The Manawatu Herald. SATURDAY, MAY 18, 1907. PALMERSTON BANKRUPTCIES.

Manawatu Herald, Volume XXIX, Issue 3766, 18 May 1907, Page 2

The Manawatu Herald. SATURDAY, MAY 18, 1907. PALMERSTON BANKRUPTCIES.

Palmerston papers have been up in arms lately because certain papers have been referring to the large number of bankruptcies which have occurred there of late. The Palmerston Chamber of Commerce has asked the New Zealand Times to take back-certain statements it recently published. Here are the statements which the Times published, which have caused Palmerston to ‘‘stand on its hind legs.” The Times reporter waited on several of the large merchants and asked them for a reason as to the increase in bankruptcies. One said : ‘‘Our experience has been that bankruptcies have diminished. Where have the increases been, Palmerston ? Oh, of course, Palmerston accounts for it all. The place is over-built.” But Palmerston has been talked of as a place to rush to —the town of the future. “It is a place to rush away from. It is as big as ever it will be, or at all events, as big as ever it ought to be. A farming centre? No! Feilding has taken its place in that respect. I have felt all along that Palmerston has been overbuilt, over - traded, and overboomed. But here in Wellington we are becoming more and more prosperous. ” 1 ‘ Palmerston, ” said another merchant, “ has, I am quite sure, been over - traded. There are several very large traders there and a great number of small ones, and the small ones are bound to find it hard to compete. I expect to find others fail soon. I don’t quite agree that Palmerston has reached her limit, but it has gone on too fast. The town is a residential centre for some of the farmers owning runs in the district, and with large supplies of all farm produce nea r at hand there is scope for activity. But the marked absence of chim-ney-stacks over Palmerston is bad.