CABLES AND WIRELESS MERGER
PACIFIC CABLE BOARD ' TERMS EMINENTLY SATISFACTORY (United Press Association—By Electric Telegraph—Copyright) (Australian Press Association) (Received 11th April, 10.10 a.m.) LONDON, 10th April. Following the first meeting of the Court of Directors of the cables and wireless merger, the chairman of the Pacific Cable Board said he anticipated a complete transference of the board's assets and staff within three months. The merger would probably be fully functioning in both cables and wireless in June. Ho was gratified at the terms of the transference, which he regards as eminently satisfactory both to the staff and the participating Governments, particularly Canada, Australia and New Zealand. The board's liabilities include a cash payment of £500,000 for assets, plus assumption of the indebtedness for the British' Government's loan of £2,000,000, repayable at the rate of £75,000 annually. The merger guarantees the staff's existing rights of the pension and provident funds, and also provisionally undertakes to renew engagements for a further five years.
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Nelson Evening Mail, Volume LXIII, 11 April 1929, Page 5
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161CABLES AND WIRELESS MERGER Nelson Evening Mail, Volume LXIII, 11 April 1929, Page 5
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