§ Sir B. Jannerasked the Chancellor of the Exchequer what were the commencing capital liabilities of each of the boards and the holding company established by the Transport Act. 1962; 130W places; and how this compares with the similar percentages taking the examination in Kent, Sussex, Hertfordshire and Buckinghamshire.
§ Mr. ChatawayI have collected the information from local education authorities. It is as follows:
and what amounts of the liabilities of the British Transport Commission at divesting date have been cancelled, firstly, with no further liability accruing to the Exchequer and, secondly, with liability remaining with the Exchequer as to principal and interest.
131W
§ Mr. MarplesI have been asked to reply.
The commencing capital debts of the new bodies set up by the Act cannot yet be precisely determined, but provisional figures of the respective debts, for which the undertakings will be liable through me to the Exchequer are £20 million for the Waterways Board, £85 million for the Docks Board, £162 million for the London Transport Board, £125 million for the Transport Holding Company, and for the Railways Board, £1,575 million of which about £675 million will initially be suspended debt under Section 40 of the Act, bearing neither interest nor repayment obligations unless I direct otherwise.
On January 1st, 1963, the Treasury assumed liability for stock amounting to £1,443.5 million created and issued by the Commission under the Transport Act 1947, and debt to the Exchequer amounting some £487 million representing accumulated losses of the British Transport Commission was cancelled,