RAIL IMPROVEMENT.
British Government Plans for
Financing.
STATE SUPERVISION. British Official Wireless. (Received 1.30 p.m.) RUGBY, December 4. The Government's part in the £30,000,000 programme for reconstruction and improvement to be carried out by railway companies is explained in a memorandum on the proposed financial resolution, which authorises the introduction of a bill empowering the Treasury to guarantee the principal of a loan, not exceeding amounts sufficient to raise £2G,500,000, together with interest thereon, to be raised by a special company formed by the Treasury for the purpose of lending the proceeds to railway companies. The balance required to complete the works will be provided by the railway companies from their own resources.
The agreement between the Treasury and the main-line railways was signed on Saturday, and stipulates that the works are to be completed by January 1, 1941, unless a further period is allowed. The loan will be raised at such times as the Treasury may determine by the issue of securities of the finance company, such securities to mature for repayment at par at a date not less than 15 or more than 25 years from the date of issue.
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Bibliographic details
Auckland Star, Volume LXVI, Issue 288, 5 December 1935, Page 7
Word Count
192RAIL IMPROVEMENT. Auckland Star, Volume LXVI, Issue 288, 5 December 1935, Page 7
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