PACIFIC CABLE
Per Press Association. Auckland, last night.
Interviewed, Mr Reynolds, managing director of the Pacific cable, who is en route to Sydney, explained that the apparent deficit in cable revenue of oyer £90,000 was caused by the Board having to provide a sinking fund for capital, with interest, to the British Treasury, also a reserve for the replacement of the cable when worn out—all this in the first year. The cable business was satisfactory and ahead of expectations, though the drought and collapse of the raining boom in Australia must have affected the revenue. He predicted an annual 10 per cent, increase, and says that the cable, if it belonged to a private company, would be paying big dividends now. Its financial position is very strong. Auckland will probably be made a repairing station. The question of establishing the cable headquarters here has not been finally decided.
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Bibliographic details
Gisborne Times, Volume X, Issue 978, 26 August 1903, Page 1
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148PACIFIC CABLE Gisborne Times, Volume X, Issue 978, 26 August 1903, Page 1
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