THE RADIO LOAN.
WOT OX SECOND MORTGAGE. J . . ASSETS WORTH £22,000. : CBx Telegraph—Parliamentary Reporter» i WELLINGTON, Thursday.
:■ "A. statement that the Government had teat £15,006 to the Radio Company on Second mortgage had ~ been contradicted by the Postmaster-General, and rightly «o» Mid the Prime Minister in the Hoiue to-night. The, member for Grey Lynn had quoted from the "Mercantile Gazette*, in trying to show that the money was lent on second mortgage, but his information was not quite up to date. It might be that the Government was going to get off much more cheaply under the present arrangement than it would had it undertaken the | whole responsibility of the -station. Who knew what the future of radio wonid be? Who could say that there would not be a revolutionary change within a few years, and that plant one-tenth of the value of the present station might not serve our purposes. After investigation, the Government thought that, instead of having a station of the ordinary size, it should have one ten times the size of others in New Zealand. Regarding the point about mortgage, Mr. Coates said the fact was that the radio property was worth £22,000, and the Bank of New Zealand had a first mortgage of £5000 on the But that left the remainder clear as security for the Government's £15,000 loan. It was, in other words, a first mortgage on a security of £22,000. A member: It's, a second mortgage on the land. Mr. Coates: Yes, on the land. There is this £5000 in front of us, but the rest of the assets are clear. Censorship of Programmes. "IH ask the hon. member to put it on the Order Paper," replied the Hon. W. Nosworthy when Mr. Savage (Auckland West) asked a question without notice relating to censorship of radio programmes. Mr. Savage referred to the fact that Mr. C. C. Munro, Auckland provincial president of the Farmers' Union, had not been allowed to speak on the radio, and asked that this censorship should either be removed or be applied to Ministers of the Crown in i common with all others.
THE RADIO LOAN.
Auckland Star, Volume LVIII, Issue 195, 19 August 1927, Page 15
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