on Friday. Lobby rumour to-day asserts that the •Government is absolutely certain of a majority in favour of the Bill, many waverers having been convinced by a night's reflection that the proposals of the •committee are the bost possible solution of the difficulty.