HC Deb 11 August 1911 vol 29 cc1505-6

(1) The Treasury may for the purpose of providing for the payment of the telephone purchase money as defined by this Act—

  1. (a) notwithstanding anything in the Exchequer and Audit Departments Act, 1866, set off any sums due to the Postmaster-General from the National Telephone Company, Limited (hereinafter referred to as the Company), on account of sums paid in advance to the Company by subscribers in respect of services to be rendered during a future period, against a corresponding amount of that part of the purchase money which is payable in cash; and
  2. (b) issue out of the Consolidated Fund or the growing produce thereof any further sums which may be required for the payment of that part of the telephone purchase money which is payable in cash; and
  3. (c) issue to the Company, or to such persons as the Company may direct, such terminable annuities as may be required for the discharge of that part of the telephone purchase money which is not payable in cash.

(2) If so agreed between the Treasury and the Company, the Treasury may, instead of issuing terminable annuities for the discharge of that part of the telephone purchase money which is not payable in cash, issue to the Company or to such persons as the Company may direct, such amount of Exchequer bonds bearing interest at the rate of three per cent. per annum as may foe agreed upon between the Treasury and the Company.

Any Exchequer bonds so issued shall be paid off by the Treasury at the rate of one hundred pounds sterling for every one hundred pounds of the bond, together with all arrears of interest, before the expiration of such period not exceeding twenty years, and at such times within that period, and in such amounts and manner, as may be fixed by the Treasury.

Any Exchequer bonds so issued shall, notwithstanding anything in Section twenty-six of the Exchequer Bills and Bonds Act, 1886, be made out and issued with coupons for the interest becoming due thereon for a term not exceeding twenty years from the date thereof.

The ASSISTANT-POSTMASTER-GENERAL (Captain Norton)

In the absence of my right hon. Friend the Postmaster-General, I beg to move, in paragraph (a), to leave out the words "set off" ["set off any sums due to the Postmaster-General"], and to insert instead thereof the word "treat."

This Amendment, and the Amendments which follow in connection with Clause 1, are for the purpose of carrying out the undertaking which was made with the National Telephone Company. The company were in doubt whether the words in the Clause carried out the terms of the agreement which we made with them, and these Amendments have been placed on the Paper by my right hon. Friend for the purpose of giving satisfaction to the company on these matters.

Amendment agreed to.

Further Amendments made: In paragraph (a), leave out the word "due" ["any sums due to the Postmaster-General"], and insert instead thereof the word "paid."

In paragraph (a), leave out the word "from" ["due to the Postmaster-General from the National Telephone Company"], and insert instead thereof the word "by."

In paragraph (a), leave out the words "against a corresponding amount of that part," and insert instead thereof the words "as sums to be applied in payment."

In paragraph (a), leave out the words "which is payable in cash."

In paragraph (b), leave out the word "further."

In paragraph (b), after the word "cash," insert the words "so far as provision is not otherwise made for that payment."

Question, "That the Clause, as amended, stand part of the Bill," put, and agreed to.