§ Mr. Asshetonasked the Minister of Fuel and Power whether he will make arrangements for arbitration in respect of the compensation value of compulsorily acquired gas stocks to begin forthwith instead of waiting until after the vesting date.
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§ Mr. GaitskellUnder Sections 25 and 26 of the Gas Act, 1948, the compensation value of gas securities, unless automatically determined by reference to Stock Exchange quotations or the price of issue, may be settled by agreement between the Minister and the Stockholders' Representatives. These representatives are now being appointed by the Stockholders concerned and arrangements are being made for the necessary discussions with my Department. There is no intention to delay the negotiation and settlement of compensation values until after the Vesting Date but it will not be possible to deal with all the stocks simultaneously or to complete negotiations by the Vesting Date. Reference to the Gas Arbitration Tribunal to be set up under Section 63 of the Act will only be necessary if the Minister and the Stockholders' Representatives fail to agree on the compensation values.