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The following scheme is proposed for rehabilitation of the
railway, paying off its outstanding debts other than amortisation
in arrears, and providing the funds necessary for improvements:-
1. 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,
2. The amount of $4,000,000 to be used as follows t-
Goverment Advance.
Lo an
Total
Renewal of sleepers Purchase of Conches terest in arrears Trustees Ramuneration Advanoes from
B. & C. Corporation
**
*
Ubligations for materials
360.000
300,000
360,000 300,000
2.750,962
2,750,962
67,549
67,549
71.099
71,099
(2)
336.035
336,035
91,003
91,003
Unpaid wages
55,469
55,469
Domestic Loan
55,193
55,193
To tal
1,087,038
3,000,272
037,310
Lese estimated surplus
for 1929
90.000
10.000
100,000
Total 3 997,038
2,990,272
3,987,310
3. A moratorium of eleven years (including the five years previous to and including 1929) to be dealared in regard
to the amortisation of the original loan.
4. The amortisation of the new loan to bogin 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.
5. The attached table shows 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 expáry of the moratorium In this table the rate of exchange has been taken as $11.00 21.
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 shall be provided by the Government from sther sources.
11.
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