Wairarapa Age MORNING DAILY. SATURDAY, NOVEMBER 12, 1910. OAMARU AND BORROWING.

Wairarapa Age, Volume XXXII, Issue 10142, 12 November 1910, Page 4

Wairarapa Age MORNING DAILY. SATURDAY, NOVEMBER 12, 1910. OAMARU AND BORROWING.

The repudiation. by Oamaru of the debt it owes the British money-lender in connection with its harbour, has caused the editor of the Temuka Leader—none other than Mr Jeremiah Twomey, cx-M.L.C.—to anathematize the whole box and dice of the Oamaruvians, and, incidentally, to point a moral to those possessed of Wardian proclivities. The Leader concludes a "gingerly" article as follows:—"The white stone city has wrecked and ruined and stained its reputation, and had to submit to tho bailiff being put in, and they could only pay 5s in the £. That is all Oamaru paid on its first two loans, and it is a disgrace to itself and to the whole of New Zealand. This is just exactly how Sir Joseph Ward is managing the finances of New Zealand, it must be patent to all that that the day will come when our credit will be stopped. What happened in Oamaru? Simply that the receiver was put in, and that is exactly what will happen us, or something like it. Anyone Avho doubts tj..s need only cast his mind back to two years ago, when there was a fall in the price of wool, amounting to about £1,500,000, what happened? A howl of destitution went up from Auckland to the Bluff, and woo and misery reigned over the land. Tho Government proceeded to increase the destitution by dismissing some of their employees, private proprietors followed their example, and the ranks of the unemployed began to swell till times became nearly as bad as in former years. This lasted c:ily for one year, and

wool regained its prices again, but j supposing prices oi : wool and other commodities went down and kept ; down for a few years, and the British moneylender stopped our credit, what would have happened ? We would all be in a state of misery, our banks would fall as they did in Australia and America, and the greatest destitution New Zealand has ever known would prevail. It is useless for us to preach this doctrine. Every one tells us he sees it, but when the time comes he will vote for a continuance of the policy. There is therefore no hope for Now Zealand. Sir J. G. Ward has thrown the nuts into the lire, and lie is using the people as a cat's paw to pull them out. Before the last nut is out, however, the people's hands will be very well scorched, and some of them will be burned to death. As for Oamaru, it takes matters easily.