§ Order of the Day for the Second Reading read.
§ LORD STANMOREMy Lords, this is a very small measure, but it is not unimportant to the burghs concerned. In Scotland, the majority of municipal gas undertakings are administered under the Burghs Gas Supply (Scotland) Act of 1876. This Act provides for the imposition of a rate for the payment of interest on money borrowed under the Act, but not for the repayment of capital; and the absence of a provision for securing the repayment of capital has hampered Scottish corporations in borrowing money for their gas undertakings. The object of this Bill is to make the rate a security for payments to sinking funds. Most of the larger corporations have private Acts that give them a power which this Bill seeks to obtain for other corporations. I may add that the Bill is supported by the Convention of Royal Burghs of Scotland. I beg to move.
§ Moved, that the Bill be now read 2a—(Lord Stanmore.)
§ On Question, Bill read 2a.