| Description | Creation of three small British Electricity Guaranteed Stocks prior to that of main compensation stock; British Electricity Authority (BEA) cautioned by HMT for raising short loans in City other than from banks; compensation valuation of Central Electricity 3½ % Stock 1963-93, BEA Resolution, 10 March 1949; dispute between BEA, HM Treasury (HMT) over short, long borrowing, BEA advised to borrow long and mainly from the banks, HMT, Bank sympathetic to occasional lapses occasioned by Regional Boards; electricity supply in Southern Scotland to be separated from main Authority under one Board; routine guarantees from HMT for temporary borrowing. |