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Railways (Revenue)

Volume 387: debated on Thursday 25 March 1943

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asked the Parliamentary Secretary to the Ministry of War Transport (1) the total net revenue earned by the railway companies for the year ended 31st December, 1942; the amount of profit which will fall to the Exchequer; and whether the amount will be used towards the cost of the development of electrification of the railways and development generally after the war;(2) the total amount of preference stock of the railway companies that has not received its full rate of interest during the financial year ended 31st December, 1942; and the amount of shareholders' capital which has received no return on the investment?

For the year 1942 the following stocks received less than the full rate of interest:£66,142,180 London and North Eastern Railway 4 per cent. Second Preference, on which a dividend at the rate of 2⅝ per cent. was paid, and £25,698,802 London Transport "C" stock on which interest at 3 per cent. was paid.No dividend was paid on £42,360,925 London and North Eastern Railway 5 per cent. Preferred Ordinary Stock or on £35,923,810 Deferred Ordinary Stock of the same company. A White Paper will shortly be issued showing the estimated pooled revenue receipts and expenses and the resultant net revenue of the controlled railway undertakings for the year 1942. The net revenue will accrue to the Exchequer and no question of its appropriation arises.