The Wellington Independent " Nothing extenuate; Nor set down aught in malice." THURSDAY, DECEMBER 11, 1862. THE NEW ZEALAND BANK DIRECTION.

Wellington Independent, Volume XVII, Issue 1803, 11 December 1862, Page 2

The Wellington Independent " Nothing extenuate ; Nor set down aught in malice." THURSDAY, DECEMBER 11, 1862. THE NEW ZEALAND BANK DIRECTION.

It is not well always to give implicit credence to statements made iv the heat of a contested election ; but, as our readers very well know anything done in a corner is sure, at such times to get proclaimed from the house- top. The mail from Auckland, to day, will bring us the intelligence of tbe result of the election that has there been going on for the Superintendency — a result which is generally supposed will be iv favor of the late Superintendent Mr. Williamson. On the question at issue, — direct or indirect purchase: i.e. the exclusive purchase from the natives by the Government as heretofore, or the permitting the natives to sell to any individual they please — we need not touch except perhaps to remark that though Mr Williamson's declaration in the Assembly, (while the Native Lands Act was under discussion,) that the people of Autkland as a whole, were not in favor of indirect purchase, was derided to tbe echo, yet the contest now going on clearly shows that the views we have expressed on the impolicy of that act are shared in by at least one half of the Northern population. What more immediately concerns us, just now, is the reported proceedings of a member of the New Zealand Bank Direction. " All other business (says the Auckland correspondent of an Otago contemporary) has merged in the question of the Superintendency, for the present one is tho most hotly contested election which has taken place for some years past. The supporters of Mr, Robert Graham have based their claim on public support on the justice of the law of " direct purchase" — and this, indeed, the question at issue. Other feelings have no doubt beon imported in the struggle on both sides, but this iB nevertheless the grand question on which the candidates go to the country. The greatest difficulty with which the late Superintendent has had to contend has beon the enormous bank interest brought to bear against him by a director of the New Zealand Bank : and ] this, added to the "screw" put upon scores of! electors whose bills lie in the same man's hands will, 1 think, considerably retard the otherwise argQ majority, It is reported that Mr Graham's

'%'■— m '""'" ' mmmH Committee have already expended £3000, one of the principal subscribers to which fund was the Hon, (Fox's shaft). Wednesday will, howaver, settle the question ; and I may venture to say that Mr Williamson will be again returned to offico by a majority of 150 votes, notwithstanding that a large number of electors will not vote at all." " The Hon " is supposed, from his designation of" Fox's shaft," (or more correctly Fox's " Butt,") to mean M.t Thomas Russell, a member of the present Government, and therefore most intimately interested in Auckland pronouncing a verdict in favor of the representative of tbe policy of that Government and against Mr Williamson. Whether tbe charge is true or not, of course we cannot say ; but the implication is of so grave a character that, if untrue, the charge ought to be publicly denied. The influence of this Bank director, if it can be used for political purposes in one province, is just as capable of being used for the same purposes in any other; aud it is due alike to shareholders and customers that any such impression should be nipped in the bud, — an impression, which if not so nipped, must tend to mar the success of an institution possessing the best wishes of the whole colony. We trust we shall not be misunderstood as expressing a belief that the Auckland Directory have turned the Bank into a political engine ; all we presume is intended by tbe writer above quoted is, (hat the Hon >, whoever he may be, has used his influence as a director in a manner which no director of a public company ought to do for the furtherance of his political ends, and as no director ought to be allowed to do, by those with whom he is associated, for the benefit of constituents of all classes and shades of opinion. '