HC Deb 13 December 1932 vol 273 cc297-300

8.46 p.m.

Mr. PYBUS

I beg to move, in page 120, line 18, after the word "shall," to insert the words: subject to the reduction for which provision is made by the proviso to Sub-section (1) of Section seven of this Act. This is a drafting Amendment consequent upon the acceptance of the Government Amendment to Clause 7, page 11, line 2.

Amendment agreed to.

Mr. PYBUS

I beg to move, in page 120, line 29, column 2, to leave out "2,953,950," and to insert instead thereof "4,753,950."

This is necessary to cover the issue of £1,800,000 5 per cent. redeemable debenture stock by the Metropolitan District Railway Company since the Schedule was approved by the Joint Select Committee. This additional capital raised by the company was required in connection with the execution of the work of widening the lines westward of Hammersmith and works incidental thereto. The company consulted the Minister, who gave his consent to the amount and terms of the issue, after consultation with the Treasury, and it was agreed that an equivalent amount of transport "A" stock should be issued in exchange.

Captain STRICKLAND

Can the hon. Gentleman say whether there is a reduction in the capita] of any other undertaking corresponding to this addition? I understand the Metropolitan Company have acquired business since the Bill was printed which necessitated this increased grant to them.

Mr. PYBUS

This is work which it was necessary to carry out—an extension which could not wait. It is not a grant. It is merely a, borrowing of money in order to carry out this work.

Captain STRICKLAND

The point is, Was this known before the Bill was printed in November, 1932, or is it something that could not wait between November, 1932, and to-day?

Mr. PYBUS

I have tried to make it clear that it was something which could not wait.

Captain STRICKLAND

Why was it not inserted originally in the Bill as printed in November?

The CHAIRMAN

I must point out to the hon. and gallant Member that it was not a matter for the Government to decide what should be printed in November. This is a Bill which, by order of the House, had to be introduced and printed as it left the Select Committee.

Captain STRICKLAND

This point was not made clear to the House when we were asked to give the Bill a Second Reading and pass it over to this Session.

Mr. C. WILLIAMS

I am sure the Minister can tell us if the railways have given direct assent to this increase in capital. Have the main line railways given their consent?

Mr. PYBUS

I think the hon. Member misunderstands the position. Of course. the shareholders of the District Railway gave their consent to the raising of this sum of money, but it has nothing to do with the main line railways.

Mr. WILLIAMS

Of course I understand that, but, after all, the railways have come in.

The ATTORNEY-GENERAL

The guarantee is for the Metropoltan Railway. The confusion comes from the fact that the District Railway has as its proper name the Metropolitan District Railway Company.

Amendment agreed to.

Mr. PYBUS

I beg to move, in page 121, line 5, column 2, to leave out "1,000,000," and to insert instead thereof "1,060,000."

This is an Amendment for a similar purpose. It is necessary to cover an issue of £60,000 5 per cent. redeemable debenture stock by the Central London Railway Company since the Schedule was approved by the Joint Select Committee.

Amendment agreed to.

Further Amendment made: In page 121, line 16, column 2, leave out "3,250,000," and insert instead thereof "4,000,000."—[Mr. Pybus.]

The ATTORNEY-GENERAL

I beg to move, in page 121, line 18, column 1, to leave out the words, "Autocar Services, Limited."

8.52 p.m.

This is a drafting Amendment. We have taken the Autocar Company out of the First Schedule. It is a service whio1 is mainly outside the London passenger transport area. It is, as a matter of fact, a subsidiary of the London General Omnibus Company, and I understand that it is intended in all probability to be taken over by one of the railway companies subsequently.

Amendment agreed to.

Further Amendment made: In page 121, line 21, column 1, leave out the words "East Surrey Traction Company," and insert instead thereof the words: London General Country Services."—[The Attorney-General.]

8.53 p.m.

Mr. PYBUS

I beg to move, in page 122, line 17, at the end, to insert the words: £100 5 Per Cent. Redeemable Debenture Stock, 1985–95—R100 5 Per cent. ' A ' do.

Captain STRI CKLAND

May we have some explanation of this Amendment?

Mr. PYBUS

This Amendment is consequential on the Amendment in page 120, line 29, in connection with the issue of additional debenture stock by the Metropolitan District Railway Company.

Amendment agreed to.

Further Amendment made: In page 125, line 28, after the word "deed," insert the word "but."—[Mr. Pybus.]

Motion made, and Question proposed, "That this, as amended, be the Second Schedule to the Bill."

Captain NORTH

I did not quite understand how it was that we made an Amendment on page 121, line 16, involving an increase of £750,000.

Mr. PYBUS

I am glad to have this opportunity to explain that point. The Amendment was necessary to cover an issue of £750,000 5 per cent. cumulative income debenture stock by the London General Omnibus Company since the Schedule was approved by the Joint Select Committee. There again the company consulted. the Minister as to the amount and terms of issue, and he gave his assent, after consultation with the Treasury, and agreed to an issue of £750,000 of "B" transport stock in exchange for the new issue. The money was required mainly for additions or improvements to the omnibus fleet of the company.