NFC, NBC borrowing
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• The National Freight Corporation and the National Bus Company should be compelled to go to the Minister of Transport for future money requirements and not have recourse to the joint stock banks, said Tory transport spokesman Mr. Michael Heseltine in the Commons this week.
He was told by Mr. Neil Carmichael, Parliamentary Secretary to the Ministry, that under the Transport Act the NBC had borrowing rights of f3m and the THC of f1 5m. As regards day-to-day work, the NFC had loss-making activities, like its sundries section, and it had to have working capital for these because it was paid a grant by the Minister only every four months. For their working overdraft they went to the joint stock banks and otherwise they had special drawing powers.