The Harbor Endowment.

Opunake Times, Volume III, Issue 154, 24 December 1895, Page 3

The Harbor Endowment.

Mr McGuire has sent the following telegram to the Premier; — "Hon R. J. Seddoh, Premier, Wellington.—ln respect to y®ur memo, of the 20th inst., re New Plymouth Harbor Board and the refusal of the Cabinet to carry out Mr Ward's recommendation, I cannot find words sufficiently strong to express my sense of regret. The Council of Foreign Bondholders looked upon Mr Ward's recommendation to his colleagues that the arbitration arranged for would certainly be granted. " The pose of our colonial chancellor in London, and the large powers which he appeared to possess, led all to suppose that he had but to recommend to have his suggestions adopted by the Government. In respect to the offer now made to assist in converting, or in purchasing back debentures, I am surprised that it has not occurred to you that the offer is a little too late. Bonds which could have been purchased when I first suggested the course at a price that would have suited the ratepayers, and at the same time done no injustice to the bondholders, now stand at 104 or 105. You must know that any attempt to convert at this juncture would have the inevitable effect of further raising the price of this stock. "My unfortunate constituents around Mount Egmont have been looking forward to the arbitration promised by the Colonial Treasurer re 200,000 • acres alleged to have been taken out of the harbor endowment. "I think that it would be right that I should inform you that the position taken up by the Goverment, in the eyes of the people of Taranaki generally, is by no means improved by what will generally be regarded as a shrinking from a genuine responsibility. " I therefore trust that in the interest of justice, the honor of the Government, which is slightly tarnished, you should reconsider your decision, and grant the arbitration recommended by your Chancellor when in London."