HC Deb 01 May 1929 vol 227 cc1682-3

Resolved, That the draft of a Special Order proposed to be made by the Board of Trade under Section 10 of the Gas Regulation Act, 1920, on the application of the Mayor, Aldermen, and Burgesses of the county borough of Southport, which was presented on the 25th March and published, be approved."—[Mr. H. Williams.]

Motion made, and Question proposed. That the draft of a Special Order proposed to be made by the Board of Trade under Section 10 of the Gas Regulation Act, 1920, on the application of the Barnard Castle Gas Company, which was presented on the 12th February and published, be approved, subject to the following amendment:

Leave out paragraph 12, and insert—

Priority of principal moneys secured by existing mortgages.

12. The principal moneys secured by all mortgages granted by the company in pursuance of the powers of the Act of 1904 before the date of this Order and subsisting at that date shall, during the continuance of such mortgages, have priority over the principal moneys secured by any mortgages granted by virtue of this Order."

Mr. KELLY

Is there to be any explanation why these people are still to have priority? I understand that, by the last Order, those who hold mortgages under the powers of the Act of 1904 were given priority over any monies which have been raised since, and that is being continued. Why are these people to have this preference?

The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Herbert Williams)

I do not think any preference is involved. The Amendment is proposed because the Board has been advised that the provisions of Clause 12 of the Order as they stand, considered in conjunction with Clause 10 and the repeal of Clause 51, are not quite clear. In other words, the object of the Amendment is to clarify what everyone believes to be the situation and make sure that the situation as people understand it shall in fact be the situation.