§ 32. Mr. SLATERasked the Minister of Transport if he is aware that approximately £1,000,000,000 has been lost by railway shareholders since 1914; and if he will take steps to reduce the present contributions of the railways to road and bridge maintenance through local rates or other statutory obligations?
§ Mr. PYBUSI am unable to identify the figure of £1,000,000,000 alleged by my hon. Friend to have been lost by railway shareholders since 1914, seeing that the total nominal capital of the railway companies of Great Britain at the 31st December, 1913, was only £1,273,000,000. As regards the latter part of the question, I will bear the hon. Member's suggestion in mind when reviewing the whole problem of rail and road transport.
§ Mr. SLATERIs not the hon. Gentleman aware that substantial premiums existed on many of the shares in 1914, and that they also, together with the revenue involved, have been lost? Furthermore, is he not aware that an equal amount, practically £1,000,000,000, has been spent on roads during that time, and that 750,000 railway shareholders have contributed through national and local taxation towards destroying the capital of the railways?
§ Mr. MACQUISTENIs it not a fact that motors pay £60,000,000 a year in taxation, which is more than the whole cost of the roads, and that the railways pay very little?