IN N.Z. CURRENCY
OVERSEAS INTEREST ipWER BOARD’S DECISION (Pur Press Association.) INVERCARGILL, lust night. By 11 votes to one the Southland Electric. Power Board at its meeting to- . day decided to rescind its former resolution to pay interest on its London loans in sterling, and later carried a resolution to the effect tlitt iL would pay in New Zealand currency, but would facilitate <t- test case regarding the matter if bondholders desired a ruling. The question of interest payment was the main topic lor discussion at the meeting, which was a protracted one, and several of the. issues were considered in committee. The majority of the members agreed that the board was under no legal obligation to pay in sterling, and that if there : had been it moral obligation to pay. this had been nullified by the action of the bondholders in England in refusing to accept lower interest rates as practically all other bondholders |uul done. It- was stated during Ihe discussion' that- the board’s decision would liittui a. saving of £20,625 to the users of electric power in Southland.
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Bibliographic details
Poverty Bay Herald, Volume LX, Issue 18192, 13 September 1933, Page 10
Word Count
181IN N.Z. CURRENCY Poverty Bay Herald, Volume LX, Issue 18192, 13 September 1933, Page 10
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