TO PAY IN STERLING
DEBENTURE INTEREST
AUCKLAND' TRAMWAY LOAN
(By Telegraph.—Press Association.)
AUCKLAND, This Day.
After a conference ■ between the Auckland Transport Board and. the City; Council, a decision was reached that the board will pay in sterling and not in New Zealand currency the next interest due on! the tramways loan in London on January 1. A friendly action, to take place in New Zealand courts,1 has been instituted by a representative of the English debenture holders,' so that an authoritative decision may be given concerning the respective, rights of the parties. .
The: chairman of the' Transport Board (the Hon. H. G. R. Mason) said today that the arrangement .was regarded as' satisfactory because it secures to the board the court action desired upon a harmonious basis without causing inconvenience to the parties not directly concerned in the financial question at issue. The airangement still lacks formal ratification, by the board, and City Council 4ri3orsement is anticipated! . '
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Bibliographic details
Evening Post, Volume CXX, Issue 153, 26 December 1935, Page 9
Word Count
158TO PAY IN STERLING Evening Post, Volume CXX, Issue 153, 26 December 1935, Page 9
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