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economy of efficient oversea air services", a development which, to
be effective, must be planned on so large a scale as to require the
backing of the nation's resources, financial and material.
The financial arrangements under the scheme provide for State
subsidies up to 24,000,000 per year and borrowing powers up to
£10,000,000, of which atter sum approximately 23,500,000 will be
utilised for the purchase of new aircraft. It is not anticipated
that the new corporation will be a paying concern for some consider-
able time to come. The important point is that the expansion of
British civil aviation must procecă speedily at all costs until,
in the words of one of London's great daily newspapers, it "promises
the fulfilment in the air of British enterprise of the sea."