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THE FOREIGN BONDHOLDERS THREATEN THE COLONY.

* ‘ J [FSOM Our' PAKIaAMKNPABY' J REfOBTSB.] Pi :;; WELLINGTON, Coiobeb.22.. 1 . A mqng the despatches laidupon. the.table of the House by the Premieri yesterday-: was oho" from the Sccretkry- of-tale for-.the Colo-; nics;_ enclosing a letter, from the’ Council of 1 Foreign IS i-ndhpldcYs l intimatihg'thbir intention, • In .view of/the non-ratifioation by the Govern-' tneht of the'agreement ‘made -by. them with the Hon; J,’ GWard with regard to the New Plymouth Harbor Board debentures, to oppose the application to; the Stock Exchange for a future Now, Zealand loan.. The letter" of the Council of Bondholders, which is dated May 1, 1896, states that, as a resultTof their conference with Mr Ward, that gentleman undertook to recommend to. the Government that the question 1 as 7tb whether the 200,C00 acres',pf land ;returned I by the Government to the Natives in the Taranaki district formed part of the endowment of the Harbor Board or. not should be submitted to arbitration. obo Council did what they could to meet Mr Ward’s views, and Mr Ward expressed; himself confident that his colleagues Would adopt his recommendation on the point named during the progress of the negotiations. -Tne Now Zealand Government were placing a ,million and~a-half of 3 per cent.- stock on_ the - market, and a committee representing .the debenture-holders were anxious that the Council should oppose the quotation of the loan on the Stock Exchange. In view of the understanding arrived at with Treasurer Ward, it was decided to refrain from taking any action in the matter, but, after long delay, to their surprise and regret they were notified that Mr Wara’s recommendation had been refused_ by the Government, The Dehon-' tures Committee were indignant at this treatment, and had resolved to request the Council to oppose a quotation on the Stock Exchange of the next issue of any loan. Although the interest is no longer in arrear the sinking fund is in suspense, and under the cjroumstancea it is difficult to fee how the Council, can.jefuse-to.accede to. the Committee’s request, much as they would regret to be compelled to take’ a step so antagonistic to. the Colonial Government, and which they have" idon'o everything in their power to avert. ,

;In reply to this despatch and the letter accompanying it, M misters,throu gh Hia Excellency, under date of l AugUit A, 1896, stated that the reply of the Agent-General of 27th May correctly stated the views of the Government on the subject. ~ - 7,'-,.... ■ ,7; ■ In view of the. possibility of further borrowing in the near future, this correspondence is decidedly interesting. ■ ■

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https://paperspast.natlib.govt.nz/newspapers/ESD18971023.2.24

Bibliographic details

THE FOREIGN BONDHOLDERS THREATEN THE COLONY., Issue 10452, 23 October 1897

Word Count
432

THE FOREIGN BONDHOLDERS THREATEN THE COLONY. Issue 10452, 23 October 1897

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