THE CITY COUNCIL AND THE WAIPORI LOAN. 1907.

Otago Daily Times, Issue 13875, 12 April 1907, Page 6

THE CITY COUNCIL AND THE WAIPORI LOAN. 1907.

Sin -T have remained quint. I rusting that ono of the many who wore disappointed at the way their tenders havo been treated by the council would have mad" his complaint known tliroiijrli the public Press. The loan, as advertised, was for £30,000, and the advertisement <t!Cntion«d that no lender under par would he considered. Tho loan, hoi'ever, was undersubscribed, tho council kept, the tenderers' rheques for 12 days, and then returned those under a certain figure unaccepted. Surely Sir, on the face of that advertisement, soeiin tho loan was umlersnhscribed. every tender of par or over should havo been accepted. If the council is \vm\\v within its rieht, tl"<vo is a moral obligation duo to the public, and if it had its mind's ovc on obtaining 30s premium, the price, I understand, it is selling- them at now over the counter, tlien it should have advortisrtl that no tender under that amount would lie accepted. Such a- mode of proccduro as that adopted is rcrtainly a breach of faith with tho public—T am, etc., Elector.