39
The following scheme is proposed for rehabilitation of the
railway, paying off its outstanding debts other than amortisation i:
in arrears, and providing the funds necessary for improvements: -
1.
2.
The sum to be provided is $4,000,000 of which the Government will provide $1,000,000 while an additional loan of $3,000,000 will be raised.
The amount of $4,000,000 to be used as follows:
Government
Advance
Loan
Total
$
$
Renewal of sleepers Purchase of Coaches
360,000
360,000
300,000
300,000
Interest in arrears
Trustees Remuneration
Advances from
2,750,962 2,750,962
67,549
67,549
B. & C. Corporation (1)
51
Obligations for Faterials
71,099
71,099
(2)
336,035
336,035
91,003
91,003
Unpaid wages
Domestic Loan
55,469
55,469
55,193
55,193
Total
Less estimated surplus
for 1929
1,087,038
90,000
3,000,272 4,087,310
Total $
997,038
10,000
2,990.272 3,987,310
100,000
3.
4.
5.
A moratorium of eleven years (including the five years previous to and including 1929) to be declared in regard to the amortisation of the original loan.
loan
The amortisation of the new to begin at once with an in- itial payment of $400,000 at the end of the first year, increasing yearly by $50,000 until the whole loan is repaid. This will permit repayment to be made in six years.
The attached table shews the amounts due each year for the interest on the original loan, the interest on, and amortisation of the new loan, and the amortisation of the original loan when that is resumed on the expiry of the moratorium. In this table the rate of exchange has been taken.as $11.00
£1.
The Government to guarantee that a sum equal to one twelfth of the annual amount required as shewn by the table referred to shall be set aside each month from the receipts of the railway, or if the said receipts are not sufficient, then the sum short shall be provided by the Government from other sources.
11.
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