Evening Republican, Volume 18, Number 208, Rensselaer, Jasper County, 3 September 1914 — GOVERNMENT TO OWN ROADS [ARTICLE]

GOVERNMENT TO OWN ROADS

British Lawmakers Are Shortly to Consider a Scheme Far-Reaching in Its Effects.

The movement for nationalization of British railroads has taken definite shape in a bill which will shortly be laid before parliament. It proposes to set up a ministry for posts and railroads, the minister to have an official salary of SIO,OOO per annnum. The minister would absorb the powers, duties and property vested in the postmaster general, whose office would be abolished. Power is to be given to the minister to purchase any railroad on giving three months’ notice of such intention. The purchase price is fixed at 20 times the average annual profits, as determined by the board of trade in its annual return during the three years preceding such purchase. The purchase price is to be paid in state railroad stock, guaranteed at 3% per cent The stock is to be redeemable at par by annual drawings, comnfencjng three months after issue, by means of a sinking fund sufficient to redeem the entire loan within sixtythree' years. Provision is made for a railroad board, to consist, in the first Instance, of two members appointed by the minister and one each by the board of trade and the treasury. The board is to hold office for five years. There is also to be an unpaid council, whose members are to be elected for threeyear terms. It would consider and advise upon all questions of general improvements, reductions or Increases of rates and fares, wages, the creation and amendment of by-laws and regulations.