HC Deb 13 April 1932 vol 264 cc813-5

asked the Minister of Transport if his attention has been called to the issue of £1,500,000 of new stock by the London and Home Counties Joint Electricity Authority; and if he can state what electricity undertakings this authority has purchased, the prices paid, and the asset values of these undertakings as shown by the accounts?


As the answer contains a number of figures, I will, with my hon. Friend's permission, circulate it in the OFFICIAL REPORT.

Following is the answer:

I am aware that the London and Home Counties Joint Electricity Authority has recently made a further issue of stock to the extent of £1,500,000. I am informed that the authority has purchased the electricity undertakings mentioned below as from the dates given, the purchase price being as shown:—

Name of undertaking. Date of Acquisition. Amount of Purchase Price.
1931. £
Dorking and District undertaking of Edmundsons Electricity Corporation, Ltd. 1st Jan. 69,496
Leatherhead and District undertaking of Leatherhead and District Electricity Co., Ltd. 1st Jan. 312,540
Surbiton and District undertaking of Cal-lenders Cable & Construction Co., Ltd. 1st Jan. 198,216
Twickenham aud District undertaking of Twickenham and Teddington Electric Supply Co., Ltd.:
(Middlesex part of undertaking). 1st Jan. 479,321
(Surrey part of undertaking). 24th July 143,488
Weybridge undertaking of Urban Electric Supply Co., Ltd. 24th July 74,807
Total 1,277,868

I am also informed that the Joint Authority has entered into an agreement with the South Metropolitan Electric Tramways and Lighting Company for the purchase of their electricity undertaking. The transfer will be effected as from 1st July, 1932, the total purchase money being £826,500, bringing the total cost of purchased undertakings to £2,104,368.

With regard to the latter part of the question the accounts of the Joint Authority for the year just closed have not yet been published, but as the above payments represent expenditure out of capital raised by the Joint Authority it is presumed that the values of the purchased undertakings will appear in the accounts at the above mentioned figures.

If my hon. Friend is referring in his question to the asset value as shown in the accounts of the vendors I am informed that owing to the transactions covering part only of the vendor's assets the published accounts do not give the desired information but the capital expenditure on the transferred assets was approximately as under:

Dorking 69,500
Leatherhead 294,000
Surbiton 194,000
Middlesex part 473,000
Surrey part 105,500
Weybridge 55,500
South Metropolitan 728,000