NEW ZEALAND CURRENCY
SOUTHLAND POWER BOARD
SURPRISE IN LONDON
United I'ress Association —By Electric Telegraph—Copyright. (Received August 2a, 2 p.m.) LONDON, August 24. .Tho City Editrr of "The Times" sa^vs'that the Southland Electric Power Board's decision to pay future interest to London bondholders in New Zealand currency has surprised the City, where it was not unreasonably, thought that the New Zealand Government's action regarding the Auckland loans would eliminate further similar questions, especially as the Auckland position was complicated by the fact that some bonds were originally sold in New Zealand, while the Southland issues were raised in London under the New Zealand Government's unconditional guarantee. The Stock Exchange has ceased quoting the bonds pending developments, although it is confidently hoped that tho Southland Board's meeting with Mi. Coates will result in tho Government's assurance that it intends.to pay in sterling, as it is assumed that the Southland Board's declaration applies merely to payment between company and Government. Nevertheless, it is highly desirable in the interests of New Zealand credit that the position should be immediately clarified and steps taken to prevent a repetition of such incidents.
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Bibliographic details
Evening Post, Volume CXVI, Issue 48, 25 August 1933, Page 8
Word Count
187NEW ZEALAND CURRENCY Evening Post, Volume CXVI, Issue 48, 25 August 1933, Page 8
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