HC Deb 08 May 1912 vol 38 cc385-6
Sir GEORGE YOUNGER

asked whether, in view of the fact that as a result of the recent strike of coal miners the revenues of railway companies may be so affected as to make it impossible for them to pay any dividend on their ordinary stock during the current year, or cause any dividend to be less than three per cent., the Government will take such steps as may be necessary to insure that any such failure of or shortage in the dividend on the ordinary stock of any railway company during the current year shall not have the effect of removing the debenture, guaranteed, preference, or lien stocks of such company from the list of investments authorised by law for the investment of trust funds?

Mr. LLOYD GEORGE

The Government are unable to state what course of action they might consider desirable in circumstances which have not yet arisen.

Sir G. YOUNGER

Is the right hon. Gentleman aware of the very serious nature of this particular matter, and has he himself considered whether steps ought to be taken should the event I have mentioned arise, and further, has he formed any opinion as to what should be done should the contingency arise?

Mr. LLOYD GEORGE

The hon. Baronet knows very well that the question cannot arise until the end of the year when we get the returns. It is rather premature now to consider it. It is one of the questions that arise out of the coal strike undoubtedly, but we should wait and see whether trade will not recover in the remaining months of the year.