§ Mr. McKinlay
asked the Chancellor of the Exchequer what arrangements are being made to finance the capital programme of the North of Scotland Hydro-Electric Board.
§ Mr. Dalton
The North of Scotland Hydro-Electric Board has made good progress with its programme of development and construction, on which £2,650,000 has already been spent and commitments of £11,750,000 have been incurred. The time has now come for the Board to make its first issue of stock, in order to fund the bank advances and to cover the further capital expenditure that will mature in the near future. The Board has behind it the credit of the State, and its stock will be guaranteed by the Treasury. The issue, which will be offered to the public, will be for £5 millions of 2½ per cent. North of Scotland Electricity Stock 1067/72, at par. The full prospectus will be published on 15th July. The lists will be open on 17th July and close on or before 18th July. The issue will be open to the public throughout Great Britain. But special facilities will be provided through the Scottish Banks for subscriptions from Scottish investors, who will wish to take this opportunity to acquire a stake in this important contribution to the prosperity of Scotland.