ROUND THE FESTIVE BOARD.

Stratford Evening Post, Volume XXXV, Issue 13, 14 January 1913, Page 6

ROUND THE FESTIVE BOARD.

OF THE PACIFIC CABLE

(Per Press Association.)

Auckland, January- 1-1

To celebrate the completion ol the direct cable between Auckland and Svdney, the Pacific Cable Board entertained leading citizens at luncheon. Jiesponding to the 2toast of “Tae .Pacific Cable Board," proposed by the Postmaster-General (the Hon. 1C H. llhodes), Mr. Milward, the company's Australian manager, stated that the oiiginal capital was advanced by the Imperial Treasury, and was being repaid by revenue earned by' the cade, in fifty yearly instalments of £77,000. In addition, the revenue was expected to provide £33,000 per annum towards the renewal fund, besides paying all working expenses. This meant chat within fifty years the original capital with interest would be repaid, and a sum necessary to lay a second cable throughout would bo accumulated. The sum that the different Governments was called upon to contribute was decreasing yearly, and ho hoped that in a few years it would be reduced to nothing. The traffic in eight years showed an increase of 250 per cent The new cable between Sydney and Auckland, it was hoped, would, in addition to being a more reliable service, reduce the working expenses by cutting out two transmissions. Mr. Mi'ward thanked the people of New Zealand for their very loyal support in the undertaking.