§ SIR WALTER FOSTER (Derbyshire, Ilkeston)
To ask the President of the 1401 Board of Trade whether the A, B, and C Debenture Stocks of the London and India Docks are included in the securities referred to in Clause 13 (1) of the Port of London Bill as debenture stocks, the liability for which is by or under this Act transferred to the port authority; and, if they are not, will he state in what way the existing rights of the holders of these stocks are to be preserved.
(Answered by Mr. Churchill.) The reply to the first part of the Question is in the negative. The holders of the A, B, and C Debenture Stocks of the London and India Docks Company will receive from the port authority in substitution of their present holdings A Port Stock, which entitles them to the same rate of interest, three per cent., as they now enjoy, and their security will consist of a first charge on the port fund and on all the revenues of the port authority.