From the Kearney Files,
Sydney Morning Herald October 1934.
LONDON CAPITAL
Reported offer to the Government.
The Minister for Commerce (Mr Stewart) and the Premier (Mr. Stevens) are conferring this week on schemes to provide employment in view of the Election promises made by the Prime Minister (Mr. Lyons) special loans are to be raised for this purpose. In this regard we are credibly informed that in recent weeks the State Government has been offered by an English railway company, loans up to £20,000,000 to build the Quay and Eastern Suburbs Railways. Surely the Government will give earnest consideration to accepting this London offer, if terms are at all reasonable and perhaps Mr. Stevens will make a public statement on the matter.
We would further strongly urge that where reproductive employment can be provided and partly finished works completed to serve the urgent needs of the public, such works should obviously be given preference in the schemes to be recommended by Messrs. Stewart and Stevens for this state. In this category the completion of the City Railway and the construction of the Quay Loop and Station immediately come to mind, as works of major importance, which can be commenced immediately. This is all the more imperative owing to the fact that the two disjointed railway tunnels in the Quay area represent frozen capital of over £1,000,000 costing City and Country a large annual sum for interest.
The completion of this work will provide reproductive employment for at least 600 men for two years and will provide Sydney the second city of the Empire with an adequate underground railway system,the need of which has been obvious for many years.
This work offers a scheme which can be commenced immediately and will do to a large extent provide a solution of the Federal Government's desire to provide employment.
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