§ The Minister of Transport (Mr. Barnes)Among the inland transport services to be acquired and brought under national ownership are all the activities conducted by the railway companies, the canal companies or boards, and the London Passenger Transport Board, whose undertakings have been and remain subject to control under Defence Regulation 69. The Bill shortly to be presented to Parliament will propose that the compensation payable for these undertakings shall be based on the average of the mean daily quotations of their securities in the London Stock Exchange Official Daily List for 1st, 4th, 5th, 6th, 7th and 8th November, 1946; if, however, in the case of any such securities the pre-election prices—by which I mean the average of the midmonthly mean quotations for February to 519 July, 1945—were higher, then the pre-election prices shall be taken. I am circulating in the OFFICIAL REPORT a statement of the values calculated on this basis, which will appear in the Bill. In the case of railway and canal securities which were not quoted on the six days in November, 1946, the compensation will be settled by arbitration if need be, having regard to comparable securities for which a price will be fixed in the Bill.
For each £100 (nominal) of railway and canal stock of each description the holder will receive such an amount of stock guaranteed by the Government as is in the opinion of the Treasury equal in value at the date of issue to the amount I have mentioned, regard being had to the market value of Government securities at the date of issue. I am making this statement in advance of the introduction of the Bill in order to put an end to uncertainty in regard to this matter.
§ Mr. Oliver StanleyWill the stock to be issued by the Government be freely negotiable, or will it be restricted, as in the case of the coal mines?
§ Mr. BarnesIt will be freely negotiable.
§ Mr. KeelingWould the Minister say why the terms to be given to railway stock holders are so much less favourable than those given to the shareholders of the Bank of England, who were given the same income that they had enjoyed?
§ Mr. BarnesI suggest that on matters of this kind hon. Members should wait
| Name. | Description of Security | Value of Security (per £100 nominal). | ||
| £ | s. | d. | ||
| The Southern Railway Company. | 4% Debenture stock | 128 | 3 | 9 |
| 5% Debenture stock | 139 | 10 | 0 | |
| 4% Redeemable debenture stock (1962–67) | 113 | 10 | 0 | |
| 4% Redeemable debenture stock (1970–80) | 115 | 3 | 9 | |
| 5% Guaranteed preference stock | 137 | 0 | 0 | |
| 5% Redeemable guaranteed preference stock (1957). | 115 | 7 | 6 | |
| 5% Preference stock | 124 | 8 | 9 | |
| 5% Redeemable preference stock (1964) | 115 | 7 | 6 | |
| Preferred ordinary stock | 77 | 12 | 6 | |
| Deferred ordinary stock | 24 | 0 | 0 | |
| The Great Western Railway Company | 2½% Debenture stock | 95 | 10 | 0 |
| 4% Debenture stock | 128 | 3 | 9 | |
| 4¼% Debenture stock | 128 | 13 | 9 | |
| 4½% Debenture stock | 130 | 7 | 6 | |
| 5% Debenture stock | 142 | 7 | 6 | |
| 5% Rent charge stock | 139 | 13 | 9 | |
| 5% Consolidated guaranteed stock | 137 | 0 | 0 | |
| 5% Consolidated preference stock | 125 | 3 | 9 | |
| 5% Redeemable preference stock (1950) | 106 | 10 | 0 | |
| Consolidated ordinary stock | 59 | 1 | 3 |
§ until they see the list of securities which is to be circulated. As I have said, this statement is to remove uncertainty, and not to initiate a Debate.
§ Mr. StephenSince the Minister is giving such good value to the railway companies, could he arrange for the London and North Eastern Railway Company to increase the maximum speed of its suburban trains from 10 miles an hour to 15 miles an hour?
§ Mr. BossomCould the Minister state if the docks that are connected with railways, which are not listed, will also he included by the Government?
§ Mr. BarnesIf the hon. Member reads the statement he will see that all activities conducted by the railway companies are covered by this statement.
§ Mr. PiratinWere not the Stock Exchange values of the railway companies in 1945 rather artificial, due to the fact that they were definitely controlled by the Government?
§ Mr. BarnesI suggest that the hon. Member waits and examines the figures before he jumps to conclusions.
§ Mr. GallacherThey are getting too much.
§ Mr. ErrollWhat rate of interest will be paid on the new Government stock to be issued?
§ Mr. BarnesAs I have indicated, we will have to await the date of issue before determining that.
