MR REEVES ANSWERS MESSRS FISH AND ISAAC.

Evening Star, Issue 4188, 29 July 1876, Page 2

MR REEVES ANSWERS MESSRS FISH AND ISAAC.

To the Editor. Sib, —ln your last night's issue two letters appear, one from Mr Fish and one from Mr Isaac, and as they deal with the same question, viz,, a letter signed "Citizen," whiA appeared in the Stab of the previous evening, I can answer both gentlemen at once. Permit me to say, at once, that I regret having to make the explanations I now do; and as I do not desire to take to myself undue credit for anything I may have dono in the Council, I would much rather my friend "Citizen" had not forced me into the position of defending myself against my friends (?) Messrs Fish and Isaac. Now, Mr Fish asserts that I had nothing whatever to do directly with the financial negotiations arrived at re the purchase of the Waterworks, and Mr Isaac claims the credit of having opened up negotiations with the Bank of New Zealand for borrowing the money, and in support of this quotes .a letter written by the Town Clerk, dated November 6," 187*. I will not contradict

what Mr Isaac gays in this respect, but I •hall show further on what these negotiations amounted to, and it will be sufficient answer to Mr Isaac. As for Mr FishV statement at the conclusion of this letter "that throughout the whole business Mr Reeves had nothing, as far as I know, to do with it, and was not even a member of tho Huance Committee," I can only say it is quite worthy of that gentleman. Shortlv *tited, the following are the facts: —On th< 17th November, 1874, in committee «' tho whole Council, correspondence was real from the managers of the Banks of New South. Wales, Union of Australia, and New Zeaiand, the first two absolutely declining tho accommodation, the latter not so decided, and at that meeting I was added to tho Finance Committee. During progress of negotiations °\ i 19tt Novemb er, at meeting of the whole Council, his Worship the Mayor (Mr Ramsay) reported that the manager of the Bank of New Zealand had given a verbal reply, which was indefinite and unsatisfactory. On Friday, 20th, the Council again met in committee, when itv/as resolved that the Jlayor and one Councillor do proceed to Melbourne for the purpose of selling debentures and raising money nocessary to complete purchase. Now, sir, for the part I took in the transaction on the evening of the day (17th) when I was added to the committee. I waited on the manager of the Bank, Mr Roberts, and. he told me some members of the Finance Committee had waited om him, that the Bank would not advance the money under- the circumstances, no definite proposal having been submitted. After considerable argument I got him to agree that a proposal would be favorably considered, and I may say I pointed out amongst other thiugs that the credit of the City would be Beriously injured if we had to go out of the Colony, where we had large monetary institutions, to borrow this money; in fact that to some extent it would impair the credit of the Colony and the Banks themselves to have to do so. According to arrangement I next day waited again on Mr Roberts, and then made the offer (subject of course to the approval of the Council), which was telegraphed to Auckland on the morning of 20th. A reply came that the bank would accept on those terms if offered from the Council. Accordingly on Friday, the 20th, the Council again met in Committee, when I moved a resolution, word for word, what I proposed to Mr Roberta. This was earned unanimously, and I then said recourse to Melbourne would not be necessary as the money was at the command of the Corporation. Several unimportant matters regarding the transaction had then to be arranged, and the May» and Councillors Reeves and Fish were appointed a special sub-committee to make all necessary arrangements with the bank.

Sir, these are the true facts, and will be verified by the minutes of the Corporation ; but for the satisfaction of Councillors Fish and Isaac, or others who may doubt what I have stated, I request they will take the trouble of speaking to Mr Roberts "and satisfy themselves. Apologising for thus trespassing.—l am, &c, ._ ~ C.'S. Rbbves. Dunedin, July 29.