BANK OP NEW

Star (Christchurch), Issue 5426, 29 November 1895, Page 4

BANK OP NEW

ZEALAND,

LONDON OPINIONS AND COMMENTS.

fpHOM 9VS, OWN CORRESPONDENT.]

LONDON, Oct. 18.

Instead of a flood of criticism and cornmeat from the Home Press following upon tbd arrival of tha mail with the papers containing full accounts of the debates m the New Zealand Parliament on the Bank of New Zealand affairs, as one anticipated, there hare been only a few. cautious references to the matter. The reason for this reticence on the part of the English newspapers is not easily seen. At one : time ~ our financial editors readily pumped up a column of scathing criticisms upon the most meagre cablegram having reference to the position of a New Zealand financial institution. To-day they seem tongue, or rather pentied. Out of columns of admirable grouudwork they can only put together a few mean sentences anent the Bank of New Zealand. Maybe they think it is waste, of time to flog a dead horse, but a more likely explanation for their silence may be discovered in the very reasonable supposition that they really do not understand the precise meaning of the Government's actions in connection with the bank. To put it vulgarly, " They dunno where they are," and don't mean to let their readers have a chance to catch them blundering. An admirable letter, describing the Bteps that have been taken to render the bank a stable institution, has, however, appeared in ihe Daily News, and when our critics have 'thoroughly digested this, their pens may possibly be set going for the edification and enlightenment of the British publto. Certainly, just at present the financial leader writers ought to find slating the Bank of New Zealand an agreeable change from analysing " The Kaffir Slump " or decrying the West Australian boom. Their readers would alao be grateful. One expected also that the Shareholders' Committee would once again begin to talk on receipt of the fuller information, but they have, I understand, decided to remain inactive until such time as they receive an official intimation of the fresh call.v Mean-' while the shareholders have received what it pleases the directors to call a "report and balanCfe-Bheat— to Mar^h 31. 1895; and .a reprint of the .New Zeatand Times account of the farcical: annual .' meeting: .oh August 30.~ '"^The; postage of : these precious documents might well have been saved, for there is nothing in them to show the English shareholders what the true position of the bank's affairs was at that time, and they certainly give no encouragement to the call-ridden proprietors to make further sacrifices. The call now in process of being paid has reduced many a 1 1 1 r > t t.y man to straitened circumstances. Oue uafortunate, who came to find comfort in the office's files the other day told me that he had " blewed " the whole of his savings for thirty years in purchasing forty-eight shares when they were at £12 103. He bought on the strength of Mundella and Pergusßon's names, and within a week had the pleasure of seeing his investment depreciated ten per cent. He^ wrote to one of the gentlemen named, and in answer to his inquiries received an assuring letter. "Be not afraid, the shareß will recover as sure as the sun shines," said his correspondent in effect. Bat from that day the value of the poor fellow's investment fell steadily. He has paid up the instalments on thu last call, and was raking together the necessary cash to complete his further liability thereon next month, when the news of che Government's recent propositions reached him. Being only a builder's foreman, it will be impossible for him to meet the coming call Without distressing his family, so he has decided to be "white- ' Washed." This man's case haß its parallels by the dozen, and many people who, on the strength of Mr Ward's assurances, made great sacrifices to pay the last call, will now geek refuge in the Bankruptcy Court. It will be np good telling them that the bank has-been ..put firmly on its logs : they've heard that tale before, and believed it to their coßt. Their one object now is to be able to say, " Thank heaven we're clear of the Bank of New Zealand."

The Financial News of Tuesday contained the following brief leaderette:— "Now that details have arrived of the measure by which the Bank of New Zealand has become virtually a State institution, a better judgment can be formed of the Bteps taken by the Government. In view of the undoubtedly critical situation, the proposals of the committee, put speedily into law, appear to be sound and well-conaidered, though the position they create is not a desirable one, and can only be justified by the axiom that of two evils the lesser should be chosen. It has generally been found that business flowß to an underraking known to have been relieved of all doubtful assets and to have been provided with new capital, and so the Bank of New Zealand certainly stands a good chance of attracting the best class of business in the colony, and, perhaps, even beyond ita shores; We are inclined to doubt if the diversion of J814,000 a year into the coffers of the Bank of New Zealand is a sufficient offset to the loss of prestige from transferring the colony's London business from the Bank of England. When the Government and the Bank of New Zealand are so inextricably associated, probably investors would prefer that future issueß by the colony should be made by an independent institution."

St Albans Bobot/gh Council.— An election, to fill the extraordinary vacancy caused by Councillor Waymouth having been elected Mayor, will be held on Thursday, Dec. 19. Nominations must be in before noon on Monday, Dec. 9. Personal.— The Rev W. J. flabene, inspector-general of schools, has been pay- ' in« a visit to this district for the last few days. Mr Skerrett, Crown solicitor, of Wellington, arrived from the north by the b.b. Flora yesterday. The Rev Dr Elmahe left for Wellington by the b.b. Talune yesterday. Soap deferred maketh the dirt stick. Try Silkatone. l l°! The Suet can be tested free and im- * proved by the moat modern Lenses, on the new system/at R. Kenneth, 183, High Street. / ' Petsons who sympathise with the afflicted will rejoice with D. E. Carr, of 1235, Harrison Street, Kansas City. He is an eld Bufferer from inflammatory rheumatism, but has not heretofore been troubled - in this climate. Last winter he went up into Wisconsin, and, in consequence, haß , had another attack. "It came upon me i\ « train very acute and Bevere, he said. 1 "My iqiiits swelled and became inflamed, core to touch or almost to look at. Upon cue urgent; request of my mother-in-law, J. tried Cnamberlain's Pain Balm to_reduce the availing and ease the pain, and tq my agreeable surprise it did both. 1 have used' three fifty-cent bottles and believe it to bo the finest thing for rheumatism, i painß and swellings extant." # For sale by Wallace aud Co., Chemists, Chnstchurch.