Wanganui herald. (PUBLISHED DAILY)

Wanganui Herald, Volume XXII, Issue 6632, 6 October 1888, Page 2

Wanganui herald. (PUBLISHED DAILY)

ilciicit, and that Piako swamps have swallowed not a little, of ilia Bank's nioiuy. We have always felt that tho policy of tho Bank with respect to landed securities was hurtful to the colony, and would prove injurious to the institution itself, Tho system of rounding off estates was distinctly encouraged, and the smaller men were bought out by land-grabbers with the Bank's money, with the result thct population was actually driven away. When land values fell,the industrious farmer had disappeared, and the speculator could not pay interest on the overdraft. Now a bank con do much to make or mar a district, and we have, as our readers know, often protested against this marring pro* cess. When a district, through the system of financial operation favouring monopolists, carries a less agricultural population than it has formerly done, there is an evil wrought which will bring its own punishment in due course, The Waikato Swamp Company bought out farmers, paying £10 an acre for laud which they afterwords would have been glad to sell for Man acre. In our district tho curse of monopoly Las carried ruin in its train, of which more anon. The affairs of the Bank will be safe under the management of Mr John Murray, who is one of tho most capable men of business and bank managers in tho colonies. JIo will not be likely to confederate with a "limited pirate" pr pive unsound

advice. The legitimate business of the Bank will not be disturbed in the least. A serious crisis has been averted by the action of tho directors themselves in suggesting the appointment of tho Committee, and in the perfectly straightforward and unreserved report which has been made. The shareholders may rest conGdent that they have known the worst.