Major BARNESasked the Minister of Transport, whether, in view of the fact that he may become liable for reduction in the capital value of railways of which he has taken possession, he has taken the precaution of agreeing, the capital value of such railways before taking possession?
§ Mr. A. NEALPossession of the controlled railways is retained under the Ministry of Transport Act, and Section 8 of that Act provides that any reduction or enhancement in the value of an undertaking due to the exercise of the powers conferred by Section 3 of the Act is to be assessed on a revenue earning basis. The question of a capital valuation does not arise. If, however, the hon. and gallant Member has grounds for fearing, as his question suggests, that the nation may become otherwise liable, I shall be most grateful for any assistance he can give if he will kindly explain his point to me verbally.