§ 74. Mr. Danceasked the Minister of Transport how much of the total of over £5 million authorised by him for the replacement of obsolete vehicles by National Carriers Limited has so far been spent; what rate of interest is being charged on this sum; and by whom is the interest paid.
§ Mr. MarshThe way in which approved investment expenditure is phased during the year is a matter of management for the National Freight Corporation. The purchase will be financed by the corporation from its own resources or from the usual sources of loan capital. Any borrowings from the National Loans Fund will attract interest at the current rate, now 8¾ per cent. for ten-year loans.
§ 75. Mr. Danceasked the Minister of Transport how many road freight vehicles and trailers transferred from British Railways to National Carriers Limited and Freightliners Limited have so far been tested under his Department's testing schemes, and with what results; and how many more vehicles and trailers it is planned to submit for testing.
§ Mr. MarshThe National Freight Corporation tells me that, in the period up to 22nd February, the latest date for which details are available, 14,244 vehicles and trailers were tested, and there were 34 failures. It proposes to submit about another 16,000 for testing in the course of 1969.