SOUTHLAND INTEREST
PAYMENT IN STERLING ACTION BY GOVERNMENT (Parliamentary Reporter.) WELLINGTON, this day. The Government baa paid the difference between New Zealand currency and English sterling rates on tho Southland Power Board's interest to overseas bondholders. It has been found that the matter involved no difficulties in the way of ascertaining bondholders’ names, as the Power Board’s bankers carried 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, Mr. D. G. Sullivan (Labor, Avon) has tabled a question whether the Minister of Finance intends opening negotiations for the conversion of the local body overseas debt in l order to relieve them of the burden created by the high exchange.
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Bibliographic details
Poverty Bay Herald, Volume LX, Issue 18204, 27 September 1933, Page 7
Word Count
144SOUTHLAND INTEREST Poverty Bay Herald, Volume LX, Issue 18204, 27 September 1933, Page 7
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