A White Paper issued by the Colonial Office on colonial development, proposes to amend the Palestine and East Africa Loan Acts.
The proposed amendments would give the government power to add to the capital of the loan, the amount of interest payable during the period of construction, not exceeding five years and also to substitute sixty for forty years as the maximum period of repayment of loans under the Act.
The White Paper follows a statement made in Commons last week by J. H. Thomas on unemployment, when he declared that he would ask Parliament for power for these changes, and also to earmark a million pounds annually to be used exclusively for the development of the Colonial empire, as a whole. The paper deals chiefly with this subject.
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