The Poverty Bay Herald. AND East Coast News Letter. PUBLISHED EVERY EVENING. FRIDAY, JULY 18, 1879:

Poverty Bay Herald, Volume VI, Issue 838, 18 July 1879, Page 2

The Poverty Bay Herald. AND East Coast News Letter. PUBLISHED EVERY EVENING. FRIDAY, JULY 18, 1879:

As a large number of Heralds will find their way to England by the outgoing mail, we cannot permit Mr Snyder to have the writing entirely to himself. We all have to admit that Poverty Bay just now is no exception to the general depression which prevails throughout all parts of the two islands of the Colony ; but the prospects of a speedy recovery to our former wholesome state, are much brighter than with most other towns of the same size where the dwellers are supported by agricultural and pastoral industries. Some eighteen months ago, there died suddenly, a very -rich man m our midst, who was the owner of large landed estates, rural, urban, and suburban. His yearly accumulations he lent out on mortgage, or m making liberal advances to struggling settlers, both m the town and m the districts ; m fact, the rapid progress of Gisborne at one time was almost solely due to Captain Read's liberality and enterprise. The rich man died ; and although his executors have shown exemplary forbearance, still they had to comply with the instructions contained m the will left by the deceased. No more advances were made of the same nature as was the case m Captain Read's life-time. Money owingandoutstandinghadtobe called m; mortgagees, many of them, were foreclosed, and the assistances promised m the life-time of the de-

ceased could not be given. All this brought about a great depression. Then wool fell greatly m price. Lands held under Maori titles came to be disputed, which so greatly deteriorated their value that they could not be sold m the open market ; nor could advances be obtained upon them. Then the Banks themselves, feeling the pinch and fearing a possible run upon them, had to call m their advances and refuse for the time that legitimate accommodation for which such institutions are presumed to be established. Between these serious drawbacks to the progress of the town and districts, several destructive fires occurred. Much fever-sickness prevailed and, finally, the low -lying parts of the settled districts were greatly damaged by floods. But the people of the Bay are not of the stamp to be crushed out of hope for the future. There is the land with vs — and there is none finer m the world. The sheep fatten for the butcher and the wool grows for the station holder. The pastures offer abundance for the increasing herds on our flat lands and hills and valleys. There is promise of a large grass-seed harvest. There is nothing that can be taken from us. The depression has been one of a serious character ; but it is passing over, and the black clouds will shortly disclose their silver linings. The times may have seemed hard to those who really know very little what bad times mean m older countries. But no man m our midst has known actual want or distress of any time. The most unfortunate have ate and drunk as m the best of their days ; have, been as well sheltered and clothed as of yore ; and very few have been compelled to debar themselves of all reasonable comforts and even luxuries. There is, we are quite sure, a good time coming, and if it does not come so soon as we may wish or expect, we shall still live on and scarcely feel the pinch.