British Overseas Airways Corporation (Stock Issue)

HC Deb 20 December 1955 vol 547 cc290-1W

Mr. Lucas

asked the Chancellor of the Exchequer to make a statement about the provision of capital for British Overseas Airways Corporation.

Mr. R. A. Butler

My right hon. Friend the Minister of Transport and Civil Aviation and I have approved proposals by the British Overseas Airways Corporation for an issue of stock to repay temporary bank advances, to acquire aircraft and other assets, to provide further working capital and for the redemption of stock. Accordingly the Corporation has today made the following issue of stock at £97 15s. per cent. to the National Debt Commissioners under Treasury guarantee: £15 million of 41 per cent. British Overseas Airways Guaranteed Stock, 1965–66.