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Lyttelton Times, Volume LXXVI, Issue 9609, 30 December 1891, Page 4

The telegram from Oamaru, which we publish elsewhere, appears to indicate that a majority of the Borough Council of that town has given up the idea of repudiation, andintends to treat the 4 per cent as a progress payment. Thus the blank, bald repudiation, which was at first proposed, has been abandoned. We congratulate the Oamaru people on this apparent restoration of their governing body to sound principles. The Otago Daily Times of yesterday contains a lengthy communication from an Oamaru resident, who deals trenchantly, and presumably on accurate data, with the position. The flg«feßwodrawnfiajm_the last balancesheet of the Oamaru 'cuunoVVand the writer certainly proves from that document that there is no such deficit iu the accounts as to warrant repudiation. He asserts that “ the ratepayers of Oamaru are not overtaxed.” He also lets a little daylight into the proceedings of the Council by saying that “ the assessment has been made by the suggestion of the Council on a low basis, because, as. the Councillors pointed out, the Auditor-Q-eneral would not be likely to agree to the rate being reduced, but by making the valuation of property on a lower basis the same result could he achieved.” This opens a new phase of the matter, and one which shows that the repudiation programme has been some time under consideration. The Oamaru people are, however, acting wisely in withdrawing from a false position. The step they contemplated was an unwise one in every way, and we trust that on patriotic as well as other more evident grounds they will carry out their compacts with their creditors.