NORTH OF SCOTLAND HYDRO-ELECTRIC BOARD

HC Deb 02 July 1948 vol 452 cc248-9W

Mr. Cook

asked the Chancellor of the Exchequer whether he will now make a statement with regard to the capital requirements of the North of Scotland Hydro-Electric Board.

Sir S. Cripps

Yes The Board have proposed a further issue of stock for the purpose of repaying temporary advances from the Scottish Banks, of defraying further expenditure on constructional and distribution schemes and for other authorised purposes. These proposals have been approved and accordingly the Board have issued to the National Debt Commissioners, under Treasury guarantee, £6 millions of North of Scotland Electricity 3 per cent. Guaranteed Stock, 1968–70, at par. The effect of this issue is to increase the outstanding capital of the Board to £11 million, the previous issue of £5 million North of Scotland Electricity 2½ per cent. Guaranteed Stock 1967–1972 having been made to the public in July 1947.