THE GOVERNMENT PAYS.
DIFFERENCE IN INTEREST RATE (Bv Telegraph.—Special to Standard.) 7 WELLINGTON, Sept. 26. The Government has paid the difference between New Zealand -currency and English sterling rates on the Southland Power Board’s interest to overseas bondholders. It has been found that the matter involved no difficulties in the way of ascertaining the bondholders’ names, as the Power Board’s bankers earned out the Government instruction to make the larger payment, debiting the difference to the Government account, though later in the session there will be legislation, as indicated by the Finance Minister, enabling this expenditure to be recovered as a debt due to the Crown. CONVERSION PROPOSAL. Mr D. G. Sullivan has tabled a question as to whether the Minister of Finance intends opening negotiations for the conversion of local bodies’ overseas debt in order to relieve them of the burden created by the high exchange.
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Manawatu Standard, Volume LIII, Issue 257, 27 September 1933, Page 7
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147THE GOVERNMENT PAYS. Manawatu Standard, Volume LIII, Issue 257, 27 September 1933, Page 7
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