RADIO BOARD

Greymouth Evening Star, 28 October 1932, Page 5

RADIO BOARD

DEAL WITH GOVERNMENT

[PER press association.]

WELLINGTON, October 28.

An official statement concerning the financial and other arrangements made

-etween the Postmaster-General ami

the Radio Broadcasting Board, was tabled in the House of Representatives, this morning. The statement sets out that the

price, fixed by arbitration, to be paid by the Crown for the assets of the Radio Broadcasting Company was £58,646/6/2. The share of the costs of arbitration paid by the Post and Telegraph Department, and the ex-

penses incurred by the Department in valuing the assets, together with adjustments, amounted to £1193/11/-. Payment of the whole amount was made out of the Post Office Account, and was treated as a loan to the Broadcasting Board. The deed between the Minister and the Board provides that, in consideration of the New Zealand Government vesting in the Board all assets and property acquired from the Radio Broadcasting Company, the Board covenants to charge all its property, to the extent of the total amount paid. This charge is a first mortgage over all the property. Provision is also made for the repayment of the principal sum Within ten years, in quarterly instalments of £1251). (£3789 in repayment of the principal was paid in September last). The interest, payable quarterly, is fixed at 6 per cent., reducible to 5 per cent, if paid within 20 days of the due date. Under the agreement with the Board, it is provided that payment be made to the Board of live-sixths of the license fees received 1 from listeners.