HC Deb 08 December 1943 vol 395 cc957-8
35. Sir John Mellor

asked the Parliamentary Secretary to the Ministry of War Transport whether the financial provisions of the Railway Control Agreement were intended by the Government to represent a fair settlement on commercial principles, or whether political considerations were involved; and whether he will place in the Library a copy of the correspondence leading up to the acceptance of the financial provisions by the railway companies?

Mr. Noel-Baker

In the opinion of His Majesty's Government the provisions of the Railway Control Agreement constitute a fair consideration for the control and use of the railway company undertakings during the national emergency. The negotiations which led up to the agreement were confidential, and I regret that it would be contrary to the public interest to publish either the correspondence or the records of the discussions which took place.

Sir J. Mellor

Are not the junior stockholders victims of a harsh and unconscionable transaction, and were not the directors, in accepting the agreement, actuated by a mistaken sense of public duty?

Mr. Noel-Baker

I could not accept the first proposition. As to the second, I hope and believe that they were actuated by a sense of public duty, and I think they were quite right.

Mr. G. Griffiths

Did not the directors think they had a good job on? If you gave the coalowners the same, they would snatch at it straight away.