§ 32. Mr. WESTasked the Minister of Transport what was the average revenue received per unit of electricity sold for lighting and domestic purposes by the Bethnal Green and Poplar borough 1632 councils and by the Notting Hill Electricity Company during 1929?
§ Mr. HERBERT MORRISONThe average revenue received per unit of electricity sold for lighting and domestic purposes was as follows:
| d. | |
| Bethnal Green Borough Council (1929–30) | 2.60 |
| Poplar Borough Council (1929–30) | 2.44 |
| Notting Hill Company (1929) | 4.10 |
§ Mr. WESTAm I to understand from this that the Poplar Borough Council are selling electricity for lighting purposes at 40 per cent. below the price charged by the Notting Hill Electricity Company?
§ Mr. MORRISONThat, would appear to be the case.
§ Sir K. WOODAs these figures are in relation to the Poplar Borough Council, had they not better first be carefully examined?
§ 33. Mr. WESTasked the Minister of Transport what was the total amount paid in wages and salaries during 1930 by the Notting Hill Electricity Company; and what was the total amount made in profits by the company in 1930?
§ Mr. MORRISONThe wages and salaries charged to Revenue Account in 1930 amounted to £13,854, while those charged to Capital Account amounted to £16,864, making in total £30,718. The amount of profit in 1930, after allowing for interest on loan liabilities and for statutory payments to Sinking Funds, was £39,456.
§ Mr. WESTAm I to understand that those figures are correct, and, if they are, does the amount paid by this company in profits exceed by 25 per cent. the total amount paid in wages and salaries?
§ Mr. SPEAKERThe hon. Member can work the sum out for himself.
§ 34. Mr. WESTasked the Minister of Transport what was the percentage return of dividend on the 27,050 deferred shares of the Notting Hill Electricity Company for 1930?
§ Mr. MORRISONThe dividend in 1930 on the deferred shares—which amount to a sum of £1,352 10s., only out of a total share capital of £201,352 10s.— 1633 was about 17s. 4½d. per share or 1736 per cent., the average return on the share capital as a whole being 17.6 per cent.
§ Mr. WESTIn view of the fact that this company is paying, on a certain class of its shares, 1700 per cent, in dividends, is there not a case for taking action to reduce the very high price charged?
§ Mr. MORRISONThere is no action that I can take unless the local authority or consumers make application for a revision of charges, but my powers are very limited.
§ Mr. MARLEYWill the right hon. Gentleman make inquiries whether current is being supplied over the grid by any power-producing company at a less cost?
§ Mr. MORRISONI do not quite follow.
§ Mr. A. M. SAMUELWhat is the total rate of interest over the total amount of capital invested in the company?
§ Mr. MORRISONI gave that—17.6 per cent.