§ 2.35 p.m.
§ VISCOUNT BUCKMASTERMy Lords, I beg to ask the Question which stands in my name on the Order Paper.
§ [The Question was as follows:
§ To ask His Majesty's Government whether they will consider taking into account the alarming fall in the price of 3 per cent. British Gas Stock 1990–95 in settling the outstanding claims of gas companies for additional compensation under section twenty-six of the Gas Act, 1948.]
§ THE PAYMASTER - GENERAL (LORD MACDONALD OF GWAENYSGOR)My Lords, under the terms of Section 26 of the Gas Act, 1948, the addition which may be made to the value of the gas securities as assessable under Section 25 is limited to the amount agreed to be necessary to offset the depreciation in their values due to the war causes described in the Act. It is not open to the Minister, in settling that addition, to take into account the possible effects of variations in the market price of the British Gas Stock in which compensation is paid.
§ VISCOUNT BUCKMASTERMy Lords, arising out of that reply, I take it that the noble Lord realises that companies which have small claims have practically lost all chance of compensation.
§ LORD MACDONALD OF GWAENYSGORMy Lords, that is fully appreciated, and very much regretted.
§ VISCOUNT BUCKMASTERI thank the noble Lord.