IN OPERATION IN JUNE
COMMUNICATIONS MERGER TERMS OF CABLE TRANSFER (Australian and N.Z. Press Association} Reed. 10.40 a.m. LONDON, Wednes-. Following the first meeting of the court of directors of the Cables and Wireless merger, Mr. M. F. Headlam, chairman of the Pacific Cable Board, said that he anticipated a complete transference of the board’s assets and staff within three months. The merger would probably be fully functioning in both cables and wireless in June. Mr. Headlam was gratified at the terms of the transference, which he regards as eminently satisfactory both to the staff and to the participating Governments, particularly to Canada, Austraiia, and New Zealand. The board's liabilities include the cash payment of £500,000 for assets, plus the assumption of the board’s indebtedness for the British Government’s loan of £2,000,000, repayable at the rate of £75,000 a year. The merger guarantees the staffs their existing rights of pensions and provident funds and also provisionally undertakes to renew engagements for a further five years.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19290411.2.112
Bibliographic details
Sun (Auckland), Volume III, Issue 635, 11 April 1929, Page 9
Word Count
165IN OPERATION IN JUNE Sun (Auckland), Volume III, Issue 635, 11 April 1929, Page 9
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