COTTON-SPINNING
SUPERFLUOUS PLANT
POWER FOR ACQUISITION BY;
BOARD
(British Official Wireless.) RUGBY, December 12. Provisions for the establishment of a Spindles Board with power to acquire redundant cotton-spinning plant, etc, and to borrow up to £2,000,000 foP the purpose are contained in the Government's Cotton Spinning Industry Bill, which has been introduced in the House of Commons. " ' ' A financial and explanatory memorandum states that the sums required for service of the loan and for payment of the board's administrative ex« penses will be provided put of the prcn ceeds of a levy on cotton-spinning machinery which the Bill obliges owners of cotton mills to pay to the board. It is anticipated that the board will be self-supporting, but the Bill provides that in the event of the levy being found insufficient the Board of Trade is to assist the Spindles Board by making good deficits in the latter's revenue and expenditure account an* by making such advances as are necessary to avoid any default on loan! obligations of the Spindles Board.
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Bibliographic details
Evening Post, Volume CXX, Issue 144, 14 December 1935, Page 11
Word Count
171COTTON-SPINNING Evening Post, Volume CXX, Issue 144, 14 December 1935, Page 11
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