Almost all of the remaining capital required to make up the £1551 millions invested came from borrowing.

But while his competitors could do that by selling stock, "I got to pay with cash and, for me, cash only comes from borrowing."

Because the money would come from long-term borrowing, it would have no immediate effect on the Federal budget.

For the most part, however, local authorities will finance their own capital spending from borrowing.

The new law is intended to curb many kinds of deals in which the financing comes from borrowing.

These deficits require funding from other tax sources or borrowing.

But in such a situation the same effects will follow from private borrowing and spending.

The expenditure would be financed 22 per cent from borrowing and use of government assets.

The company managed to secure £81,000 in capital from private subscription and borrowing, with Hitchcock himself contributing £3000.

And after a weak first quarter, there will not be enough economic negatives to dissuade consumers from spending or borrowing.