asked the Minister for Industry and Commerce if he is now in a position to make an announcement regarding the future of the Great Northern Railway, and if he can give an assurance to the employees safeguarding their continuance in full employment, and also that the shareholders' moneys invested in the undertaking will be protected.
Ceisteanna—Questions. Oral Answers. - Future of Great Northern Railway.
Mr. Byrne
As discussions are still proceeding with the northern Minister of Commerce, I am not in a position to make any statement at present on the arrangements for the future of the Great Northern Railway.
As indicated in reply to questions in Dáil Éireann on the 25th October, 22nd November and 14th December, 1950, the Government are not unmindful of the need to safeguard the interests of the workers employed in the undertaking.
The purchase price of £3.9 millions for which the Governments propose to acquire the undertaking is based on the average stock exchange valuations of the different stocks for the three years 1948, 1949 and 1950 and is considered to be a reasonable figure.
Mr. Byrne
Is the Minister aware that the years he selected are the three years of greatest depression on that railway? Can the Minister not take the three previous years or, indeed, any other three years except the three years which he has taken because the three years which he selected were the worst three years in the history of the railway?
I am aware that what the Government propose to give is the stock market value of the shares over a reasonable period.
Mr. Byrne
Of the worst three years ever.
To go back into history and pick out war years—when there was an abnormal volume of trade due to war conditions—would yield an entirely artificial price.
Mr. Byrne
Would the Minister not take any three years except the three depressed years—almost the worst three years ever known? Why work on that particular period instead of taking an average of any other period the Minister may wish to name himself?
The Minister is prepared to take the side of the taxpayers of this country, rather than that of shareholders elsewhere, on a fair and equitable basis.
Mr. Byrne
It is not equitable.