nature were likely to create an incentive to them to agree to the measure the Government had brought down for the sole purpose of preventing calamity overtaking the colony.
From a more selfish point of view, he explained that the Government’s banking business was with the Bank of New Zealand. In carrying on the colony’s business, it was necessary to hold large balances from time to time. The Government’s balances at that time happened to be lower than usual, but in spite of that fact, and independent of some accounts which local public bodies held in the bank, the institution owed the colony £885,000, represented by actual deposits and drafts in the Bank’s possession. In addition to that, the London deposits amounted to £1,500,000. It was evident, therefore, that if anything happened to the bank, the Government, as well as the people individually, would be heavy losers.
The bank, in fact, was virtually a State institution, and the Government had to decide in a moment whether the position should continue until the disaster came. “We were faced with two positions,” Sir Joseph explained; “we had to elect to go either to the right or to the left. The left would mean disaster; we have, therefore, decided to go to the right, and we have taken the House into our confidence. We are responsible for the proposals we submit to the House for ratification, and after that the House is responsible to the people of the colony. I have no hesitation in saying that he would be a bold man, who, in the circumstances, and with the information we possess, hesitates to take what I feel is a strong course, and is the only course open to the Government.”
Mr. Seddon also expressed his sense of the responsibility thrown upon him and upon the Government and the House. He saw no possible way of meeting the difficulty except by passing the Bill. The cloud that had been seen coming up, he said, was over the colony, and it was the duty of the Legislature to dispel it. A suggestion had been made that the Bill should be referred to a committee before it was dealt with by the House, but Mr. Seddon urged members not to cause delay. The Bill must be passed that night. The Government had not taken up its responsibility without careful consideration, and if the
