THE PACIFIC CABLE.

Taranaki Herald, Volume LXI, Issue 143995, 14 January 1913, Page 3

THE PACIFIC CABLE.

AN AUCKLAND CELEBRATION. Per Press Association. Auckland; .Jan. 14. To celebrate the completion of the direct.cablo between Auckland and Sydney the Pacific Cable Board entertained the leading citizens at luncheon. Responding to the toast of the Pacific Cable Board, proposed by idle Postmas-ter-General, Mr. Milward, 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 50 yearly instalments of £77,000. In addition the revenue was expected to provide £33,000 per annum towards the renewal fund, besides paying all working expenses. This meant that within 60 years the original capital with interest would be repaid and the sum necessary to day a second cable throughout accumulated. The sum that the different Governments were called upon to contribute was decreasing yearly, and he hoped that in a few years it would be reduced to nothing. The traffic in eight years showed an increase of 260 per cent. The new cable between Sydney and Auckland ho hoped would, in addition to providing a more reliable service, reduce working expenses by cutting out two transmissions. He thanked the people of New Zealand for their very loyal support of the undertaking.