"LIBERATION WITH HONOR."

North Otago Times, 2 December 1910, Page 1

"LIBERATION WITH HONOR."

• —♦ — (Timaru Herald.) The Oairaru ratepayers who voted on Tuesday, for a pl»n, : which relieves their Harbor Board o{ the necessity' for repaying £50,000 of justly incurred liabilities, together with a larger, sum in interest, may possibly . feel jubilant at the arrangement, 'but the feeling in other parts of the Dominion, where self-interest is not concerned, will'-be more akin to shame. When the Empowering Bill .which ratifies this scheme for default was before th« House some weeks ago, we warmly endorsed the opinion which was expressed by the Prime Minister, that, the Board's original debt should be repaid in full, instead of an arrangement being made with' the 'bondholders to compound for less than half. The arguments with which the Oamaru papers, in their leading articles of the last two days, have recommended these proposals for defaulting, are such as might occur to any not too scrupulous ■debtor desirous of hading an easy way out from his .financial troubles. Thar are simply that the debt of 187j|s very troublesome and difficulj to-fepiaiy, and that the community- will feel much relieved when the greater part

ofi it is off their shoulders. The North Otago Times put the issue Bills frankly: "To-day will decide that the ratepayers ■ of the Oainaru harbor 'district have sufficient acumen to discern on which side oi their bread their butter is spread." The Mail, which headed-Its leading article of Monday. "Liberation with Hcnor," urges the material advantages to 'be -gaine'l by defaulting, and commends the irembers of the Board for feing willing "to sutler oblo'guy and obstruction for the sake of the common weal." We are quite willing to admit that the members of to Boan'i have believed themselves to he acting in the best interests of the district. It is also true that' the bondholders have agreed to -the defaulting arrangement, in despair olj ever getting -back more of the money :flue to them, and that the Board has been unfortunate with regard to some circumstances that have increased tlw difficulty o? paying interest on the loan. But if the interest for tighten years were waived, we think the Board should have endeavored, even at a serious sacrifice, to pay 'back the entire principal of the loan. We.prefer to see the looml bodies'-ami also the ratepayers of the Dominion impelled by higher motives thaw those of mere expediency and comfort.