NEW PLYMOUTH HARBOUR LOAN.

Taranaki Herald, Volume XL, Issue 8974, 6 January 1891, Page 3

NEW PLYMOUTH HARBOUR LOAN.

Wbtting on the default of New Plymouth Harbour Board to~ take op its November coupons, the London correspondent of the Auckland Herald says :— The Financial Times of November 12th contains a bitter attack upon the New Zealand Harbour Board loans, which it sayß amount to JE2,809,600, or in other words an amount that it "would require every New Zealander to contribute £5 to liquidate. The paper declares that out of thirteen harbour loans only three—Auckland, Lyttelton,. and- Wellington — offer really good security on their own merits, though Greymouth and Westport, being guaranteed by the Government, were exempt from attack. In connection with the same subject, the following remarks by tbe commercial editor of the Standard will be read with some interest and .more indignation:— "The feeling of indignation generated by the default of the Ne\v Plymouth Harbour Board, to which we drew attention in May last, has been intensified by the discovery that the Government of New Zealand concealed tbe Board's bankruptcy for a whole year. This is what the Hon. Edward Mitchelson, a member of the Government of the colony, said" about it in June last, when questioned on the subject. On the 24th October last (*.«., October, 1889) the Government remitted to London a sum of £5115175, to enable tbe interest to be paid on the Harbour Board's coupons, to be met on Ist November. About that time the loan agents , were making preparations for converting the three-and-a-balf per cent, loan of £2,700,000, and it ■was thought that if default were made by the New Plymouth Harbour Board the success of the conversion would be greatly jeopardised. The loan agents advised .tliat, 'in tbe interests, of the loan they were about to raise, the Government should pay interest upon the coupon of the Board rather than that default should be made,' and bo on."

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{For continuation of news see 4th pager )