FINANCING THE SCHEME.
But what, it may be asked, will be done with regard to the financing of the undertaking seeing that it is no easy matter at the present moment to raise large sums of money for industrial ventures ? It is just here, however, that an equally important development has to be recorded. Some time ago there was formed under the auspices of the Bank of England a concern known as the Bankers Industrial Development Company. It was formed to help in providing finance for satisfactory schemes, and especially those conceived for the purpose of advancing rationalization in the basic industries of this country. Comment has sometimes been made upon the few tangible signs of the activities of -what is known as the but at the time of its formation it was made very clear that only undertakings which had been subjected to the closest scrutiny and which gave good promise of success would be sponsored, and those most Closely in touch with industrial conditions during recent years know how many must have been the schemes which have failed to fulfil these essential requirements. Now, however, not only has such a :scheme been framed and approved, but its important and far-reaching character may be measured, to some extent, by the fact that the total amount of money necessary in one way or another to!' carry out the project will be about £3,300,000. Nevertheless, a" financial group of bankers and other interests has been formed to provide this money through the offices of the Bankers Industrial Development Company; and the mere fact that such a sum. has 'been found at the present time bY bankers, and niter' Ma; investigation, must be regarded as a hopeful sign,- expressing -confidence on the part of business and financial experts in the ultimate future of British
Previous page