Major WHITEasked what sum, if any, had already been paid to the National Telephone Company in connection with the transfer of that company to the State?
§ Mr. LLOYD-GEORGEI think the hon. and gallant Member is under a misapprehension as to something I said on this subject in the course of debate on 1st instant. No payment has been made to the National Telephone Company in respect of the transfer of their system to the State, which is to be effected as from 1st January, 1912, at a price to be fixed by arbitration; but under borrowing powers conferred on the Treasury by Parliament, amounting to between 13 and 14 million pounds, some 10 million pounds have already been issued to the Post Office for the construction of the Government telephone system.