DIRECT CABLE
m BETWEEN SYDNEY AND AUCKLAND. (BY TELEGRAPH— PRESS ASSOCIATION.) AUCKLAND, This Day. To celebrate the completion of the direct cable between Auckland and Sydney, the Pacific Cable Board entertained leading citizens at a luncheon. Responding to the toast "The Pacific Cable Board," proposed by the Post-master-General (ftfc. Rhodes), Mr. Milward, the company's Australian manager, stated that the original capital was advanced by the Imperial Treasury, and was being repaid by revenue earned by the cable in fifty yearly instalments of £77,000. In addition, revenue was expected to provide £33,000 per annum towards a renewal fund, besides paying all working expenses. This meant that' within fifty years the original capital, with interest, would be repaid, and A sum necessary to lay^a second cable throughout* would hiVe accumulated. The sums that the different Governments Were called upon to contribute were decreasing yearly, and it Was hoped that in a few years they would be reduced to nothing. The traffic in eight years showed an increase of 250 per cent. The new cable between, Sydney and Auckland it was hoped would, in addition to giving a more reliable service, reduce working expenses by cutting out two transmissions. He thanked the people of New Zealand for their very loyal support of the . undertaking.
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https://paperspast.natlib.govt.nz/newspapers/EP19130114.2.94
Bibliographic details
Evening Post, Volume LXXXV, Issue 11, 14 January 1913, Page 8
Word Count
211DIRECT CABLE Evening Post, Volume LXXXV, Issue 11, 14 January 1913, Page 8
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