A HEAVY BURDEN
INTEREST AND EXCHANGE. By Telegraph—Press Association AUCKLAND, June 26. Presenting the accounts for the year ended March 31 last to the anpua! meeting of the Auckland Transport Board, the chairman, Mr J. A. C Allum, said that the Board had Just completed the most difficult year in its history. The total revenue of £518,698 showed a reduction of £15,565 compared with the previous year, and expenses £534,405, a reduction of £10,775. After payment of interest amounting to £114,664 and other charges, there was a deficit of £15,708, compared with a deficit of £10„931 last year. The burden of overseas interest and the high exchange rate were discussed. It was decided in the matter of interest that, failing an early conference of local bodies to deal with the matter on a national scale, the Board make inquiries as to the terms and conditions upon which it might approach its debenture holders in London concerning the voluntary conversions of its loan.
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Bibliographic details
Timaru Herald, Volume CXXXVII, Issue 19836, 27 June 1934, Page 8
Word Count
162A HEAVY BURDEN Timaru Herald, Volume CXXXVII, Issue 19836, 27 June 1934, Page 8
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