MUST PAY UP
(Press Assn.—
MR. COATEiS' MANDATE •southland board told to pay in british currency THE BOARD DEFIANT
-By Telegraph — Copyright).
Invercargill, Friday. '■ The Minister of Finance, the Rt. Hon. J. G. Coates has wired the Southland Electrie Power Board dire'cting it to pay the September interest on its London loans in sterling. Mr. Coates states that if the board fails to comply the Government must pay the difference in view of the ( State guarantee, and legislation will provide that amounts so paid shall constitute a debt to the Crown, and be reeoverable as such. Tn view of the present position the Government could not possibly agree to extend the Government guaranteeto any conversion loan attempfed in 1936: Mr. W. Hinchey, the chairman of the b'oard has replied:— "I consider, and am advised that it is my duty to carry out the resolution of the board. "Your attempts to dictate and your threats are resented."
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19330916.2.42
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Rotorua Morning Post, Volume 3, Issue 638, 16 September 1933, Page 5
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156MUST PAY UP Rotorua Morning Post, Volume 3, Issue 638, 16 September 1933, Page 5
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