FOR DEVELOPMENT

Evening Post, Volume CVI, Issue 108, 3 November 1923, Page 8

FOR DEVELOPMENT

MONEY FOR PUBLIC WORKS „

FREE LOANS FOR FIVE YEARS

ECONOMIC CONFERENCE DECISION.

(UNITID TRESS ASSOCIATION. COPTBKJHI.I

(AUSTRAUAM-NBW ZEALAND CABLE ASSOCIATION.)

(Received 3rd October, 1.30 p.m.)

LONDON, 2nd October.

The Economic Conference devoted a large part of to-day's sitting to consideration of the report of the l committee on co-operation in financial assistance in Imperial development. The Conference unanimously adopted the following resolution : "The suggestion which the Imperial Government makes is that, in order to facilitate the anticipation of work which otherwise would not be undertaken for some years, they should give a contribution towards the interest charges on loans raised for capital expenditure of this kind by public utility undertakings, namely, communications, power, lighting, water, drainage, irrigation, etc. These undertakings might be under either public or private control,and management, Assistance would be given in respect to the expenditure on orders placed in Britain and would be applicable only to schemes approved by the Dominion or Central Orovernment concerned, and certified by it to be in anticipation of normal expenditure. Payment would be made by the Dominion or Central Government, which would be responsible for the payment to the ultimate recipients His suggested that the maximum grant be three,f O urths of the interest charges for five years. In order to qualify for the Imperial contribution, the schemes n f accepted by the Imperial Government withm the next three yearf" i