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The Pamphlet Collection of Sir Robert Stout: Volume 71

Copy of Correspondence with the Honble. J. G Ward, Colonial Treasurer

Copy of Correspondence with the Honble. J. G Ward, Colonial Treasurer.

Albert Avenue, Mount Eden, Auckland,

Sir—At various Limps surggestions have been made as to the advisability of establishing a "Staff Bank" The late erisis in banking institutions on the Continent of Australia, and the consequent effect upon great commercial concerns, not only paralyzed trade and business, but have been the means of undermining and actually destroying public confidence. The Government in one instance has interfered (whether wisely or not) by special legislation to avert disaster. Three Premiers Verniers in conference (Victoria, New South Wales, and South Australia) have come to the conclusion that the "banking larges of the Colonies must be inform under specific conditions.

How these would ultimately affect New Zealand can at present be hut conjecture. Sufficient already are exemplified how their business transactions affect this Colony by the suspension ot the I Loan and Mercantile Company. This is a simple issue. What may be, under a more complex system, must be left for further consideration.

In partial mitigation of their inability to meet their engagements, Goldsborough, Mort, and Co, there, and the Loan and Mercantile Company here, state the cash depositors demand their deposits. The inducements held out by these and similar institutions invite "cash deposit," upon which they are partially worked. The risk is not foreseen or contemplated by such depositors, as the management is so completely concealed by its business operations. These facts, with their attendant evils, comprise partial ruin to some, and total ruin to other, I venture to submit a proposition for your consideration: