§ 182 Page 97, line 17, at beginning insert ("Subject to sub-paragraph (4A) below").
§ 183 Page 97, line 23, leave out from ("date") to end of line 28.
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184 Page 97, line 28, at end insert—
("(4A) The relevant alternative amount may be determined by reference to the most recent actual purchase price or production cost before the balance sheet date of assets of any class included under the item in question instead of by reference to their replacement cost as at that date, but only if the former appears to the directors of the company to constitute the more appropriate standard of comparison in the case of assets of that class.").
§ Lord LyellMy Lords, I beg to move that this House doth agree with the Commons in their Amendments Nos. 182 to 184. These three amendments result from further consideration of paragraphs 27(3) and (4) of Schedule 1, and they implement the fourth directive more accurately in respect of calculating the difference between the value of stocks and what are attractively called fungible assets arrived at on the basis of the methods mentioned in paragraph 27(2) and the last known market value prior to the balance sheet date. I hope that your Lordships do not think that that is entire gobbledygook. I am sure that my noble and learned friend could give a much more precise explanation than I could of the fascinating term "fungible assets". I beg to move.
§ Moved, That this House doth agree with the Commons in the said amendments.—(Lord Lyell.)
§ On Question, Motion agreed to.