CHANNEL TUNNEL PROJECT
Plans Of Suez Canal Company (N.Z. Press Association—-Copyright) (Rec. 9 p.m.) LONDON, April 26. The Suez Canal Company, with £4O million in investments behind it, has taken over leadership of the Channel tunnel project, according to the “Daily Mail.’’ The company intends carrying out surveys ana, if the surveys are satisfactory, to form a syndicate of French, British, and American concerns, including banks, and Britain’s 70-year-old Channel Tunnel Company to finance the £lOO million scheme.
Mr Jacques Georges-Picot, direc-tor-general of the Suez Canal Company, has returned to Paris after meeting financiers in London. He will' arrange for geological, engineering and economic surveys. These should take about 12 months and cost between £270,000 and £400,000. British Government approval for a private enterprise tunnel is expected soon after the Channel Tunnel Parliamentary Committee meets Ministers next month.
In Paris, a Suez Canal Company spokesman said it was too early to say whether the company would invest any money, but it was interested in the tunnel project. Teams of engineers on both sides of the Channel were studying the project, the spokesman added.
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Press, Volume XCV, Issue 28262, 27 April 1957, Page 2
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183CHANNEL TUNNEL PROJECT Press, Volume XCV, Issue 28262, 27 April 1957, Page 2
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