CABLE AND WIRELESS

Poverty Bay Herald, Volume LXIV, Issue 19372, 9 July 1937, Page 13

CABLE AND WIRELESS

NO GOVERNMENT CONTROL DISCUSSIONS IN LONDON LONDON, July 17. There is no foundation for the report that the Governments of the Dominions are likely to take over the control of the cable and wireless operating companies in the Dominions. A conference was held at Australia House yesterday on the subject of Imperial communications in which the Commonwealth Treasurer, Mr. Casey, the Australian High Commissioner, Mr. Bruce, the Commonwealth Director of Postal Services,' Mr. H. P. Brown, and the representative of the Commonwealth Government on the Imperial Communications Advisory Committee, Mr. Clive Baillieu, took part. Several meetings were held earlier between representatives of Britain and of the Dominions concerning Cable and Wireless (Holding), Limited's financial position, including the recent capital reorganisation, as it affects the British and Dominion Governments. It is expected that the discussions will continue for several weeks, and Mr. Brown will remain in London to take part in them with Messrs. Bruce and Baillieu.

The capital reorganisation .scheme of Cable and Wireless (Holding), Limited, included a cut of £ 22,588,000 s in ordinary capital by writing down A and B ordinary shares from £29,471,000 to £6,883,000. The company guarantees to the British Government (inter alia) the fulfilment of certain obligations by Cable and Wireless, Limited, whose undertaking comprises practically the whole telegraphic cable and wireless system of the Empire. Preference capital is £23,218,875.