§ 81. Mr. MUGGERIDGEasked the Minister of Transport the names of electricity distributing companies which have capitalised undistributed profits; the aggregate amount of profits capitalised, and the amount so capitalised during the last two years for which accounts are available; and whether such capitalisation of profits during the period has been accompanied by reductions in charges for electricity?
§ The MINISTER of TRANSPORT (Mr. Herbert Morrison)I am circulating in the OFFICIAL REPORT a statement giving
| THE FOLLOWING STATEMENT in respect of Electricity Supply Companies other than the London Companies* shows the amount capitalised out of undistributed profits which were earned in past years, carried to Reserve and employed in providing capital assets. | |||
| Company. | Capitalised during 1928. | Capitalised during 1929. | Aggregate amount capitalised from commencement of Company. |
| £ | £ | £ | |
| Aldeburgh Electric Supply Co., Ltd. | 2,800 | — | 2,800 |
| Altrincham Electric Supply, Ltd. | — | — | 53,350 (b) |
| 6,650 | |||
| Banbury and District Electric Supply Co., Ltd. | 25,000 | — | 25,000 |
| Bournemouth and Poole Electric Supply Co., Ltd. | 360,000 | — | 420,000 |
| Bridgwater and District Electric Supply and Traction Co., Ltd.(a) | 5,000 | — | 5,000 |
| Burgess Hill and District Electric Supply Co., Ltd. | — | 1,750 | 1,750 |
| Colne Valley Electric Supply Co., Ltd. | — | 12,000 | 12,000 |
| Folkestone Electricity Supply Co., Ltd. | 37,500 | — | 37,500 |
| Foots Cray Electricity Supply Co., Ltd. | — | — | 5,000 |
| Keswick Electric Light Co., Ltd. (a) | — | 2,000 | 2,000 |
| Ledbury Electric Supply Co., Ltd. | 1,500 | — | 1,500 |
| Lewes and District Electric Supply Co., Ltd. | — | 12,500 | 12,500 |
| Market Drayton Electric Light and Power Co., Ltd. | — | 5,156 | 9,029 |
| Midland Electric Corporation for Power Distribution, Ltd. | 350,000 | — | 350,000 |
| Minehead Electric Supply Co., Ltd.(a) | 1,300 | — | 1,973 |
| Ramsgate and District Electric Supply Co., Ltd. | — | — | 12,000 |
| Weston-super-Mare and District Electric Supply Co., Ltd. | 50,000 | — | 50,000 |
| Windermere and District Electricity Supply Co., Ltd. | 5,000 (b) | 5,000 (b) | 20,000 (b) |
| Windsor Electrical Installation Co., Ltd. | — | — | 25,000 (b) (c) |
| Woking Electric Supply Co., Ltd. | 21,760 | — | 21,760 |
| Wycombe (Borough) Electric Light and Power Co., Ltd. | — | — | 18,000 |
| Scottish Southern Electric Supply Co., Ltd. | 8,333 (b) | — | 8,333 (b) |
| Total | 868,193 | 38,406 | 1,101,145 |
| * The capitalisation of the free reserves of the London Companies to a prescribed extent was part of the general settlement between the London County Council and the London Companies confirmed by the London Electricity No. 1 and No. 2 Acts of 1925, such settlement containing provision for the fixing of standard prices, for regulating prices and dividends and for securing to consumers a proper share of any subsequent economies. | |||
| (b) Reserves capitalised as Preference Shares; all other figures relate to Ordinary Capital. | |||
| (c) In the case of the Windsor Company the capitalisation of Reserves was permitted under a Special Order of 1927 which also prescribed a sliding scale of price and dividend. | |||
| NOTE.—The above Schedule excludes the sum of £600,000 representing reserves capitalised by Edmundsons Electricity Corporation Ltd. since the operations of this Company cover other matters besides the supply of electricity and the capital attributable to the three authorised electricity undertakings which they operate constitutes only a small proportion of their total capital. | |||
| Of the above-mentioned Companies who capitalised reserves during the years 1928 and 1929 contemporary reductions in prices were made by all except those marked (a) in the Table. |