Mr. H. Wilsonasked the Chancellor of the Exchequer what special items have been included in the figures for Miscellaneous under the heading Ordinary Revenue in the Exchequer Returns for the current financial year which show in the period to 22nd June an increase of £37 millions over the corresponding period of 1956–57.
§ Mr. P. ThorneycroftThe increase is due to the £37 million of interest on the United States and Canadian loans which was returned to the Exchequer on 30th April. I explained this item in my Budget statement on 9th April, as follows
The estimate for non-tax revenue is £268 million compared with £261 million last year. Under this heading, I must admit to one receipt which is not really revenue at all but merely a book-keeping windfall. As the Committee knows, the interest of £37 million due last December on the United States and Canadian loans was paid into a special account
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DEBENTURE STOCK LOAN STOCK SHARE CAPITAL — Preference Ordinary £ £ £ £ Bairds & Scottish Steel Ltd. 6% Cum. Pref. Shares of £1 each … — — 1,050,000 — Ordinary Shares of £1 each … — — — 1,680,000 Barrow Ironworks Ltd. Shares of £1 each … — — — 925,000 Barrow Steel Works Ltd. Shares of £1 each … — — — 100 Colvilles Ltd. 5½% Cum. Pref. Shares of £1 each … — — 4,000,000 — 4½% Deb. Stock 1975/85 (50% paid) … 10,000,000 — — — Consett Iron Co. Ltd. 5% Redeemable Deb. Stock 1975/85 … 4,000,000 — — — Darlington & Simpson Rolling Mills Ltd. 5 % Debenture Stock 1974/84 … 700,000 — — — Darwen & Mostyn Iron Co. Ltd. Shares of £1 each … — — — 240,000 Dorman Long & Co. Ltd. 5½% Cum. Pref. Shares of £1 each … — — 5,000,000 — 4½% Unsecured Loan Stock 1969/74 … — 10,000,000 — — Gjers Mills & Co. Ltd. Shares of £1 each … — — — 270,000 Guest Keen Iron & Steel Co. Ltd. 4½ % Debenture Stock 1970/84 … 5,000,000 — — — Guest Keen & Nettlefolds (South Wales) Ltd. 4½ % Debenture Stock 1970/84 … 2,500,000 — — — Hodbarrow Mining Co. Ltd. Shares of £8 each … — — — 400,000 J. J. Habershon & Sons Ltd. 6% 1st Cum. Pref. Shares of £1 each … — — 60,000 — 10% 2nd Cum. Pref. Shares of £1 each … — — 10,000 — Ordinary Shares of £1 each … — — — 121,656 John Baker & Bessemer Ltd. 6% Cum. Pref. Shares of £1 each … — — 182,479 — 4½% 2nd Cum. Pref. Shares of £1 each … — — 200,000 — Ordinary Shares of £1 each … — — — 247,955 and was included in the charge for interest on debt in 1956–57. Agreement has since been reached with the United States and Canadian Governments for the deferment of this interest payment. After, as I hope, the United States Congress ratifies this agreement, the interest will be returned to the Exchequer from the special account. I am bound to include this £37 million in my estimate of miscellaneous revenue. But I hasten to assure the Committee that I shall not regard this windfall as having any significance when I come to consider my Budget proposals."—[OFFICIAL REPORT, 9th April, 1957; Vol. 568, c. 976.]