Correspondence With Mr. C. J. Rhodes Relating to the Proposed Extension of the Bechuanaland Railway: Presented to Both Houses of Parliament by Command of Her Majesty, May, 1899 (Classic Reprint) - Softcover

Company, British South Africa

 
9781333367947: Correspondence With Mr. C. J. Rhodes Relating to the Proposed Extension of the Bechuanaland Railway: Presented to Both Houses of Parliament by Command of Her Majesty, May, 1899 (Classic Reprint)

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Excerpt from Correspondence With Mr. C. J. Rhodes Relating to the Proposed Extension of the Bechuanaland Railway: Presented to Both Houses of Parliament by Command of Her Majesty, May, 1899

In the event of my recommendation being adopted, the British South Africa Company is prepared to guarantee the interest upon the whole of the further issues of debentures required, and, with a view to the creation of these debentures upon more favourable terms than would otherwise be possible, I would suggest that a collateral guarantee should be given by Her Majesty's Government on the basis of interest either at the rate of 35 per cent. For a limited term of 30 years, or of fig per cent. In perpetuity. I would further suggest that the line should be constructed in 200 mile sections that the funds required for each section should be raised separately and that it should be open to Her Majesty's Government to refuse to guarantee the interest upon the debentures to be issued for the construction of any section, unless satisfied both as to the commercial prospects of the proposed extension. And as to the nature of the contracts intended to be entered into.

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