The Opunake Times. FRIDAY, DECEMBER 27, 1895. HARBOR BONDS.

Opunake Times, Volume III, Issue 155, 27 December 1895, Page 2

The Opunake Times. FRIDAY, DECEMBER 27, 1895. HARBOR BONDS.

The Government have refused to give effect to Mr Ward's promised recommendation to the bondholders when he was in England that the question of the 200,000 acres, which were banded back to the natives out of the harbor endowment, should be submitted to arbitration. From the duplicity evident in the correspondence presented to Parliament this is no more than we expected. It also shows although Mr Ward is looked on by the public as a tower of strength to the Government, owing to his supposed financial abilities, that he is not possessed of the backbone of either Mr Seddon or Mr McKenzie. If either of these had pledged their word in London it would either be given effect to or they would' know the reason why. Mr Ward, however, seems to be content to allow hi 3 name to be dragged through the mire in the London financial world. As an alternative the Government express their willingness to assist the Board in converting the loan and if necessary will introduce legislation to give effect to it. Stating gratuitously that this would mean a saving of two per cent and be a great relief to the ratepayers. If they will introduce legislation enabling a conversion of the loan at par cost to the Harbor P.oard there is no question but that it would be a great relief to the ratepayers. Is there any likelihhood, however, of their doing this ? There is no way in which two per cent can be saved unless by converting at par, and if any relianca were to be placed in the Government's suggestions we should say this was the only interpretation to be placed on the statement. If, however, the cost of conversion has to be borne by the ratepayers then they will be lucky if they secure a one per cent reduction and in addition they will have the amount of the debt increased and perpetuated. For these mercies if our assumption be correct we have small thanks to offer. The excuse put forward by successive Governments is that if New Plymouth were so dealt with all other Boards would make similar claims. This argument will not hold water. There is- no other Board which wo know of that has been depleted of such a slice of its endowment, but if there is any such then there is every reason why it should claim and obtain restitution. The fact, however, that there are no such claims advanced is very conclusive evidence that none such exists, and therefore .such an excuse is mere subterfuge. The fact of the Government offering to assist shows that they admit a liability and it would be just as well to force their hand and see what they propose although we do not anticipate it would bo more than a bogus Bill thrown on the mercy of the members, who for once would receive full permission to act and vote publicly as their consciences would direct it there were a reasonable certainty that they would strangle or mutilate the infant.