The scheme, the "Daily Telegraph" says, is not based on the assumption that it will immediately pay its way. The financial arrangements are both complex and courageous.
The British Government is giving up smaller sources of income, while Cable and Wireless is making certain immediate sacrifices but is being given a lengthened tenure.
The official announcement of the reductions, the newspaper adds, emphasizes the great importance alike, on political, commercial and strategic grounds, of maintaining intact the system of Imperial communications, and one may perhaps particularise submarine cables, which preserve, in war or peace, the secrecy of confidential messages.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.