CAPITAL IS NOW AVAILABLE
AUCKLAND HARBOUR BRIDGE GUARANTEE SOUGHT FROM GOVERNMENT (United Press Assoclntlon) AUCKLAND, December 15. Information that capital to build the Auckland Harbour bridge was now available in Australia at a satisfactory interest rate, provided the New Zealand Government guaranteed interest payment, was given to the annual meeting of the Auckland Harbour Bridge Company, Ltd., today on behalf of the directors by Mr Julius Hogben. It was stated later '.hat the sum available is £2,000,000. Mr Hogben detailed correspondence he had had with M. R. Homibrook Proprietary, Limited, of Brisbane, and the Prime Minister (the Rt. Hon. M. J. Savage) on October 12 last. He had received a cablegram from Homibrook’s stating that the capital was available. Subsequently, he wrote three letters to the Prime Minister, and on November 14 he received a reply from Mr Savage stating that he had no objection to receiving the suggested deputation of two directors of the company, but that he thought it was quite unnecessary as so much had already been said about the project. The question to be considered was one of Government policy, which, of course, said Mr Savage, no deputation could decide.
Mr Hogben proceeded to emphasize the need for such a bridge. The. Government. had been in full possession of all the facts for the need of such a bridge for two years. He could not, therefore, understand its studied procrastination.
Mr Hogben asked what influence could possibly be preventing the Government from, undertaking such a major public utility, if it were sincere in its declared policy of taking men off public works to encourage New Zealand industry. The advantages of the bridge must be obvious, for it would immediately provide employment for from 800 to 1000 men.
The meeting decided to increase the capital of the company to £lO,OOO by the creation of 5000 new ordinary shares of £1 each, ranking equally with the existing shares in the company- '
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Bibliographic details
Southland Times, Issue 23693, 16 December 1938, Page 6
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323CAPITAL IS NOW AVAILABLE Southland Times, Issue 23693, 16 December 1938, Page 6
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