THE Poverty Bay Independent. Published every Tuesday, Thursday, and Saturday Morning. Saturday, November 7, 1885.

Poverty Bay Independent, Volume I, Issue 71, 7 November 1885, Page 2

THE Poverty Bay Independent. Published every Tuesday, Thursday, and Saturday Morning. Saturday, November 7, 1885.

After a series of vicissitudes and an amount of opposition seldom experidneed, —but overcome by the sheer force of public opinion,—the floating of the Harbor Board Loan is now an accomplished fact, and all our doubts and fears upon that score are finally set at rest. The large amount applied for by the London Capitalists—/886,600—would tend to show that the action of the Bank in demanding that /25,000 should be carried to a reserve fund, was a work of supererogation as far as regards the required amount of security offered. But although this has, to use a most expressive phrase, “ taken the gilt off the gingerbread,” yet we have sincere cause to congratulate ourselves upon the moderate amount of success which has attended our efforts. The effect of the floating of the loan must certainly have a most beneficial result upon all trade and speculation in the district, and will doubtless usher in a new aera of prosperity. The intelligence has also arrived at a mos t opportune time while the Engineer is in Wellington, and will doubtless have the effect of hastening on the negotiations about the plans, and we may confidently expect that the harbor works will be in progress before the end of the present month.