important financial institution. There was only one institution that could fall back upon the State for that kind of aid, and it was realised that the Bank of New Zealand had reached such straits that unless it was saved the colony would suffer one of the severest blows adversity had dealt it.
As the House was about to rise for the dinner adjournment, Sir Joseph Ward gave formal notice that at 7.30 he would introduce an important banking measure. The news spread through Wellington with remarkable rapidity. When the doors leading to the public galleries of the House were thrown open, there was a rush for seats. Large numbers could not gain admittance, and stood outside waiting for the verbal reports of the proceedings, which were passed from one person to another.
At 7.30 Sir Joseph moved that half-an-hour’s adjournment should be allowed in order that the arrangements for bringing down the Bill should be completed. A few minutes later copies of the Bank of New Zealand Share Guarantee Bill were in the hands of members and were being read eagerly. Delays took place before the Bill was finally introduced, reported to the Speaker, and read the first time, and it was 9 o’clock before Sir Joseph rose to move the second reading.
Speaking on behalf of the Government, he said that the responsibility was fully realised, and the Bill would not have been submitted had not necessity demanded prompt action. After reviewing the position, and giving it mature consideration, the Government had come to the conclusion that it was absolutely essential in the public interest that effective action should be taken, and that it should be taken without the slightest delay. He placed special emphasis on the need there was for action in the interests of the public, because the Government was aware that no person, and no company, no matter how important it was, was entitled to assistance at the expense of the tax-payers.
The bank was not in good favour with a section of the public. Sir Joseph knew that, and he made a point of asking members to dismiss from their recollection all prepossessions that had found an origin in the bank’s past career, in its management, or in its connections, unless recollections of that
