HC Deb 27 July 1896 vol 43 c689

I beg to ask the Secretary to the Treasury, whether he can state at what period the block of 6,100 shares held by the Board of Works as a lien on the Cavan and Leitrim Light Railway Company were sold at3/16 the premium, and when the block of 2,578 shares were sold at £2 15s. premium; and, what would have been the reduction in the an anal contribution from the cesspayers in the guaranteeing area in South Leitrim if all these shares had been sold at £2 15s. premium.


There was a misprint in the report on which my last answer on this subject was based, and the 5 3/16 should have been 5 13/16. The 6,100 shares which realised 5 13/16 were sold at various dates between 25th March 1891 and 30th September 1892. The 2,578 shares were transferred in the present year, 2,525 on the 29th April and 53 on the 14th May. The sales took place a few days before the transfers. If the 6,100 shares had been sold at 7¾, the reduction in the annual contribution of South Leitrim would have been approximately 2¼d. instead of 1¼d. per £ of valuation. In addition to the shares being held as security, the Board also had in respect of them all the powers of sale of an ordinary shareholder. The intention of the Treasury was to realise as soon as the 4 per cent. shares (West Clare) approached par and the 5 per cent. shares a fairly proportionate price. The price of 5 13/16 equals £116 per 100, which was about equal to par for 4 per cent. stock.