Harbor Rate.

Opunake Times, Volume II, Issue 96, 4 June 1895, Page 2

Harbor Rate.

London, April 30. I have to report that on Tuesday week (April 9) the Treasurer received a deputation from the Council of Foreign Bondholders (headed by Sir John Lubbock), who interviewed him on behalf of the New Plymouth Harbor Board. The meeting occupied two hours and many points were discussed, but the main object of the deputation was to urge the Government to restore 200,000 acres of confiscated native land which they alleged to be part of the origual endowment. Mr Ward in replying took a very firm line, and I should fancy surprised the deputation considerably. I have not, of course, his exact words (the proceedings being private) but their drift. The Treasurer began by referring to the position of the Board, which was, he said, very different to what it had been, and was improving steadily. They had already made repayment of £7OOO, and £BOOO more would be repaid next December. The 6 per cent loan which the bondholders Had bought at 95 now stood at 103. They didn’t know when they had a good thing. With the reduced values of money their investment was indeed an extraordinary good one. In his opinion the rate of interest was too high. The residents of New Plymouth thought it abnormally high, and opined that if when the Board was in trouble the bondholders had cooperated in a reduction it would not have been too much to have expected. The Treasurer then went on to say he heard the Council meant to oppose the applications of the various New Zealand harbor boards, &c., for quotations on the Stock Exchange unless the Government gave way to their demands. The Government had nothing to do with local bodies, and could ngt be responsible for them to any way, He begged to say empathically the Colony was not going to be coerced into action by threats. If the Council thought it a proper thing to do to oppose the Stock Exchange quotations they must do so. New Zealand would get any money she required in spite of such malignant influences.

A legal luminary who formed one of the deputation replied, and explained that the Council of Foreign Bondholders were only now considering the request of the New Plymouth bondholders to bring pressure to bear on the Government by opposing the quotations, and that they were quite prepared to consider the position impartially. He then raised the question of the 200,000 acres of confiscated native lands which they declared were included in the orignal endowment and were part of the property on which the bondholders advanced money. ‘Mr Ward said that this was not the case. There were 789,000 acres named in the prospectus, and they had not been interfered with. The 200,000 acres did not form part of this. A discussion followed, in the course of which arbitration on the single point of the 200,000 acres being included in the endowment was proposed. Mr Ward declined to comtnit himself until he received the assurances of the Council that the other matters raised by correspondence were waived and all threats withdrawn. If the bondholders consented to this, he would confer with his colleagues by cable on the question of arbitration. He could not promise anything here, but the Ministers had the facts before them,, and could deal with it on the spot. The deputation thanked Mr Ward, and undertook to confer.with the New Plymouth bondholders and to see him again.

Before they departed Mr Ward repeated his ultimatum as to threats expressing a hope that his hearers had thoroughly grasped the fact, the New Zealand Government would not submit to the faintest semblance of dictation, that they must unconditionally withdraw all coercive resolutions before a basis of settlement could be arrived at re the disputed block.—Correspondence N.Z. Times.