CABLE MERGER
TERMS OF TRANSFERENCE . WORK TO START IN JUNE (Elec. Tel. Copyright—United Press Assn(Australian and N.Z. Press Association.) (Received April 11, 11 a.m.) .LONDON, April 10. Following the first meeting of the court of directors of the cables and wireless merger, Colonel C. Ileadlain, M.l’., chairman of the Pacific Cable Board, said he anticipated the complete transference of the board’s assets and staff within three months. The merger probably would be fully functioning, both cables and wireless, in .lime. Colonel Ilea (Ham was gratified at the terms of the transference, which lie 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 the assumption of the hoard’s indebtedness for the British Government’s loan of £2,000.000 repayable at a rate of £75,000 annually.
The merger guarantees the staffs the existing rights of the pension and provident funds, and also provisionally undertakes to renew agreements for a further five years.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/PBH19290411.2.62
Bibliographic details
Poverty Bay Herald, Volume LV, Issue 16923, 11 April 1929, Page 7
Word Count
169CABLE MERGER Poverty Bay Herald, Volume LV, Issue 16923, 11 April 1929, Page 7
Using This Item
The Gisborne Herald Company is the copyright owner for the Poverty Bay Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Gisborne Herald Company. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in