In onder to provide the requisite finance for completion of No. 534, the Treasury will make advances not exceeding in all £3,000,000 in the following: sequence:
1, Advances not exceeding £1,00 000 to Cunard, to be secur the issue, at par, of Cunard ture stock, the advances to be hand-over by Cunard to the merger company Ads ices to the merger cent pany, to be secured by the issue, At par, of income debenture stock the company; and 3. Advances of not exceeding -£1,000,000 to. the merger company, tobe secured by the issue, at at income debenture stock, Clues of the merger company.
In addition, the Treasury will, ime to time, advance to the company sums not exceeding £1,500,000 to provide the. requisite working capital. OF this amount, the first £750,000 advanced shall be secured by the issue, at par. of additional debenture stock of the merger company and the remainder of such advances shall be secured by the issue, at par, of income debenture stock of the mer= ger company, Class B, Board ten Legislation is t6 include power to the Treasury, in their discretion, to Advance to the merger company the fast, not exceeding 45,000,000, of additional new ship, ov ships, 00 {crme analogous to those on hich fdvanees not exceeding 42,000,000 mie made to the merger eon pany towards the completion of No. 334, The memorandum of agreement between the. companies - provided that the new merger company would Hequire the North Adantie goodteill of both, companies, their existing North Adantle fects and the unfinished No. O34 and that, after Reformation, the. board of. ten would comprise six to be nominated Canard. and four. by. the White Siar in proportion to thelt_ shares capital Wireless. Through Reuter appears" on page 210. and Our Own lading nevile on. this, subject Somecfion ie on page 208.)
Text read from the printed page and cleaned; old type leaves the occasional error.