HC Deb 01 November 1949 vol 469 cc36-7W
Mr. Prescott

asked the Minister of Transport what, up to the most recent convenient date, is the total sum paid by way of compensation to A and B licence holders; what sum still remains outstanding; and by what date it is hoped to complete payment.

Mr. Barnes

The British Transport Commission have informed me that the position at 1st October, 1949, was that the provisional ascertainments made of compensation payable to A and B licence holders amounted to £8,115,000. There were also, at that date, some road haulage undertakings which had been acquired, for which it had been impossible to make provisional ascertainments.

In making payment of the £8,115,000, one-tenth has been or will be retained pending final ascertainment of the total net amount payable in each case. This leaves a net total of £7,303,500, of which £4,790,000 had been paid up to 1st October inclusive. It is expected that a further payment of about £1 million will be made on the next date for the monthly issue of Transport Stock, which will be in the near future. The balance of £1½ million will be paid as soon as all the legal and other formalities connected with the transfer of assets have been completed. In the meantime, since the Commission have no power to make cash advances except an amount of £2,000 to each transferor with a probable claim of £20,000 or less, they have made special arrangements for bank loans on favourable terms to be available in approved cases to those transferors in immediate need of funds.

It will not be possible to give an estimate of the total amount of compensation which will become payable in respect of the whole operation of acquiring long-distance road haulage undertakings until the extent of the assets yet to be taken over has been agreed or determined. The date by which the completion of all payments may be expected will depend largely on factors outside the control of the Commission, such as the speed with which the necessary information is furnished by transferors and the number of the cases to be dealt with by the Transport Arbitration Tribunal.