§ MR. REESI beg to ask the President of the Board of Trade whether, in view of the fact that interference with combinations or other mutual arrangements for working traffic, enforcing rates, withdrawing rebates, pooling receipts, abolishing inter-competition and establishing community of interest, which have been entered into since 1905 by various railway companies in Great Britain, will compel the companies concerned to compete at a loss, or to pay merely nominal returns upon their invested capital, he will state under what statute he possesses authority to disapprove or disallow such combinations or mutual arrangements.
§ THE PRESIDENT OF THE BOARD OF TRADE (Mr. CHURCHILL,) DundeePrior to 1873 working agreements entered into by railway companies under the authority of special Acts, either incorporating Part III. of the Railway Clauses Act, 1863, or containing similar provisions, required the approval of the Board of Trade, but in that year the Railway Commissioners, now the Railway and Canal Commissioners, were established, and the powers of the Board with respect to such agreements were transferred to them. Under Section 17 of the Railway Regulation Act of 1841 the Board of Trade may apply to the Courts for an injunction if they are of opinion that a railway company is acting ultra vires, and that it would be for the public advantage that they should be restrained from so acting.
§ MR. REESIs the right hon. Gentleman aware that over half the railway stock in this country is held in parcels of £500 and upwards, and that the return on it averages 3¼ per cent.
§ * MR. SPEAKERThe right hon. Gentleman cannot be expected to know everything. Notice must be given.