CONTRACTOR’S LOSS
SYDNEY HARBOUR BRIDGE. (United Press Assn.—Telegraph Copyright.) London, December 20. Explaining the loss on the Sydney Bridge, the chairman, Brigadier-Gen-eral Charles Mitchell, pointed out that the company had been paid in Australian pounds which no one in 1924 could possibly have foreseen would have depreciated to 16/- by 1931. The London Financial Times stated recently: “The loss on the Sydney Harbour Bridge is not surprising. It had been anticipated that the contract would be financially adverse. Dorman, Long and Co. incurred heavy losses on the transfer of payments for the bridge from Australia to England, owing to the unfavourable exchange. On this account £129,677 was written off in 1931, and £75,602 is included in the present balance-sheet for further transfers—thus the loss on the bridge to date is £442,279. The cost was inevitably affected by the strike of 1926, and other troubles which delayed completion. The company’s total deficiency for the year is £387,768.”
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Southland Times, Issue 21895, 22 December 1932, Page 5
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156CONTRACTOR’S LOSS Southland Times, Issue 21895, 22 December 1932, Page 5
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