Sessional Paper No. 08 of 1958/59 on the Progress of $4 Million Contractor Finance Roads Projects.

Abstract

In 1958 Government invited proposals for a trunk road improvement scheme where by a contractor would find his own finance for a major road programme and would accept deferred payments from the Government for the work done. Contractors were asked to put forward their proposals and by the 16th October, 1958 the Government was able to inform the Legislative Council that proposals made by Mowlem Construction Company Limited and Raymond International (U.K.) Limited had been accepted in principle. The capital required would be found from an external sterling source and would therefore be new money from outside the Colony, raised on terms not involving a direct or indirect acceptance of any exchange risk. The concluding of a final contract was subject to agreement with the Government as to rates and the general conditions of such a contract, The programme and the type of road to be constructed were to be matters primarily for the Road Authority.