Auckland and Sydney.
PACIFIC CABLE BOARD CABLE
(Per Press Association.)
AUCKLAND, Tuesday. To celebrate the completion of the direct cable 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 the PostmasterGeneral, 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 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 50 years the original capital, with interest, would be repaid and a sum necessary to lay a second cable throughout accumulated. The sum that the different Governments were called upon to contribute was decreasing yearly, and he hoped in a few years it would be reduced to nothing. The traffic in eight years showed an increase of 250 per cent. The new cable between Sydney and Auckland, he hoped, would in addition to giving a more reliable service, reduce the working expenses by cutting out two transmission stations. He thanked the people of New Zealand for th«* very loyal support given to the undertaking.
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https://paperspast.natlib.govt.nz/newspapers/WT19130115.2.3
Bibliographic details
Waikato Times, Issue 12481, 15 January 1913, Page 2
Word Count
208Auckland and Sydney. Waikato Times, Issue 12481, 15 January 1913, Page 2
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