BRITISH COTTON INDUSTRY

Evening Star, Issue 22212, 14 December 1935, Page 15

BRITISH COTTON INDUSTRY

.GOVERNMENT'S REORGANISATION PLANS PURCHASE OF REDUNDAHT PLANT (British Official Wireless.) Press Association—By Telegraph—Copyright 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 for 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 the service of the loan and for the payment of the board’s administrative expenses will be provided out of the proceeds of a leyy on cotton spinning machinery, which the Bill obliges owners of cotton mills to pay to the board, lb 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 the deficits in the latter’s revenue and expenditure account and my making such advances as are necessary to avoid any default on the loan obligations of the Spindles Board*