THE AUCKLAND SYDNEY CABLE

West Coast Times, 15 January 1913, Page 3

THE AUCKLAND SYDNEY CABLE

CELEBRATING COMPLETION OF WORK. [PER PRESS ASSOCIATION. —COPYRIGHT.] AUCKLAND, Jan. 14. To celebrate the completion of a direct cable between Auckland and Sydney, the Pacific Cable Board entertained the leading citizens at a luncheon. Responding to the toast of the Pacific Cable Hoard, proposed hy the Post-master-General (the Hon. R. H. Rhodes), Mr. Milward, the Company’s Australian manager, stated that the original capital which was advanced hy the Imperial Treasury, was being repaid hy the revenue earned hy the cable, in fifty 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 fifty years the original oapitjd, with interest, would he repaid and the sum necessary to lay a serond cable throughout. The accumulated sum that the different Governments were called upon to contribute was demeaning yearly. Re hoped in a few thin'* 13* U b ° ™ lnced to Inn Ihe traffic in eight years showel an increase of 250 p Pr ( . Pnt T . land w’ 1 ') Mnp - V and A nek-