RADIO DEAL

Hawke's Bay Tribune, Volume XXII, Issue 269, 28 October 1932, Page 6

RADIO DEAL

OFFICIAL STATEMENT FINANCIAL AND OTHER STATEMENTS. POSTMASTER-GENERAL AND BOARD. By Telegraph—Press Association Parliament Buildings, Oct. 28. An official statement concerning nil' financial and other arrangements made between the Postmaster-General and 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 Broadcasfing Company was £58,646 6/2. The share of tho costs of arbitration paid by the Post and Telegraph Department and the expenses incurred by the department in valuing the assets together with the adjustments amounted to £1193 11/-. Payment of the whole amount was made out of the Post Office account and treated as a loan to the Broad, casting Board. The deed .between the Minister and the board provides that In consideration of the New Zealand Government vesting in the board all the assets and property acquired from the Radio Broadcasting Coy. 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 tea years in quarterly instalments of £1250. (£3789 in repayment of principal was paid in September last). The interest, pavable quarterly, is fixed at six per cent., reducible to five per cent, if paid within 20 days of the due date. Under the agreement with the board it is provided that payment shall be made to the board of five-sixths of the license fees received from listeners.