§ Captain Duncan
asked the Chancellor of the Exchequer whether he will make a statement with regard to the capital requirements of the North of Scotland Hydro-Electric Board.
§ Mr. R. A. Butler
Yes. The Board have proposed a further issue of stock for the purpose of repaying temporary advances from the Scottish Banks and defraying further expenditure on constructional schemes, and for other authorised purposes. These proposals have been approved and accordingly the Board have today issued to the National Debt Commissioners under Treasury Guarantee £20 million of North of Scotland Electricity 4¼ per cent. Guaranteed Stock 1974–1979 at £98 10s. per cent. The effect of this issue is to increase the outstanding capital of the Board to £62 million.53W