andMr. H.P. Dockrell asked the Minister for Industry and Commerce whether, in view of the fact that he promised last July to introduce proposals for legislation to enable him to compensate Great Northern Railway stockholders immediately after the summer recess and that he has not found it possible now to do so until next year, he will consider paying interest to these stockholders in the meantime.
Ceisteanna—Questions. Oral Answers. - G.N.R. Stockholders.
As I indicated in reply to a previous question on 24th July last, there are no restrictions on stock exchange dealings in Great Northern Railway stocks and any stockholder who may wish to dispose of his holding is at liberty to do so.
I may add that before the decision to acquire the Great Northern Railway was taken the financial position of the undertaking was already such that it was not possible to make any provision for the payment of dividends on guaranteed, preference and ordinary stocks. It is not proposed to provide money from State funds to pay interest on these stocks.
The Minister promised last July to bring in legislation immediately after the summer recess to enable him to compensate Great Northern Railway stockholders. The Ministers have postponed it and it cannot be done until some time next year. Does the Minister think that, in these circumstances and in view of the precedent which has been established in regard to the Lough Foyle fisheries, interest should be paid to these people? A number of them have gone into debt with the bank — acting on the Minister's guarantee that he would introduce legislation in this connection — to participate in the recent national loan.
I can hold out no prospect whatever of interest being paid.