TRAFFIC SERVICES
£35,000,000 London Scheme GOVERNMENT GUARANTEE British Official Wireless Service RUGBY, June 21. Mr Neville Chamberlain, in the House of Commons, moved a fluan. cial resolution in connection with a £35,000,000 scheme to improve London traffic services. The scheme involves the building of about 12 miles of new tube railways, the electrification of 44 miles of suburban railways, the doubling and electrification of 12J miles of further suburban railways and tho substituting of trolley lines for tramcars on 148 route miles. Mr Chamberlain said that the Government would introduce a Bill to provide for tho Treasury to guarantee securities issued by a company to bo formed to raise a sum not exceeding £10,000,000. As regards guaranteed loans, they would bo repayable at par in not less than 15 years and not more than 25 years, the rate of interest to be decided upon later. He emphasised that the fact that they had been able to bring to a satisfactory conclusion the arrangements for this great enterprise afforded another example of tho benefits of the Government ’s policy of cheap money for labour. ‘ Mr George Lansbury intimated that tho Opposition would give its support to the scheme.
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Bibliographic details
Hawke's Bay Tribune, Volume XXV, Issue 161, 24 June 1935, Page 9
Word Count
197TRAFFIC SERVICES Hawke's Bay Tribune, Volume XXV, Issue 161, 24 June 1935, Page 9
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