§ Mr. Ridleyasked the Financial Secretary to the Treasury what was the amount loaned to each of the undertakings concerned under the Railways (Agreement) Act, 1935; at what rate of interest; and what amounts, if any, have been repaid?
§ Captain CrookshankThe amount raised by the Railway Finance Corporation, Limited, under the Railways (Agreement) Act, 1935, was £26,190,000 by the issue of £27,000,000 2½per cent. Guaranteed Debenture Stock 1951/52 at a price of 97 per cent. The approximate rate to the Corporation (allowing for redemption at par in 1952) was £2 14s. 8d. per cent, per annum.
Under the Agreement between the Finance Corporation and the railway companies, the sum raised was available to the railway companies (at the same rate) in the following proportions:—
Great Western Railway Company, 11/53rd parts (£5,435,660).
London Midland and Scottish Railway Company, 18/53rd parts (£8,894,717).
London and North Eastern Railway Company, 12/53rd parts (£5,929,811).
Southern Railway Company, 12/53rd parts (£5,929,811).
The expenses of management of the Corporation are borne by the railway companies in the same proportions. No amounts have been repaid; the stock is not finally repayable until 1st February, 1952, but it may be repaid on or after 1st February, 1951.
§ Mr. Ridleyasked the Financial Secretary to the Treasury what was the amount loaned to each of the undertakings concerned under the London Passenger Transport (Agreement) Act, 1935; at what rate of interest; and what amounts, if any, have been repaid?
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§ Captain CrookshankThe amount raised by the London Electric Transport Finance Corporation, Limited, under the London Passenger Transport (Agreement) Act, 1935, was £39,966,250 by the issue of 2½ per cent. Guaranteed Debenture Stock 1950/55 as follows:—
£32,000,000 Stock at 97 per cent.
£9,650,000 Stock at 92½ per cent.
The approximate rate to the Corporation (allowing for redemption at par in 1955) on the larger issue was £2 13s. 11d. per cent. per annum and on the smaller issue £3 0s. 8d. per cent. per annum.
Under the Agreement between the Finance Corporation and the transport undertakers the sum raised was available to the transport undertakers (at the same rates) in the following proportions:—
London Passenger Transport Board, 70 per cent. (£27,976,375)
Great Western Railway Company, 5 per cent. (£1, 998,312).
London and North Eastern Railway Company, 25 per cent. (£9,991,563)
The expenses of management of the Corporation are borne by the transport undertakers in the same proportions. No amounts have been repaid; the stock is not finally repayable until 1st August, 1955, but it may be repaid on or after 1st August, 1950.
§ Mr. Ridleyasked the Minister of Transport what amounts each of the four
Nominal capital of Four Amalgamated Railway Companies. Company. 1923. Increase as at 31st December, 1938. £ £ Southern. … … … … … … … 149,467,772 12,322,231 Great Western … … … … … … 136,917,317 12,913,496 London Midland and Scottish … … … 398,929,175 14,849,682 London and North Eastern … … … … 361,688,399 15,450,944 Total … … … … … £1,047,002,663 £55,536,353 1174W
Standard Revenue. Company. Standard Revenue fixed by Railway Rates Tribunal on 6th July, 1927. Subsequent allowances in respect of additional capital raised or provided. £ £ Southern … … … … … … … 6,631,479 464,391 Great Western … … … … … … 8,312,013 154,547 London Midland and Scottish … … … 20,326,622 253,308 London and North Eastern … … … … 14,787,733 429,002 Total … … … … … £50,057,847 £1,301,248 group railway companies received in 1939 by way of net revenue from investments in road transport undertakings?
§ Captain WallaceThis information is not yet available for 1939, but the figures for the year 1938 are:
£ Southern Railway 173,556 Great Western Railway 246,049 London Midland and Scottish Railway 384,694 London and North Eastern Railway 377,147 £1,181,446
§ Mr. Ridleyasked the Minister of Transport whether the undertakings now under the control of the Railway Executive Committee will still be required to publish their annual accounts?
§ Captain WallaceThe undertakings will still be required to publish annual accounts, but as a result of the financial arrangements covering the control period they will necessarily be in an abridged form.
§ Mr. Ridleyasked the Minister of Transport what was the original capital and standard revenue of the four group railway companies; and by what amounts they have been increased?
§ Captain WallaceThe following are the figures: