The Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. SATURDAY, JULY 18, 1885. THE BOROUGH LOAN.

Manawatu Standard, Volume X, Issue 43, 18 July 1885, Page 2

The Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. SATURDAY, JULY 18, 1885. THE BOROUGH LOAN.

Once more it is pur painful duty :to place on record .the fact that the . Borpugh^Loari proposals have come to grief. r £he present position' is cause for general and genuine regret. All things wore such a hopeful aspect, the Loan had been successfully floated, arid m the attainmerit of that cheering corisumma- . tion the .whole of the burgesses cooperated with a zeal and energy that redounded to their credit. People were just beginning, to flatter themselves that prosperity was about once more to show its welcome presence*. All preparations were being ..made to organise and* carry out an extensive scheme of public works for the improvement of the town, and; to enhance the convenience and comfort of its inhabitants. A chart of street levels.: was m course of preparation, and the Council were prepared to administer their trust with the utmost integrity, earnestness, and discretion. The un-. •emjiloyed working men, of whom a (great number had been holding on ■m expectation of the new works to be undertaken when the Loan was ..floated, were making all preparations to be m readiness to tender for the • Contracts so soon as they were issued. In short, the whole question had assumed an eminently satisfactory aspect, and the ratepayers were con- ; gratulating themselves on the fact; that soon a different state of things would prevail, and that briskness would take the place of the stagnation and depression that so long: have been the chronic condition of things. But alas, the old -side of, the., picture still stares us m the face, and m blank amazement and dismay we learn ' that the. Loan proposal's have come to grief It would appear that-ajlocal. journal had. yery indiscreetly published an article reflecting indirectly on .the Insur^ncev Department for making as" wits' alleged, more favourable overtures for floating a loan for the i Wellington Harbour Board than had been offered the Palmerston North Borough Council. Our readers will be aware that for months past we have avoided any..recrimination or controversy with the journal m question, and though we have been attacked times out of number, we have never written a line either m provocation or retaliation. We write hpw m deprecation of the mistaken; course adopted by our con. temporary on the occasion of its very indiscreet reference to the matter m its columns. It is a thousand pities that unfortunate article was ! ever put m type. Its publication could do no possible good, and was i calculated to do, , and has done, an immense deal of harm. We cannot imagine for the life of us what object, was sought to be attained m its 'pubfic'ation. - Qur contemporary m a paragraph m -'rhursday's issue endeavours to smooth matters over by stating that the references to the loan which appeared; m the Times could not have had any effect, as they did not appear until after the Finance Committee of the Insurance Department had met together and decided on the course of action te .be taken. This was a mere quibble on the, part of the Times^ and will nor have the least particle of weight with any sensible or observant member of the community. If any of the ratepayers doubt this they have only to refer to the Times of Saturday, June 27th, and m the leading Article appearing m the Times of that date, they ..will find that the latter half of it is dedicated to allusions to the Wellington Harbor JJoards action 1 m raising their loan and the ..•"ba'd n ije : rh^wpqiju,wjifgji the I*Bl- i Borough. ..had,- arranged I *wftl)f'tlie..|hsurancjß Department as i }n^compaTis(>n w.jth the terms offered >fo the Harbor Board. This is the-; Article which we assert should never

have been published, and Which has, we believe, brought about the present lamentable state' of affairs. • Fjje" Council, the ratepayers, the Bank, and the Government Insurvvnee i'epartment, were all satisfied with the terms and tfondit/ons proposed and accepted. The Council 'agreed to the raie of interest, and the term of the Loan, and. no one wanted to , disturb or alter those arrangements even m the slighest detail. The Bank was much pleased at the entire success of the negotiations so satisfactorily .completed by its I nspector, ; acting ?in conjunction with bur worthy Mayor and Town Clerk, and -ably assisted by Mr Macauthuu, with Sir Julius Vogkj. acting on behalf of the Government Insurance Department Every detail had been most satisfactorily adjusted, | and all interested were congratulating themselves on the happy and successful results achieved. Borough expenditure was to re-commence without; delay, the 1 credit of the 'Borough was fully re-' stored, its banking" account ' was m funds, and could be operated on at once without tliore unpleasant and aggrrvating restrictionf, with whicK it has not been unfamiliar m the past. Now, aH is ■■ changed. Tli<e Loan question is once more; m stalu qub> a»d with ; very sl'enderchances of being floated at 'all, at-ahy rite^ for a lohtf time to. come. No doubt the editor «f our contemporarjy now, recognises jjhat he has assisted to bring about a most unfortuhate j uncture. We hope ' he can bring forward some sort of justification; forthe conrse of action, he has seen: fit to adopt, and which - has led tip to such lamentable : results' The oat-' look is now gliibmy and cheerless m the extreHfieV dtid an injury has been done to the^place that may^never be fully atoned for or compensated. We doubt if any. of the .Co.qnfcirwiil feel disposed^ again tp go over the ground of retracing thdr footsteps and r^-transactink aU'tlife Loan business which, occupied 1 so" many long and anxious hipiucs tjll" ttie'succes^ful consummation was : finally attained, Aqd, further, the question will arise, *f Will the' Loan now tie floated at all ?? We do not like to tikfe up the role of prophets of ill omen, but We frankly admit bur serious misgivings ana. apprehensions with, rejgard to. it. We "haye grave doubts, as to its success 'ih the London market: We sincerely hope pur fears will n6t,be realised, but we cannot hide H from . ourselves ; the doubts that wjii arise m "the public mind, when the:JJoah question has. for the third tiiiae to be discussed and all difficulties' explained and all inquiries satisfactorily answered Meantime what is the Borough to do for the necessary ways and means ? The Bank cannot be expected to gb oa advancing. ; We cannot b|ame it if it says m effect^ We are very sorry,' but -until your Loan is floated m reality, you must; keep your,overdraft within the presciibed limits." What else c^n the Bank say? What a nice positition -to bj? m I All, our anticipations of progress and prqsperi : ty_at.an end,, at. least for a time--— and we greatly" feair for a long time. Heavy expense and tedious delay will now be inevitable which, by , the_ arrangements so favorably: and successfu'ly completed would. have been avoided. No new works can' be\ undertaken or ev£n thought of^and depression will again reign supreme^ It is a /^better Wow, for the working men," ; who navbioeeh waiting wearily,- month; after monthy for the works to commence-—^unwil-ling to leave the place, yet wondering how they ; were to remain m. it; It is a bitter blow foir every tradesman and person m business, and it is a bitter blow for. t?he wliole community. It is^greatly to.be deplored that any. unwise .interference took place with regard to arrangements that had caused such complete: and universal satisfaction.. Palnierston is how mj a position so embarrassing and so beset withdif- 5 ficiilties and cbmpllcatibtis that any; road out of the wildernesses difficult to i pdint but. or suggest. But we Have exceeded our intended limits, and must defer further reference to this most important^ -but now J. unfortunately most gloomy and v;dis* heartening subject, to an early futureopportunity^ ■;/, ■ v•,