“DICTATION RESENTED.”
POWER BOARD AND INTEREST. PAYMENT OF LONDON LOANS. REPLY TO FINANCE MINISTER. (By Telegraph.—Press Association.) INVERCARGILL, Friday. The Minister of Finance, the Rt. Hon. J. G. Coates has wired the Southland Electric Power Board directing it -to pay the September interest on its London loans in sterling. Air Coates -states that if. the board fails to comply the Government must pay the difference in view of the State -guarantee, and legislation will provide that amounts so paid shall constitute a debt to the Crown, and be recoverable as such. In view of the present position the -Government -could not possibly agree t-o extend the Government guarantee to any conversion loan attempted in 1936. Mr W. Hinchey, the chairman of the board has replied:— “I consider, and am advised, that It Is my duty to carry out the resolution of the board. “Your attempts to dictate and your threats are resented.”
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Bibliographic details
Waikato Times, Volume 114, Issue 19051, 15 September 1933, Page 6
Word Count
152“DICTATION RESENTED.” Waikato Times, Volume 114, Issue 19051, 15 September 1933, Page 6
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