CABLES AND WIRELESS.
PACIFIC BOARD'S AFFAIRS.
TERMS OF TRANSFERENCE.
Australian and N.Z. Press Association
LONDON. April 10
Following upon the first meeting of »| ie directors of the new merger company, Cables and Wireless, Mr. Maurice Y. Headlam, chairman of the Pacific Cable Board, said he anticipated that the complete transference of the board s assets and staff would be effected within three months. The merger probably would be fully functioning, both as to cables and wireless, in June. Mr. Headlam said he was gratified at the terms of the transference, which he regarded as eminently satisfactory to the staff and to the participating Governments, particularly to Canada, Australia and New Zealand.
The liabilities of the company include the cash payment of £500,000 for assets, plus the assumption of the board's indebtedness for the British Government's loan of £2,000,000, repayable at a rate of £75,000 a year. The merger guarantees the staffs their existing rights to pensions and provident fund benefits, and also provisionally undertakes to renew their engagements for a further five years.
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Bibliographic details
New Zealand Herald, Volume LXVI, Issue 20228, 12 April 1929, Page 11
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173CABLES AND WIRELESS. New Zealand Herald, Volume LXVI, Issue 20228, 12 April 1929, Page 11
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