PARLIAMENT.

Wanganui Chronicle, 25 July 1901, Page 2

PARLIAMENT.

LEGISLATIVE COUNCIL.

PlB FRSOS AUSOmikTIOH. WELLINGTON, July 24. Tlie Council met at 2.30. The Hon. Lee-Smith moved that the Government be requested to take steps'-to ascertain the present positicn of the Colonial Bank liquidation, and to lay on the Council's table at an early date such information as may be available . The mover referred to the liquidation as somewhat of a commercial scandal, and held that it •was in commercial morality the duty of the Government to investigate the position. He went into the history of the various classes of accounts, and considered that they had not realised nearly, what they should have done. When the liquidation wag commenced there was a surplus of £133,000 of assets over liabilities, out of which £100,000, equal to a. 10s dividend, was paid to the shareholders, who had received nothing since. Out of £20,000 on special security had been generally understood that the only sum realised was £5000; The rest had apparently been swept away. It was also stated that after the liquidation of all accounts the shareholders were to receive only one more dividend, an amount 10s. A sum of £20,000 on special security had1 been merged in an account that had no security. People had a right to demand why these things were done. At the present rate it seemed as if the liquidators, having already gone on for five years, could go on for ever. The Hon. Scotland seconded the motion, and feared that. there was behind the liquidation something worse than was disclosed. The Hon. W. C. Walker, Minister of Education, said he could give no assurance that the Government would proceed ■with the matter, but toe was astonished that the Supreme Court at Dunedin allowed such things to happen as were stated to have happened right under its nose. The Hon. McLean said the liquidation ought to have been completed in two yeax's. The Supreme Court was the chief cause of the trouble, in preventing a gentleman of experience from holding office as liquidator and piitting in his place one who had r.o knowledge of banking business. How the Banic of New Zealand had been allowed to liquidate the accounts to its own benefit by pulling them from ear to ear for five years was incomprehensible to him. The "I)" accounts, which the Bank of New Zealand rejected as being the worst in the list, had since realised 12s 6d to 15a in the £, whereas superior accounts liquidated were only likely to pay Us. This showed how the liquidators might have handled the accounts. He made no reflection on the liquidators, but they were gentlemen wanting in experience. The motion was carried on the voices. In committee on the Young Persons Protection Bill, the terms of clause 5 were modified to the effect that a protection officer shall accompany loitering ■ children home only in cases where the children's answers are not -satisfactory,! and that such child shall, oil a second offence, .be taken to a shelter. - Tliß Bill-was reported as amended. Tha Law Amendment Bill was read a second time pro forma. v The Public Health. Amendment passed through all stages. . The Accidents Compensation and Cemetery Trustees Validation Bills were read a second time on the voices. , The Council rose at 4.45.