AUCKLAND HARBOUR BRIDGE

Dominion, Volume 32, Issue 71, 16 December 1938, Page 12

AUCKLAND HARBOUR BRIDGE

£2,000,000 Capital Available

In Australia

i By Telegraph—Press Association. AUCKLAND, December 15.

Information that the capital to build the Auckland harbour bridge was now available in Australia at a satisfactory interest rate, provided the New Zealand Government guaranteed interest payments, was given to the annual meeting of the Auckland Harbour Bridge Company, Limited, today on behalf of the directors by Mr. Julius Hogben. It was stated later that the sum available was £2,000,000.

Mr. Hogben detailed correspondence he had had with M. R. Hornibrook Proprietary Limited, Brisbane, and the Prime Minister, Mr. Savage. Oh October 12 last he had received a cablegram from Hornibrooks stating that the capital was available. Subsequently he wrote three letters to the Prime Minister and on November 14 he received a reply from Mr. Savage stating that he had no objection to receiving a suggested deputation of two directors of the company, but that he thought it was quite unnecessary as so much had already been said about the project. The question to be considered was one of Government policy, which, of course, said Mr. Savage, no deputation could decide. Mr. Hogben proceeded to emphasize the need for such a bridge. The Government had been in full possession of all facts for the need of sucln a bridge for two years. He could not therefore understand its studied procrastination. Mr. Hogben asked what influence could possibly be preventing the Government from undertaking such a major public utility if it were sincere in its declared policy of taking men off public works to encourage New Zealand industry. The advantages of the bridge must be obvious, for it would immediately provide employment for from 800 to 1000 men.

The meeting decided to increase the capital of the company to £lO,OOO by th/ creation of 5000 new ordinary shares of £1 each ranking equally with the existing shares in the company.