25. Mr. WESTasked the Minister of Transport whether his attention has been drawn to the proposed merger of capital and administration of certain electricity companies operating in the West of London; and whether he is satisfied that the proposal is not detrimental to the interests of the consumers of electricity and does not infringe any of the provisions of the London Electricity (No. 2) Act, 1925?
§ Mr. HORE-BELISHAI am not aware of any infringement of the provisions of the Act referred to; the results to the consumers will depend on the efficiency of the future management as compared with that of the separate companies.
Mr. WESTCan the Minister say whether the physical assets of these companies as well as their finances are to be amalgamated? And does he consider that in this amalgamation the consumers' interests will be safeguarded?
§ Mr. HORE-BELISHAI can only do what I am empowered to do. I have said in my answer that I am not aware of any infringement of the provisions of the law.
Mr. WESTWill the Minister answer my question; whether the physical as well as the financial assets of these companies are to be amalgamated?
§ Mr. HORE-BELISHAI do not think that I am called upon to answer that question. It is not within my jurisdiction.
26. Mr. WESTasked the Minister of Transport whether he will take steps to ascertain the views of the London County Council and the London and Home Counties Joint Electricity Authority on the proposed merger of West London electricity companies, having regard to the provisions of the London Electricity (No. 2) Act, 1925, under which these undertakings are to be transferred in 1971 to the Joint Electricity Authority and to the control which, in certain circumstances, the London County Council and the Joint Electricity Authority have over the operations of these companies?
§ Mr. HORE-BELISHAIf the London County Council or the London Joint Electricity Authority find it necessary to make any representations on any matters which are within my jurisdiction I shall be glad to consider them.
§ 29. Mr. D. GRENFELLasked the Minister of Transport the total sums set aside on 1st January, 1934, by all authorised electricity undertakings for superannuation and pension schemes what were the sums paid in premiums and the policy values for the same date, if any; and the number of employesé covered by these superannuation and pension schemes?
§ 31. Mr. T. SMITHasked the Minister of Transport the total value of any insurance funds for plant, machinery, etc., established by authorised electricity undertakings, the total value of insurance policies, and the total value of the annual premiums paid on those policies up to 1st January, 1934?
§ Mr. HORE-BELISHAI regret that the information desired is not available, and I am not aware of any returns from which it could be compiled.
§ Mr. GRENFELLWill the Minister consider asking for a return from these semi-statutory organisations?
§ Mr. HORE-BELISHAI think it would be difficult to get the information, but I shall be happy to give what assistance I can.
§ 30. Mr. D. GRENFELLasked the Minister of Transport the total rates paid for the years 1923 and 1933 by all authorised electricity supply undertakings, and what did these sums represent per kilowatt of connected load and
| Particulars. | All Undertakings. | Public Authority Undertakings. | Company Undertakings. | |||
| £ | £ | £ | ||||
| Total Rates paidduring1924–25 | 1,790,746 | 1,189,178 | 601,568 | |||
| Total Rates paid during 1932–33 | 4,453,065 | 2,749,070 | 1,703,995 | |||
| s. | d. | s. | d. | s. | d. | |
| Average Rates per Kilowatt of connected load including bulk supplies, *1924–25. | 5 | 6 | 5 | 6 | 5 | 7 |
| Average Rates per Kilo watt of connected load including bulk supplies, *1932–33. | 5 | 7 | 5 | 3 | 6 | 3 |
| Average Rates per Kilo watt of installed generating plant capacity, 1924–25. | 9 | 7 | 9 | 5 | 10 | 1 |
| Average Rates per Kilowatt of installed generating plant capacity, 1932–33. | 12 | 1 | 11 | 8 | 12 | 10 |
| * As the ratio of bulk supplies to total supplies varies, the figures for the two periods are not strictly comparable. |
35. Mr. WESTasked the Minister of Transport, what were the values on 1st january1934, as respects municipal authorised electricity undertakings, of the total outstanding loan capital, average interest rate, and average loan period, and for the same date, as respects company authorised undertakings, of the loan capital (mortgage debentures, etc.), preference capital, and ordinary capital, and the average dividend rate in each of the years 1929, 1930, 1931, 1932, 1933, and 1934?
Mr. HORE-BEBLISHAAs the answer contains a number of figures, I will, with the hon. Member's permission, circulate it in the OFFICIA REPORT.
§ Following is the answer:
§ The latest compiled Returns show that at 31st March, 1933, the outstanding loans of municipal electricity undertakings(including electricity undertakings of joint boards and joint electricity authorities) amounted to —144,150,000.
§ The amount paid in interest by these undertakers in 1932–33 was … £6,844,000per
356§ per kilowatt of installed generating plant capacity; what were these values for municipal authorities and company authorities, respectively; and what was the lowest and the highest rate per kilowatt of connected load and per kilowatt of installed generating plant capacity for the years 1923 and 1933?
§ Mr. HORE-BELISHAI will with pleasure circulate such figures as I have in the OFFICIAL REPORT.
§ Following are the figures:
§ being an average rate of 4¾per cent. on the loans outstanding.
§ Sinking Fund and Loan Repayment in 1932–33 required …… £7,826,000
§ The average loan period cannot be stated.
§ As regards Companies the returns for the year 1932 show issued capital as under:—
| £ | ||
| Loan (debentures, etc.) | … | 47,417,062 |
| Preference shares | … | 21,168,423 |
| Ordinary shares | … | 63,412,087 |
| Total | … | £131,997,572 |
§ The average rates of dividend paid are as under:—
| Preference. | Ordinary. | |||
| Year. | Per cent. | Per cent. | ||
| 1929 | … | … | 5.87 | 7.02 |
| 1930 | … | … | 5.79 | 6.85 |
| 1931 | … | … | 5.78 | 7.05 |
| 1932 | … | … | 5.71 | 6.73 |
§ Later figures have not yet been compiled.