§ Following is the statement:
521| Name. | Description of Security. | Value of Security (per £100 nominal). | ||
| £ | s. | d. | ||
| The London Midland and Scottish Railway Company. | 4% Debenture stock | 118 | 13 | 9 |
| 5% Redeemable debenture stock (1952) | 108 | 17 | 6 | |
| 4% Guaranteed stock | 107 | 18 | 9 | |
| 4% Preference stock | 85 | 8 | 9 | |
| 5% Redeemable preference stock (1955) | 105 | 10 | 0 | |
| 4% Preference stock (1923) | 62 | 15 | 0 | |
| Ordinary stock | 29 | 10 | 0 | |
| The London and North Eastern Railway Company. | 3% Debenture stock | 103 | 5 | 0 |
| 4% Debenture stock | 118 | 7 | 6 | |
| 4½% Sinking fund debenture stock | 107 | 10 | 0 | |
| 4% First guaranteed stock | 106 | 17 | 6 | |
| 4% Second guaranteed stock | 100 | 15 | 0 | |
| 4% First preference stock | 58 | 5 | 0 | |
| 5% Redeemable preference stock (1955) | 103 | 13 | 9 | |
| 4% Second preference stock | 29 | 5 | 0 | |
| 5% Preferred ordinary stock | 7 | 6 | 3 | |
| Deferred ordinary stock | 3 | 12 | 6 | |
| The London Passenger Transport Board. | London Transport 4½% A stock (1985-2023) | 133 | 3 | 9 |
| London Transport 5% A stock (1985-2023) | 142 | 3 | 9 | |
| London Transport 3% guaranteed stock (1967-1972). | 107 | 17 | 6 | |
| London Transport 5% B stock (1965-2023) | 128 | 3 | 9 | |
| London Transport C stock (1956 or thereafter) | 67 | 3 | 9 | |
| The Great Central and Midland Joint Committee (Lessors). | Great Central and Midland 3½% guaranteed stock. | 101 | 10 | 0 |
| The Great Western and Great Central Railways Joint Committee (Lessors). | Great Western and Great Central 3½% guaranteed stock. | 102 | 10 | 0 |
| The Midland and Great Northern Railways Joint Committee. | 3% Midland and Great Northern Joint Line rent charge stock. | 88 | 0 | 0 |
| The Whitechapel and Bow Railway Company. | 4% Debenture stock | 112 | 10 | 0 |
| The Birkenhead Railway Company. | 4½% Perpetual preference stock | 124 | 10 | 0 |
| 4% Consolidated stock | 112 | 3 | 9 | |
| The Shrewsbury and Hereford Railway Company. | 6% Rent charge stock | 159 | 10 | 0 |
| The West Cornwall Railway Company. | 4½% Great Western, Bristol and Exeter and South Devon Joint rent charge stock. | 115 | 10 | 0 |
| The Forth Bridge Railway Company. | 4% Debenture stock | 109 | 0 | 0 |
| 4% Guaranteed stock | 104 | 17 | 6 | |
| The Mersey Railway Company | 4% New first perpetual debenture stock | 116 | 15 | 0 |
| 4% Perpetual debenture stock (Act 1866) | 116 | 12 | 6 | |
| 3% Perpetual debenture stock (Act 1871) | 97 | 0 | 0 | |
| 3% Perpetual debenture stock (Acts 1882-3-5) | 97 | 0 | 0 | |
| 3% Perpetual B debenture stock | 97 | 0 | 0 | |
| 3% Perpetual preference stock | 76 | 0 | 0 | |
| Consolidated ordinary stock | 36 | 7 | 6 | |
| The Sheffield and South Yorkshire Navigation Company. | 4½% Preference stock | 22 | 0 | 0 |
| The Company of Proprietors of the Birmingham Canal Navigations. | Consolidated stock. | 103 | 15 | 0 |
| The Grand Union Canal Company. | 3% Perpetual debenture stock | 87 | 10 | 0 |
| 5½% Perpetual debenture stock | 111 | 17 | 6 | |
| 4% Grand Union Canal development loan No. 1 debenture stock (redeemable 1953). | 102 | 10 | 0 | |
| Capital (ordinary) stock | 21 | 5 | 0 | |
| The Leeds and Liverpool Canal Company. | 3½% Debenture stock | 79 | 10 | 0 |
| Consolidated ordinary stock | 13 | 8 | 9 | |
| The Lee Conservancy Board | 4% Debenture stock | 117 | 10 | 0 |
| The Sharpness Docks and Gloucester and Birmingham Navigation Company. | 4% Debenture stock | 96 | 10 | 0 |
| NOTE:—Nothing in the statement affects securities redeemed before 1st January, 1948. | ||||
| Although parts of the undertakings of the Manchester Ship Canal Company and the Fishguard and Rosslare Railways and Harbours Company are subject to control, those undertakings are not within the scope of the proposals to which this statement relates and, consequently, the securities of those Companies are not included in the statement. |