The Pacific Cable.
By Telegraph— Press Association—Copyright Melbourne, Oct. tiO. Mr Drake lias received a copy of the Pacilic Cable Hill, which has been introduced into the British JAu-liamcnt. It provides that any sum required lor the j payment of money borrowed for the : annual expenses, including interest at J per cent., so far as it is not covered by the ; receipts, shah bo ultimately provided. ; five-eighteenth* by the British Government. gad thirteen-eighteenths by Canada. Xcw South Wales, l.'ueensland, \ icteria. . and New Zealand. Any profits arising , from the c-abie are to be divided among j the contracting Governments, in the same | proportion. The Imperial Government is : authorised to advance not more than two I millions to the Cable Board for defray- j ing the cost of the cable, to be repaid i.v the terminal annuities within a period not exceeding tiff?' vear* The apm.al ex- ■ ponses will bo defrayed out of receipts. : and so far as those receipts are not sufficient-, the money will be provided by the Imperial Parliament, with pro rata contributions from the contracting patties.
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Bibliographic details
Gisborne Times, Volume VI, Issue 250, 30 October 1901, Page 4
Word Count
178The Pacific Cable. Gisborne Times, Volume VI, Issue 250, 30 October 1901, Page 4
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