The Oamaru school was beaten 33-17 by Timaru Boys' High School in the first XV clash at Milner Park.
It was the 130th anniversary of what is believed to be the oldest continuous interschool in the southern hemisphere.
Waitaki Mayor Alex Familton, a former pupil and teacher at Waitaki Boys', said the annual fixture was a family tradition for many people, and for those who played in it the memories stayed a lifetime.
Familton said he remembered clearly kicking the winning goal in the interschool in 1959.
''Those are the sorts of things you do remember.
''Last year, my grandson [Jake Rhodes] had the privilege of captaining the first XV, so it is a great family association. It's like that for a lot of people in both Oamaru and Timaru. It's a great fixture with a depth of meaning for many.''
Waitaki Boys' rector Paul Jackson said although yesterday's game was only his second as head of the school, he was very aware of the game's importance even before he witnessed his first clash between the schools.
''The first one was played in four inches [10cm] of water in Timaru, but that was never going to be called off with the 130th just around the corner,'' Jackson said,''Everyone knows about this fixture. It's such a great spectacle.''