LAW AND MORALITY
deferring to the letter by Mr. W. Macnlister defending the Southland Power Board's payment o£ interest in New Aealsmd currency,' "Pecksniff" asks: Would the lenders of the money have so readily subscribed if they had had any suspicion that their interest payment -would .not be in sterling? No, certainly not; and Mr. Macalistcr must admit this truth. He further contends, 'the board • was not responsible for the depreciation of the currency.' Well, if not directly, it. certainly was indirectly; but, even supposing it was not, this does not absolve, i.t irom its just and honourable treatment of those who subscribed, the loan. "Pecksniff" further points out that shipping companies add exchange to their fares, and policy-holders in insurance companies having no offices in New Zealand must pay their premiums in sterling. If these payments are right (and the correspondent holds that they are) then the payments to debenture-holders should be in sterling also. - ■ ." ,
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Bibliographic details
Evening Post, Volume CXVI, Issue 80, 2 October 1933, Page 8
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156LAW AND MORALITY Evening Post, Volume CXVI, Issue 80, 2 October 1933, Page 8
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