Skip to main content

Transport Money

Volume 649: debated on Wednesday 22 November 1961

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Resolution reported,

That, for the purposes of any Act of the present Session to provide for the reorganisation of the nationalised Transport Undertakings now carried on under the Transport Act, 1947, it is expedient to authorise—

A. The payment out of the Consolidated Fund—

  • (1) of any sums required by the Minister of Transport for the purpose of making loans to any of the Boards or the Transport Holding Company established under the new Act;
  • (2) of any sums required to fulfil any guarantee by the Treasury of the repayment of, and the payment of interest on, any money temporarily borrowed by any of the said Boards or the said Company.
  • B. The payment out of moneys provided by Parliament—

  • (1) of any sums required by the Minister—
  • (a) for making grants to the Railways Board and the Inland Waterways Authority established under the new Act to meet any deficit on revenue account arising during the period of five years beginning with the vesting date (as defined in the said Act) but so that the aggregate of any such grants (together with any loans made by the Minister to meet such deficits) shall not exceed, in the case of the Railways Board, four hundred and fifty million pounds or, in the case of the Inland Waterways Authority, ten million pounds;
  • (b) for making grants to the British Transport Commission to meet any deficit on revenue account or interest on loans made by the Minister to the Commission to meet such deficits;
  • (2) of any expenses incurred by the Minister in consequence of any provision of the said Act setting up a Nationalised Transport Advisory Council;
  • (3) of any expenses incurred by the Minister in consequence of any provision of the said Act amending the constitution and jurisdiction of the Transport Tribunal;
  • (4) of fees and allowances to referees and boards of referees appointed by the Minister of Labour under any provision of the said Act relating to compensation or pensions, and allowances to persons giving evidence before any such referee or board;
  • (5) of any increase in the amount so payable under the Road Traffic Act, 1960, in consequence of any provision of the new Act amending the powers of the traffic commissioners in relation to the carriage of passengers by road in the London Passenger Transport Area or by the London Board established under the said Act outside that Area;
  • (6) of any increase in the amount so payable by way of rate-deficiency grant or Exchequer equalisation grant under the enactments relating to local government in England and Wales or in Scotland, which is attributable to any provision of the said Act relating to the liability of the said Boards to rates;
  • (7) of any administrative expenses incurred by the Minister of Transport by virtue of the said Act.
  • C. The remission of any obligation of the British Transport Commission to make payments under section forty-two of the Finance Act, 1956, or section two of the Transport (Railway Finances) Act, 1957, in respect of sums advanced to the Commission by the Minister under those Acts.

    D.—(1) The transfer to the Treasury of all rights and liabilities of the British Transport Commission in respect of stock created and issued under section eighty-nine of the Transport Act, 1947, and the treatment of that stock as if it had been created and issued under the National Loans Act, 1939;

    (2) the payment out of the Consolidated Fund of any sums which may be required by the Treasury for making payments to the British Transport Commission under any transitional adjustment of interest or dividends in consequence of any provision of the new Act transferring to the Treasury the investments comprised in the redemption fund established by the Commission in respect of the said stock.

    E. The borrowing in any manner authorised under the National Loans Act, 1939, and the payment into the Exchequer of any money needed for providing or replacing any sum required by the Minister for the purpose of making loans to any of the said Boards or the said Company.

    F. The payment into the Exchequer and the re-issue out of the Consolidated Fund of any sums required to be so paid or re-issued by virtue of any provision of the new Act.

    Resolution agreed to.