| Description | HM Treasury (HMT) seek Bank's advice on repayment to railways of excess local rates of £9.75m paid over previous five years, arising from retrospective downward revision of railway companies valuations over the past period; suggestion of loan repayment over 15 years, resulting in offer for sale of £9.3m Railway Freight Rebates Fund Redeemable 2½ % Stock 1937-52 by Glyn Mills and Baring Brothers, of which £4m taken up by four main railway companies. |