THE HARBOR DEBT.

Hawera & Normanby Star, Volume IX, Issue 1700, 12 August 1887, Page 2

THE HARBOR DEBT.

To tie Editor of the Star.

Sib, — Kixtillv reprint the enclosed extracts from the Glasgow Herald, as they will serve to show that investors in harbor bonds at Home, have sometimes to go without their interest, and it is only a question of months when a similiar state of matters will happen witb the New Plymouth Harbor bonds. .£'sooo a year would pay 2£ per cent, on oar debt, and I hold that this ia the very highest sum which we can pay without robbing ourselves, and bave no hesitation in saying that seven out of every ten bottlers will bave to pay this obnoziotu tax out of capital, and if this is not robbery, then I don't know the meaning of the English languagne. Look at the way in which the Virginians have talked to the English bondbolder, they say " three per cent, or nothing." Let us say " two and half or nothing " and on th» priuciple ot " half a loaf being bettor than no bread" it will be accepted. Mr. Samuel told ns that the whole boiinesi done in Parliament is one long aeries of compromises, now I expect this alteration of the interest will be another of the series, and if so, then a farthiug rate will suffice, and we settlers won't require to labor any longer under the unpleasant feeling tbat, out of tbe whole colony we are the victims of a legalised fraud. — I am, &c, W. B. Wriqht. Bahotu August 9.

Following extracts are all we can find space for: — There is a likelihood that tha State debt of Virgini a will be repudiated. Senator Bhea has introduced a resolution for the submission to the people of a ConBtitutiouul amendment providing tbat if the foreign bondholders do not exchange their holdings for Biddleberger three* within a given date, then tbe principal of the debt shall be repudiated. A majority of both branches of tbe Legislature favor the proposition, and it is considered doubt* ful if Gov. Lee will veto it. The foreign bondholders are alitrmed at tho situation.