§ 47. Mr. Emrys Hughesasked the Prime Minister if, to relieve the burden on nationalised industries, he will now introduce legislation to reduce the rate of interest payable on stock issued by way of compensation to the previous shareholders.
§ The Prime MinisterNo, Sir.
§ Mr. HughesIs the Prime Minister aware that his answer will cause extreme disappointment to those who thought that his speech on the nationalisation of the railways and the compensation for shareholders was the best speech he has delivered for 41 years?
§ The Prime MinisterForty-one years is a long time and I have not had time to look over a long series of speeches. I am not at all sure there are not some others I would rather pick. There is a Motion on the Paper on this subject, and I should be quite ready to deal with that Motion if it is successful in the Ballot.
§ [That this House notes with approval the Prime Minister's statement that he was a very old supporter of the nationalisation of railways, welcomes his disapproval of the large sum paid in compensation to the shareholders and urges him to follow this up by appointing a committee of inquiry to ascertain what measures can be taken for reducing the compensation which is a heavy burden on the railways and other nationalised industries.]