§ The Transport Stock issued to the Metropolitan Railway Company shall be distributed amongst the holders of the various classes of stocks of that company at the rates of substitution specified in the following scales:
§ Original Stock and Substituted Stock.
- For £100 5 per cent. Redeemable Debenture Stock (1957–62)—£100 5 per cent. A Transport Stock.
- For £100 3½ per cent. Debenture Stock— £77 15s. 7d. 4½ per cent. A Transport Stock.
- For £100 3½ per cent. A Debenture Stock— £77 15s. 7d. 4½ per cent. A Transport Stock.
- For £100 3½ per cent. Preference Stock— £70 5 per cent. B Transport Stock.
- For £100 3½ per cent. A Preference Stock— £70 5 per cent. B Transport Stock.
- For £100 3½ per cent. Convertible Preference Stock (not so converted into Consolidated Stock)—£70 5 per cent. B Transport Stock.
- For £100 5 per cent. Preference Stock, 1914–£100 5 per cent. B Transport Stock.
- For £100 Consolidated Stock—£67 10s. C Transport Stock.—[The Attorney-General.]
§ Brought up, and read the First time.
§ The ATTORNEY-GENERALI beg to move, "That the Schedule be read a Second time."
9.42 p.m.
This Schedule sets out the amount of the Transport Stock which is to be issued in exchange to the Metropolitan Railway Company, and the rates at which the exchange has been made in accordance with the settlement with that company.
§ Captain STRICKLANDMay I ask whether this again represents something that has transpired since the time when this Measure left the Joint Committee and was printed?
§ The ATTORNEY-GENERALMy hon. and gallant Friend has asked that question once or twice in different forms. I think he is under a little misapprehension. The Bill was printed in July, 1931, and the House has decided that it should be carried forward into this Session in the form in which it was printed in July, 1931. The arrangement with the Metropolitan Railway Company has been arrived at quite recently in this present year, and, inasmuch as the arrangement was not in existence in July, 1931, it could not possibly be included in the Bill as then printed.
§ Captain STRICKLANDI desire to express my gratitude to the Attorney-General for his kindness in explaining this matter, but the point I want to emphasise is that the Bill which is before the House cannot be the same Bill which left the Joint Committee.
§ Mr. D. G. SOMERVILLEMay I ask whether, in the case of the "C" Stock which is to be issued to the Metro- 317 politan Railway Company, it is stock on which the dividend is guaranteed by the five main line railway companies?
§ The ATTORNEY - GENERALThe stock of which the dividend is guaranteed is the Assented Stock, which bears a rate of interest of 3½ per cent. for 15 years and 3 per cent. for 10 years. That is the stock on which the interest is guaranteed by the five main line railway companies.
§ Mr. SOMERVILLEWhat interest does this stock bear, and in what form is it guaranteed?
§ The ATTORNEY-GENERALI thought I said that it bore interest at the rate of 3¼ per cent. for 15 years and 3 per cent. for 10 years.
§ Bill reported; as amended, (in Committee and on re-committal), to be con- 318 sidered upon Monday next, and to be printed. [Bill 43.]