Birmingham Seeks More Time to Pay
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A STRONG deputation from Bir mingham Corporation met officials at the Ministry of Transport in London last week to discuss a scheme to " solve the whole problem of the city's transport finances?' The scheme aims at levelling the annual rate of repayment of loan charges, and calls for a longer period in which they are to be made.
The deputation consisted of Aid, H. Watton, chairman of the transport committee, air. A. L. Gibson, chairman of the finance committee, Mr, W. H. Smith, general manager of the transport department, Mr. J. P. Eames, city treasurer, and their principal advisers on loans,
"If we can get the Ministry to agree to our proposals, the whole problem of transport finance will be solved," said Aid. Watton. "It is as simple as that— provided there are no more increases in salaries or fuel tax." In time, he said, the council could even think in terms of reducing fares. But if the scheme were rejected, they would be faced with the likelihood of having to apply for further increases in fares.
The deputation asked the Ministry to allow 12 or 15 years for the repayment of borrowed money instead of the present 10.
Loan charges for the year 1952-53 were £642,200, nearly £300,000 more
than the year's gross profit. In the current year, loan charges would be £752,450, and for the following year they would be £848,100.