PAYMENT IN STERLING
TRAMWAY INTEREST
TRANSPORT BOARD'S DECISION
CONVERSION. LEGISLATION
(By Telegraph.—Press Association.)
AUCKLAND, TMs Day. ' The- Auckland •.Transport.Board decided today, with reference to the payment of interest on the debentures .o£ the original tramway loan of £1,250,000 | domiciled in London, .to pay in sterling without prejudice, and on tho understanding that arrangements will b» made for the bondholders to meet thai board. . A special meeting of tho board in] committee, was held yesterday, when! the board was in direct telephonic communication with Mr. Coates^ in Wel-t lington. Each member was provided with' an earphone to enable him ten listen in when Mr. Cbat'es was speaking, and the members also had the op' portunity of putting direct questions to him.! : ... Today the.board adopted the report of its committee deliberations, which said that it had been'represented (1) ; that the best financial authorities available to New Zealand considered there were grounds for discussion, buti strongly urged that the interest be paid in sterling immediately to .'enable Auckland City renewals" to be dealt with;' (2) that the Government would fully authorise-and protect the board;' (3) that the Government would legislate to authorise the board to convert the loan; (4) that the City Council approved of tho board ■ assuming direct responsibility by converting the loan; and (5) that payment in sterling would restore'the Auckland City Council loans to the Stock Exchange list. The board therefore decided to meet the last payment in sterling without prejudice, and it empowered the chair, man (Mr. J.-A. C. Allum) to act immediately. Mr. Allum. said in a statement that investigation showed that there was no moral liability to. pay in other than." New Zealand currency. A message, received today from London conveying the opinion of ."the best financial authority" available to New Zealand" was the first indication of realisation in London of the true position. N
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Bibliographic details
Evening Post, Volume CXVI, Issue 33, 8 August 1933, Page 8
Word Count
308PAYMENT IN STERLING Evening Post, Volume CXVI, Issue 33, 8 August 1933, Page 8
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