THE PACIFIC CABLE.

Rangitikei Advocate and Manawatu Argus, Volume XXXVII, Issue 10550, 15 January 1913, Page 6

THE PACIFIC CABLE.

Per Press Association. Auckland, January 14. To celebrats the completion of the direct cable service between' Auckland and Sydney the Pacific Cable Board entertained leading Auckland citizens at luncheon. Responding to the toast of the Pacific Cable Board proposed by the PostmasterGeneral, MrMilward, the Company's Australian, manager, stated that the original capital was advanced by the Imperial Treasury and was being repaid by revenue earned by the cable, in'fifty yearly instalments of £77,000. In addition the revenue was expected to provide £33,000 per j annum towards the revenue fund ! besides paying all working expenses, j This meant that within fifty years the original capital with interest would be repaid and the sum neces-sary-to lay a second cable throughI out would be accumulated. The sum that the different Governments are called upon to contribute is decreasing vearly and he hoped that lin a few years it will be reduced to nothing. Tiio traffic in eight years showed an increase of 250 per cent. T heTnew cable between Sydney and Auckland lie hoped would in addition to being a more reliable service reduce working expenses bv cutting out two transmissions. He thanked the people of New Zealand for their very loyal support of the undertaking.