The Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. WEDNESDAY, JULY 15,1885. THE BOROUGH LOAN.

Manawatu Standard, Volume X, Issue 40, 15 July 1885, Page 2

Manawatu Standard (PUBLISHED DAILY .) The Oldest Daily Newspaper on the West Coast. WEDNESDAY, JULY 15,1885. THE BOROUGH LOAN.

Our readers are doubtless as much disappointed over the termination of this matter as we are ourselves. We cannot conceive how the change has been brought about by the Insurance Department, unless we admit that Sir Julius Yogel .has, gojne very good reason, for withdrawing his offer of the money. Possibly the offer made m the first instance is on a. par with his schemes now before Parliament, which are being so much knocked about by a few members of the House, whilst jthe Ministry sit quietly on their benches "swallowing the bitter pills administered by both friends and foes;" If it had so happened that an application had been lodged m the' usual manner with the Insurance Department asking for an adVance of We could understand the application standing on its merits, and after consideration being for good reasons declined. In this particular instance, we have been informed that instead of asking Sir Julius Yogel to advance the dt?50i000, that gentleman offered to make the advance to .the Borough at 98 with 5 per cent* .'iri-i terest, and for '30 -years. Judging Jrqm the report' 6i the 1 Mayor endorsed by the Town Clerk, we must conclude that the offer was made as reported, and further that the offer made was accepted at a meeting of the Council immediately after the interview with Sir Julius. When the Department received the assurance from our Council accepting; the offer, it must have been distinctly understood m Wellington that such an offer was made by Sir Julius, consequently a breach of faith has been committed for which we must now suffer for some considerable time. Unfortunately for us/jt is a Government matter and it would be a difficult task to bring ithe; responsible partly to book. Were* it a. private; matted we feel confident the Borough Council would have a good action at law for substantial-damages. Another proof .*' if sii'ch a .'thing-* be wanted by any one here "is the fact that, arrangements: were made to draw the money by instalments and that the debentures for the whole amount were printed or ordered m the presence of the Acting Manager, Mr Luckie, ;th'e.. various amounts of the debentures being fixed by Sir Julius himself, and further it was arranged that the to pay current loan should remain m the hands of qjhe Government Department making ' theVadvance.' We feel quite confident that any man of common sense will at once see that a* specific arrangement was made that a solemn contract was entered into by Sir Jgi/ius' on behalf of the Departtnent, atid pur Mayor, on behalf of the Burgesses of palmerston North, and, that for some. particular, and as yet unexplained purpose, the offer . #<|cjpted by us m all "gfbod faith has been treated wi||j utter contempt, and this community placed m. a most unenviable m the eyes of*its neighbours. The ques r tion naturally i arises, what can be done, to remedy past evils. In our opinion the question is more easily asked than answered at the present moment. The -money market at Home looks far from being m a settled state,; from the still almost certain struggle with Russia over the Afghanistan question, war may belch fprtlj any moment and the whole Civilised world may arm for the great^struggle now pending. Such being the case there ft just a chance of our Loan, with its other drawbacks, not being floated successfully m London. ... It appears to us that the /Department may yet reconsider the , guestionland keep faith with us, and make the' advance, or at all events the largest portion of it, so that our works .'may be carried on as speedily as possible. We are not on this occasion going to give what we consider the probable reason why the offer hag been withdrawn. It must be potent to those amongst us who have any penetration and business experience, that mistakes have been made by the too much chatter over the offer made by Sir JuLii;s t , and by. the very unfavourable comparisons drawn between this advance and another sought by an influential public body m Wellington. A straw it is said will indicate which way the wind blows. The world is made up of trifles, and possibly a comparative trifle may have been ,thewneans of giving offence m ceriainjquarters. The r,es,ult of which is." the withdrawal of the Loan offer and'Tthe bitter disappointment to the inhabitants of Palmerston North.