BIG LOAN PROPOSED

New Zealand Times, Volume LIII, Issue 12503, 20 July 1926, Page 7

BIG LOAN PROPOSED

BRITISH COAL INDUSTRY INTEREST TO BE MET BY LEVY MAY BRING A SETTLEMENT By Telegraph.—Press Assn.—Copyright. Australian and N.Z Cabin Association. LONDON, July 19. Tlie Government is rejecting the Church leaders’ proposals because they involve a subsidy of £5,000,000 to £10,000,000, but tho miners’ executive expect to be recalled to London next week to consider a settlement on the basis of an assisted loan of £20,000,000, secured an the coal industry, for which sinking fund and interest would be provided by a levy on tonnage, raised and shared equally by royalty owners, proprietors of mines, and miners, enabling unpaying mines to remain in operation, A committee of owners and miners, with the Marquis of Reading as chairman, would then be appointed to secure a settlement.

TWENTY MILLIONS A WEEK

COST OF COAL STOPPAGE SUBSIDY PLAN SUPPORTED. (Received Julv 19, 7.10 p.m.) LONDON, July 19. The “Daily Chronicle” complains of

Mr Baldwin throwing cold water on the Church leaders’ proposal in regard to the coal settlement, and says: “AH they ask is that the Government should assist in maintaining pre-strike wages and hours at the cost of an extra three millions beyond the three millions the Government has already offered, as a temporary subsidy. . . Tho stoppage is costing the country at least twenty millions per week. Mr Baldwin’s slogan, ‘No subsidy,’ is worse than folly.” MINERS UNFAVOURABLE (Received July 19, 8.5 p.m.) LONDON, July 19. The executive of the South Wales Miners’ Federation considered the intervention of the leaders of religious bodies, and decided that the terms suggested were in opposition to the decisions of the miners’ conferences in South Wales. The federation consequently urged that the Miners’ Federation’s authority to present the proposed terms for settlement be withdrawn, pending the calling of a national conference to discuss the matter.