APPEAL FAILS
i— Pxess Assn.-
Auckland Must Pay Interest in Sterling PRIVY COUNCIL DECISI0N
(By Telejjrapi
-Convrierlit.t
of LONDON, Jan. 26. The Privy Council dismissed the ap* peal of the Corporation -of Auckland against the Alliance Assurance Co. The appeal eoncerned a friendly aetion by the Auckland City Council and ,the Auckland Transport Board with the Alliance Assurance Co. It eoncerned debentures amottnting to £1,227,000 issued in connection with the purchase of . the tramway undertaldng in Auckland. The case was'- conducted before the Privy Council in November and December by the city solicitor, Mr J, Glanton, who returned last week. Pending receipt of the terms of the judgment, which are expected by aif inail, the Transport BoaTd has no etatement to make. Payment b£ interest and other charges has been made in sterling pending the London decision. Mr Stanton submitted to the Privy Council that it would have been ultra vires of the City Council to issue debentures for payment in cnrrency-othef than New Zealand.
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Bibliographic details
Hawke's Bay Herald-Tribune, Issue 11, 28 January 1937, Page 6
Word Count
165APPEAL FAILS Hawke's Bay Herald-Tribune, Issue 11, 28 January 1937, Page 6
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