Sir F. HALLasked the Chancellor of the Exchequer what is the rate of interest covered by the guarantee of the Government under the Trade Facilities Act to the London Electric Railway Company in respect of the capital to be raised to carry out the extension works proposed to be executed by the company?
Mr. YOUNGAs stated in my reply to the hon. Member for the Central Division of Southwark (Mr. Gilbert) on the 22nd instant, details of the Agreement which is yet to be completed between the Treasury and the London Electric Railway cannot yet be published. The capital needed by the company will be raised by a public issue of debentures, and the rate of interest to be covered by the Treasury's guarantee depends on the terms on which that issue can be made.