F. Savings Bank Generating Station H. Savings Bank Book-binding Section I. TELEGRAPH CAPITAL AND ANNUAL CHARGE IN RESPECT THEREOF. (Since 1873 expenditure on Construction has been borne by annual Votes of Parliament.) 11,907 (2) With the unexpended balance of the Post Office Telegraphs Capital Account in August 1891 (3) With part of the proceeds of sale of a share in the Anglo-Dutch £ 7,588,757 1,079,043 1,347,152 525,486 407,735 10,948,173 1,020 80,529 10,867,644 Interest on the above sum at 2 per cent. for year to 5 January 1923, being the charge for the Year ended 31 March 1923 271,691 Surpluses remaining, after provision for the payment of the annual charge for Interest, as a Sinking Fund for the redemption of the Stock created on account of the Telegraph Service, and the sum of £67,602 Stock, as shown above, was cancelled. (See Parliamentary Papers, Nos. 69 and 386 of 1872.) Since the year 1871 there has been no surplus. The total net expenditure of Capital out of the money raised by the creation of the Stock referred to above was £10,129,687. No new stock has been created subsequent to 1879. (a) This money was raised in connection with the purchase of the Plant, &c., of the late National Telephone Company. £7,380,000 of the total payment was raised in Exchequer (Telephone) 3 per cent. Bonds redeemable at par on or before 1 January 1930, and £1,411,834 represents advance Subscriptions retained by the Company in part payment of the purchase price. (b) Including a sum of £188,526 received from the Hull Corporation in payment for the purchase of the late National Telephone Company's plant, &c., which was treated as an advance under the Act 3 & 4 Geo. V. c. 24, and also a sum of £890,000 being the depreciated value of Telephone Plant provided for " War" purposes out of Vote of Credit moneys or out of savings on the Post Office Vote and subsequently used for the development of the public service, which was treated as a set-off against an equivalent şum authorised under the same Act (T.L.'s 9658/14 and 39652/19). (c) The Capital raised up to 31 March 1922 includes sums required to finance telephone development in Ireland. The telephone plant in the Irish Free State area was, however, transferred to the control of the Irish Free State Government as at 1 April 1922. An annual payment (see statement below) is received from the Irish Free State in respect of its share of the loans and bonds not redeemed at 31 March 1922. B. STATEMENT OF ANNUAL CHARGE IN RESPECT OF TELEPHONE CAPITAL. II.-Telephone Capital-Cash-continued, D. SCHEDULE OF TERMINABLE ANNUITIES SET UP, OF LOANS RAISED AND REPAID, AND THE BALANCE OUTSTANDING. PERIOD ENDED 31 MARCH 1923. Terminable Annuities for Redemption of Loans. Amount of Principal In Year ended Balance of Principal outstanding on 31 March 1923. *Loans raised January-March 1923. Annuity not yet arranged. †The difference between this sum of 49,560,7231. and the sum of 59,431,0831. is explained in the footnotes to Statement II. A. page 5. m 21452 A 3 |