§ Order of the Day for the Second Reading read.
THE EARL OF ONSLOWMy Lords, this Bill is to enable His Majesty's Government 413 to pay up the balance of 19s. in the £ on 1,000,000 partly paid ordinary shares bought in 1919. Under the Acts of 1914 and 1919, 5,000,000 ordinary shares were purchased, of which 4,000,000 were fully paid and 1,000,000 1s. paid. 'There were also 1,000 8 per cent, first preference shares and £199,000 5 per cent, debenture stock. The investment in Anglo-Persian Oil was made primarily to secure naval oil supplies for the Government, but I am glad to say it has proved extremely profitable as well. Now, further capital is required for extensions in Persia, and the continuance of an uncalled liability is undesirable from all points of view. The sum required is £950,000 and it is proposed to borrow this from the National Debt Commissioners, following the precedent of 1919 when £2,050,000 was advanced by them. Of this sum £1,360,459 has already been repaid by the application of receipts from dividends, and when the loans have been repaid the whole of the future receipts will go to the Exchequer. There is little doubt that in a year or so the whole of the borrowings will be repaid out of dividends. I beg to move.
§ Moved, That the Bill be now read 2a.— (The Earl of Onslow.)
§ On Question, Bill read 2a, and committed to a Committee of the Whole House.