1925-26). 1925-26. SUPPLEMENTARY ESTIMATE. ESTIMATE of a further SUM required to be voted for the SERVICE of the Year ending 31st March, 1926. Ten Million One Hundred Thousand Pounds. (Presented by His Majesty's Command.) Ordered, by The House of Commons, to be Printed, LONDON: PRINTED & PUBLISHED BY HIS MAJESTY'S STATIONERY OFFICE. To be purchased directly from H.M. STATIONERY OFFICE at the following addresses: Adastral House, Kingsway, London, W.C.2; 28, Abingdon Street, London, S.W.1; York Street, Manchester; 1, St. Andrew's Crescent, Cardiff; or 120, George Street, Edinburgh; or through any Bookseller. 1925 Price 2d. net. CLASS VI. 13A BRITISH EMPIRE EXHIBITION GUARANTEE. I. ESTIMATE of the Amount required in the Year ending 31 March 1926 for defraying the liability under the GOVERNMENT GUARANTEE in respect of any loss which may result from the holding of the BRITISH EMPIRE EXHIBITION (10 & 11 Geo. V. c. 74, 12 & 13 Geo. V. c. 25 and 15 & 16 Geo. V. c. 26). One Million One Hundred Thousand Pounds. II. HEAD under which this Vote will be accounted for by the DEPARTMENT OF OVERSEAS TRADE. 1925-26. BRITISH EMPIRE EXHIBITION GUARANTEE £ 1,100,000 Provision for meeting the liability of His Majesty's Government in respect of its guarantee of part of the loss resulting from the holding of the British Empire Exhibition under the British Empire Exhibition (Guarantee) Acts, 1920-25. According to the Interim Certificate of the Auditors of the Exhibition, dated 4th December, 1925, the minimum deficiency incurred from the inception of the Exhibition to the 31st October, 1925, is £1,581,905. This deficiency may be analysed as follows: £ £ Deficiency on the 1924 Exhibition up to the 5th 188,403 Under the terms of the undertaking given by the Guarantors to the Exhibition Authorities, each of the Guarantors, including His Majesty's Government, is required on the issue of the Interim Certificate to meet a call of 75% of the sum guaranteed to meet the above deficiency. The liquidation is not sufficiently far advanced to enable an estimate to be made of what further deficiency will have to be met. The amount of the deficiency will, however, be increased if the assets fail to realise the sum which they are estimated to produce; if claims are established in the liquidation which either are at present subject to dispute or are not yet notified; and by current bank interest on loans. Provision is accordingly made for the full amount of the Government guarantee, so that His Majesty's Government may be in a position to meet not only the immediate call of 75%, but any further calls which may be made upon the Guarantors in accordance with the terms of the undertaking. Should the final call be made before the realisation of the assets is completed, any sum which may subsequently be payable to His Majesty's Government out of the proceeds of the realisation will be paid over to the Exchequer as an Extra Receipt. I. SUPPLEMENTARY ESTIMATE of the Amount required in the Year ending 31 March 1926 for a SUBVENTION IN AID OF WAGES IN THE COAL MINING INDUSTRY. Nine Million Pounds. II. HEAD under which this Vote will be accounted for by the MINES DEPARTMENT OF THE BOARD OF TRADE. Further provision is made for the payment of the temporary subvention in aid of wages in the Coal Mining Industry to be applied in the manner explained in White Paper Cmd. 2488 of the 4th of August, 1925. As stated in that White Paper, the cost of the subvention depends upon the course of trade and is therefore necessarily conjectural. On the basis of the amounts estimated to be payable in respect of the months of August, September, October, November and December, and of a revised forecast, in the light of such further data as are now available, of the amounts which will be required for the remainder of the financial year, it is anticipated that further provision to the amount of £9,000,000 (making £19,000,000 in all for the year) will be required. |