Harbor Board Repudiation.

Gisborne Standard and Cook County Gazette, Volume II, Issue 169, 14 July 1888, Page 3

Harbor Board Repudiation.

The action of the Thames Harbor Board has been the cause of much comment. The NZ. Tim°s refers to it as follows:—The action of the Thames Harbor Board in deliberately resolving on repudiation is not only scandalous in itself, but is very serious in its public import. The lorn on which is due the interest which the Board have so shamefully repudiated, was lent from the Post Office Department, in other words, we presume from the deposited funds of the Postal Savings Bank, and this is a matter which will have to be looked *o without de l ay. We never approved the investment of the Savings Bank and Government Insurance funds in the securities of the local and it is to be honed that after this experience that mode of investment will no longer be used. We trust also that the Government will do its duty, and bring this defaulting body to a prompt and stern reckoning. The Thames Star says :—The Harbor Board has in the past been guilty of very many foolish acts, bu* there can be no doubt that, in the opin ? on of nearly every one, this last is the most foolish. This is a liability that must be met, for is only one alternative, which th ere is little doubt that the Government will adopt in the event of the Board persisting in the refusal to pay the interest due, and that is to appoint a Receiver, who will collect all the revenue on behalf of the Government until the debt is paid. It is a great pity that such an illjudged act as this, which will be everywhere attributed to an ebullition of vexation at having been defeated in their contest with the up-country settleis re the limits ot their jurisdiction, should be made the subject of unfavorable comment, and so bring the reputation of the Thames into bad odour all over the colony.