IMPERIAL AIRSHIPS.

Taranaki Daily News, 18 April 1922, Page 5

IMPERIAL AIRSHIPS.

DETAILS OF BIG SCHEME. WEEKLY TO AUSTRALIA. Details of the new scheme for the development of an Imperial airship service have been received by the Prime Minister of Australia from the High Commissioner. The project, as stated in cable messages, makes provision for the construction of six' new airships capable of carrying 100 passengers each. The financial proposals are outlined in the following message received oy the Prime Minister from Sir Joseph Cook:— “A group comprising Commander Burney, of Vickers, Ltd., and the Shell Oil group, has made the British Government an offer to take over airships, sheds, etc.; build new ships, and provide a weekly service to Australia at fares under present mail steamer raxes. The capital will be £1,800,000 at 6 per cent., plus £2,200,000 4| per cent, debentures, both free from British taxation. The syndicate proposes issuing £1,200,000 shares, plus all debentures. It requires the British, Indian, and Australian Governments to guarantee interest on shares for ten years, ana on debentures until redeemed, both being a ; contingent liability only. It is anticipated that the guarantee will operate only for the first few years of the company’s existence. “The Australian base will be commenced immediately on the formation of the company. The French Government is willing to erect complete air stations at Paris, Marseilles, and in Tunis and Algiers. The suggestion is subject to Parliamentary ratification. The guarantee (contingent liability) on shares and debentures will be a maximum of £40,000 per annum, but subscribers Ain also take up shares and debentures up to £200,000 or some lesser amount.” The Prime Minister said he had not had an opportunity of considering the matter himself, or of submitting it to the Government. The suggestion was one which involved Parliamentary ratification, and if the Government approv’ed of it the proposals would be suomitted to Parliament in due course.