HC Deb 11 December 1911 vol 32 cc1924-6

Ordered, that the First Resolution reported [27th June] from the Committee on Telephone Transfer [Consolidated Fund, etc.], and then agreed to by the House, be now read:— 1. That it is expedient to authorise the Treasury—

  1. (a) to advance out of the Consolidated Fund such sums as may be necessary for paying the cash portion of the purchase money of the undertaking of the National Telephone Company, and a sum, not exceeding £4,000,000, for the further development of the telephonic system;
  2. (b) to issue terminable annuities or Exchequer Bonds for paying off that portion of the purchase money which is not payable in cash, and to borrow by means of terminable annuities for the purpose of providing the money necessary for any advance out of, or repayment to, the Consolidated Fund;
  3. (c) to provide for the payment of superannuation allowances to transferred officers out of moneys provided by Parliament, and for the payment of terminable annuities and the principal of and interest on 1925 any Exchequer Bonds out of moneys provided by Parliament for Post Office services, and if those moneys are insufficient out of the Consolidated Fund."

    cc1925-6
  1. TELEPHONE TRANSFER ACT, 1911 (AMENDMENT) BILL. 660 words