§ 2.37 p.m.
LORD CLYDESMUIRMy Lords, in the unavoidable absence of the noble Viscount, Lord Elibank, I beg to ask the Question standing in his name on the Order Paper.
§ [The Question was as follows:
§ To ask His Majesty's Government whether the £50,000,000 to which Lord Morrison referred in his speech on the 5th April as the total amount contemplated to be spent for the development of the Scottish hydro-electric schemes will be a capital expenditure of a commercial nature secured by interest-bearing debentures or some similar form of security issued by the Scottish Hydro-Electric Board under the Act and with a view presumably to becoming revenue-earning in the future; or, on the other hand, will it be in the form of a direct grant from the Government as might be inferred from Lord Morrison's remarks.]
§ THE PARLIAMENTARY SECRETARY, MINISTRY OF WORKS (LORD MORRISON)My Lords, the £50,000,000 234 to which I referred in the debate on April 5 is the approximate total estimated cost of the hydro-electric schemes which have up till now been confirmed by the Secretary of State. This expenditure will become revenue-producing as the schemes are completed and come into operation. The schemes are being financed by the issue of stock. No Government grant is payable to the North of Scotland Hydro-Electric Board, who are under statutory obligation to balance their revenue and expenditure over a period, but the stock issued by the board up to the present has been guaranteed by the Treasury.
LORD CLYDESMUIRMy Lords, I thank the noble Lord on behalf of my noble friend for the answer which he has given. The noble Lord will agree, I think, that this transaction is on a purely business basis and will not, of course, interfere with any future grants that may be decided upon for the Highlands.
§ LORD MORRISONThat is perfectly correct. I am sorry that the noble Viscount who put down this Question has not been able to come here to-day. So far as I can ascertain, he appears to be the only member of your Lordships' House who read into my speech something which I never said, or even suggested.