West Coast Times FRIDAY, JULY 31, 1896.

West Coast Times, Issue 10339, 31 July 1896, Page 2

West Coast Times FRIDAY, JULY 31, 1896.

Some side lights on the purchase of the Colonial Bank by the Bank of New Zealand are aiforded by the examination of Mr Booth one of the directors of the last-named institution before the Banking Committee of the House. The initiation of the movement seems to have been made by the President, Mr Watson, whose advice was ultimately taken by the directors. The principal reason for tin, step, according to Mr Booth, seems to have been to get rid of a dangerous competitor which resorted to lines or. action that made the competition difficult to deal with unde.r ordinary banking rules. It is worth while accentuating this assertion because it differs so materially from that made by Mr "Wfard in the House. The ex -Treasurer said it was found necessary to increase the business .of the Bank of New Zealand in order to increase the earning power, there being such' heavy annual charges on the profits for interest. Thin position being iecognised, the New Zealand first made overtures to the National, which declined the 'advances. Mr Murray then approached the Colonial, and though previously he had.been on' unfriendly terms with Mr M'Lean, the Chairman o^ directors of the last named, insjtyujiiqn, &et these approaches me^with favorablerespqn.se, the (purchase being ultimately effected. We thus have two statements of how the

arrangement was effected, the one contradicting the other. So much interest is naturally felt in the mutual business relations of Messrs Ward, Watson, and Mackenzie, especially in connection with the Banking legislation, that we are im- | pelled to a careful scrutiny of all that took place which might have led up to Parliament sanctioning the purchase. If, as Mr Booth says, Mr Watson first moved in the matter, it is a reasonable inference that the anxiety of the President was not uninfluenced by the relations hitherto existing between Messrs Mackenzie, Ward, and himself.

The remainder of Mr Booth's evidence indicates a praiseworthy caution on the part ot the directors of the Bank of New Zealand before making the purchase They did not accept the position of Colonial as shown by that Bank's balance sheets, but carefully examined the value of every asset before taking it over. We have an expression of belief, almost amounting to an assurance, that the cover in the B list is ample and may not be all required; also that they were satisfied the directors had made a good bargain for the Bank of New Zealand. This statement the public are not able to verify, but the one following it— that the Bank of New Zealand have been able to retain nearly the whole of the business of the Colon-

ial Bank— is not borne out by the Banking returns published in the New Zealand Gazette. There is an uneasy feeling, notwithstanding the statement of

Mr Booth, that the purchase was not a good one for the Bank of New Zealand, and that it would never have been brought about were it not for the connection of its chief officials with the px Treasurer.

A meeting o£ the Hokitika Borough Council will be held this evening at 7.30.

Mr D. Blunck, the well-known fruiterer and confectioner, announces his return from the' North \^ith a large stock of goods in his particular line. M,r Blunck has been to' Auckland, and Sydney with the, view 1 0$ arranging' for direct regular shipments ' of fr£sh fruit etc., at prices which will enable him to sell much more cheaply than any other house in the trade.

The following telegram was received by His Worship the Mayor from Count cVAbbans,* tho French Consul:— " Will remember your hearty welcome and pleasant evening at ball. Please present my thanks to Committee f,or invitation. I wire to Premier my feelings of perfect delight and appreciation of Hokitika beauty and beauties."— lt will be noted that, the gallant Frenchman has fully maintained the reputation of his country. The ball referred, to was one given by several local residents, who also invited their Greymouth f rienas, forty of whom came down, by special train in order to be present.

We havo to acknowledge, the receipt from the Chief Postmaster, of the Pos' and Telcgtaph handbook, an exceedingly useful little digest of most of the infor mation required respecting this importan public department.

There, wa£ a large attendance it the poultry show last evening, the interest o£ the spectators b3ing,seeminglyj unabated. The zeal of the fanciers has been increased whilst irecruits haye joined their ranks. Great satisfaction \& expressed in Mr M'Lean's judging, and though some are disappoidted the general verdict is strongly in approval. The orchestra contributed greatly to the pleasure of those present Ja3t evening and. one special feature was a cornet s,ol<> by Mr Bremond which was loudly encored, and he obligingly responded. The financial result will be highly satisfactory to the secretaries and committee who worked so assiduously to attain that end. The takings for the two days will be close on £40 and in addition a laige sum has come in from entries. The officers and committee are to be heartily congratulated ou the success which has attended their exertions. We are requested to state that, exhjbitor.3 can obtain their birds between 9 and 10 o'clock this mox-ning.

The Grey Star understands thatefforts are being made to get the Australian cricketers to play a match at Greymouth if they can be induced to come over the ranges. The sum of £150 is the amount named for each match, and this money would be guaranteed, so that all that stands in the Avay is i~j]e doubt as to whether the Australians can spare the time to visit the Coast. TJhis will doubtless prove the chief impediment, as it would take the best part of a week to come to the Coast, play a match and return.

A recent issue of the Spectator has the following: — "Hokitika is excited over a novel gold discovery. Scaly gold has been fpund in the sweepings from the floor of the Exchange Hotel in the above town. Glittering specs in the sweepings thrown out in the yard first attracted the attention of licensee King, arid on panning off the accumulated sweepings he got a splendid prospect. Whether Mr Kiug intends to float the hotel on tho London market we dont know." We learn that Mr King is already negotiating w.ith influential syndicates on the subject. He proposes to give a six months option, of the • property with all belongings, but will meanwhile work the claim himself.

Ready Money M'Kay of Hokitika and Greymouth is selling for the next three weeks Dress Goods at Half-price ; Heavy Double-width Meltons usually Is now 6d per yard ; Heavy Dress Serges usually 2s (id now Is 3d per yard ; pretty Serges Is 9d now 10|d ncr yard: Now is your time to buy a dress. Ready Money M'Kay.— Advt.

Mr Webley, pianoforte tuner and musical agent is now in Hokitika. afyl wi|l 1 take the earliest opportunity' of visiting his customers. lutendirig purchasers of pianos, organs, etc.,, should, not fail to see Mr' W. before doing so as has good lines' of excellent value and quality unsurpassed. — AMiu'ess, c/0 1 Red Lion Hotel. — Advt. l ' The prevailing epidemics influenza, for coughs and colds aro being successfully coped, with by Chamberlain's Cough Remedy which is proving of great service in allaying the irritation and restoring the ! sufferers to health. For sale at Williams' 'Medical' riall and^Westlaud Drug Hall.Advt

It is a matter for regret (sa,ys tl^p Herald) that Beef ton is, receiving a most; undesirable cl^qs in addition to the population. Yesterday " the licensee, q£' toe Progress Hotel lost some goods, from, the bar, and the same daj> Mr Wilson, of ' the Miners' hotel, after giving a " hard up '' a substantial meal, was requitted by the scoundrel making a raid on his till. It appears that the man, whose name is unknown, presented himself at the Miners' Hotel and representing that, although without means, he was about to work for the Consolidated Goldfields Company, and would Mr Wilson give him two days' board and lodging. The latter declined, stating that he had already been repeatedly victimized by new arrivals on the same plea, adding that there was no present work for new arrivals, experienced miners being here unemployed. He begged, however, to be allowed to remain till morning, to which request Mr Wilson good naturedly consented, .and gave the man food. Shortly afterwards a neighbour seeing a man stretohed horizontally over the bar counter, gave the alarm that he was robbing the till, and the stranger was followed and compelled to refund the greater part ot the money. Mr Wilson thoroughly determined to give the ungrateful vagabond in charge, but on his pleading for mercy for the sake oH his wife and family, administered a severe shaking and allowed him to clear.