. Discovery. Science. 296 DISCOVERY modification, and it is with the modified scheme that the Treasury is at present concerned. The technical side has not been altered except to curtail it somewhat in accordance with the reduced financial commitments. The present proposals are that the promoters, on signing the agreement with the Government, are to form a guarantee company with a capital of £600,000, which company would undertake to form an airship company of £400,000 capital (£200,000 paid up), the Government to pay to this company on incorporation has been able to run a weekly service to Ind
. Discovery. Science. 296 DISCOVERY modification, and it is with the modified scheme that the Treasury is at present concerned. The technical side has not been altered except to curtail it somewhat in accordance with the reduced financial commitments. The present proposals are that the promoters, on signing the agreement with the Government, are to form a guarantee company with a capital of £600,000, which company would undertake to form an airship company of £400,000 capital (£200,000 paid up), the Government to pay to this company on incorporation has been able to run a weekly service to India for at least three months prior to the date of the renewal of the subsidy, the Government would agree to pay three further subsidies of £400,000 a year, the capital of the company meanwhile being increased from £1,700,000 to £3,000,000, the service being, as necessary, until the full twice-weekl}' service to India and once- weekly to Australia had been inaugurated. At the end of this time the subsidy, which had been paid at the rate of £400,000 a year for seven years (a I. VIEW MBTHOD OF COXSTRUCTING THE HUEE OF A RIGID AIRSHIP. The girders aud bracing wires are in position, tlie gas bags have been iustnlled and the outer envelope is about to be placed in posiUon. £400,000 as the first year's subsidy. The company would then erect the necessary mooring masts and plant, and build one airship of 5,000,000 cubic feet capacity in order to test the route to India. Subject to this airship passing its trials and carrying out a flight to India in less than 100 hours' time, the subsidy at the rate of £400,000 a year would become payable for a further three years, and the company would increase its capital from £400,000 to £1,700,000. If, before the expiration of the third year, the company total of £2,800,000), would become repayable to the Government, half the profits above 10 per cent, earned by the company being paid to the Treasury, until the full
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