Regarding the statement of Mr Buckley, “There was a considerable sum duo by a well-known political loader not now in the Colony/* Mr Seddon asked who was tbo political leader ? MrTomiuiteT said ho should not like to answer that question. Ho thought, how over, it was a gross libel on the political loader ; it was a paltry amount, and was paid. In further evidence Mr Tolhuubt stated that ho thought all Mr Thomas Russell’s debts wore paid, but ho could not toll. Witness did not think any of tho losses occurred during his term us general manager. In answer to tho question, “ Wore there advances to directors during your term as general manager?” witness said he did not think tho directors owed the Rank a penny when ho was general manager. The directors then wore Mr George Buckley, Major George, Mr Arthur Bull, Captain Oolbeck, Mr John McLean, Mr W. S. Wilson and Mr William Taylor. Mr John Murray was general manager at the time that Messrs Johnston and Horton went Home. Witness was present at tho conference at Government Buildings prior to the passing of tho Note Issue Act in 1893, at which the Premier was present, as well as representatives of other banka. No member of tho Conference protested against that legislation, but witness indicated that they did not want the enactment for their protection in any way. The Bill was discussed, and it was generally con sidered that it was a prudent step, and that tho Government were very wise in proceeding with the measure, with tbo views they entertained. Witness had no recollection of any serious disturbance in the Colony through the suspension, of the Loan and Mercantile Company, nor did he think any uneasiness was caused through the run on tho Auckland Savings Bank, as the feeling was entirely Lrcal, though ho admitted that any run on a bank was a matter for concern* To Mr Montgomery: Tho dividends paid since the passing of the legislation of 1880, allowing dividends out of current profits, notwithstanding liabilities, hod been paid under that legislation, and no dividend could have been declared with out that clause. The Bill was under the charge of a private member, Mr James Lance, and witness believed it was sup ported by tho Government. Sir Harry Atkinson was Premier. 