THE PACIFIC CABLE.

Taranaki Daily News, Volume LV, Issue 202, 15 January 1913, Page 2

THE PACIFIC CABLE.

AN AUCKLAND CELEBRATION. By Telegraph—Press Association. Auckland, Tuesday. To celebrate the completion of "the direct cable between Auckland and Sydney the Pacific Cable Board entertained the leading citizens at luncheon. Responding to the toast of the Pacific Cable Board, proposed by the Post-master-General. Mr. Mihvard. the company's Australian manager, stated that the original capital was advanced by the Imperial Treasury and was being repaid bv revenue earned b\- the cable in 50 yearly instalments of £77.000. In addition the revenue was expected to provide £33.000 per annum towards the re-, newal fund, besides paying all working expenses. This meant that within 58 years the original capital with interest would be repaid and the sum necessary to lay a second cable throughout accumulated. The sum that the different Governments were called upon to contribute was decreasing yearly, and he hoped that in a few years it would be reduced to nothing. The trall'io in eight years showed an increase of 250 per cent. The new' cable between Sydney and Auckland he hoped would, in addition to providing a more reliable service, reduce working expenses by eutti'ig out two transmissions. Tie thanked the people of New Zealand for their very loyal support of the undertaking.