The Gisborne Standard AND COOK COUNTY GAZETTE Published every Tuesday, Thursday, and Saturday Morning. Saturday, October 3, 1891. MR McLEAN’S SPEECH.

Gisborne Standard and Cook County Gazette, Volume V, Issue 667, 3 October 1891, Page 2

The Gisborne Standard AND COOK COUNTY GAZETTE Published every Tuesday, Thursday, and Saturday Morning.

Saturday, October 3, 1891. MR McLEAN’S SPEECH.

Be just and fear not; Let all the ends thou aim’st at be thy country’s, Thy God’s,-and truth’s.;

Mr G. McLean’s speech at the meeting of the shareholders of the Colonial Bank is interesting to more than the shareholders. Two points that were raised will doubtless cause a good deal of comment. It was mentioned that instead of holding land the Bank had preferred to face a loss —in other words, when the Bank had accepted a disproportionate risk on land, it straightway faced the position, and allowed the land to fetch its market price, and be put into profitable occupation. It is pleasing to think that this system has been the most satisfactory to the Bank, for it certainly is so to the colony. The country has too often had the experience

of monetary institutions holding land at a prohibitive price in the hope that some fool would come along and on an evil day (to him) take the burden on his own shoulders. If this unwary individual does not happen to appear on the scene, and a Liberal Government attempts to put on the land a tax that will bring pressure on the institution holding it to render it productive, or sell at a fair price to some one who will, then there is such a wild outcry that an outsider would think the country was on the eve of bankruptcy. “The frothy mouthings of demagogues” is nothing compared to the sad strains of those who are horror-stricken at the “ threatened confiscation,” the burstingup policy, and so on. If the Colonial Bank’s method had been more gener-

ally followed, there would have been less of this damaging talk about frightening capital away from the colony, and industrious settlers would not have found themselves saddled with burdens created by the locking up of land by prohibitive prices, and the consequent endeavor to avoid the payment of fair taxes on it. By the Colonial Bank’s returns it would appear that the shareholders —and not the country—have had to bear any loss there has been, as they would have expected any profits made on speculations. And the upshot of it has been that they have been given the fair dividend of seven per cent., and been informed that the Bank has a most promising future so far as human foresight enables a judgment to be formed. The other point in Mr McLean’s address is significant, that individual shareholders should use pressure to enable the Bank to get a share of the Government business. AS a corporate body no part should be taken in politics, but a more effective means is suggested without leaving the Bank open to attack. Mr McLean merely states plainly what others have believed to have been an understood thing for some time past. It is evident that competition and other influences are hastening the time when there shall be a measuring of strength to secure the colony's business. For the present the thing is made specially interesting by the bluntness of Mr McLean in stating how it is proposed to bring pressure to bear.