The Gisborne Standard AND COOK COUNTY GAZETTE PUBLISHED EVERY TUESDAY, THURSDAY, AND Saturday Morning. Tuesday, October 27, 1891.

Gisborne Standard and Cook County Gazette, Volume V, Issue 677, 27 October 1891, Page 2

The Gisborne Standard AND COOK COUNTY GAZETTE PUBLISHED EVERY TUESDAY, THURSDAY, AND Saturday Morning.

Tuesday, October 27, 1891.

Be just and fear not; Let all the ends thou aim’st at be thy country’s, Thy God’s, and truth’s.

The working man is made responsible for many things, and among other things he is partially blamed for the condition of the Oamaru Harbor Board. We are glad to see that indirectly the H. B. Herald has entered its protest against the misstatement, when it says : —The mysterious cable messages announcing the continuous fall ir. the value of the Oamaru Harbor Board debentures—a fall so determined that these debentures are now down to 60 —are explained by a very simple but important fact. The Board has made default in its payment of interest, and has announced itself to be practically bankrupt. The English debenture-holders have been informed that the Board will only be able to pay half the interest it should pay, and that the default is due to droughts, strikes, and competition with the railway, which three causes, it is averred, have reduced the revenue to such a pitch that the Board cannot more than half meet its engagements. Whether the English financial world will accept that statement of causes as correct we cannot say—in fact, we cannot say whether we quite believe it, although the reference to the railway competition has great force—but it is very certain that the news of the default will tend to injure other and quite solvent local bodies.