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British Transport Stock

Volume 446: debated on Tuesday 27 January 1948

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56.

asked the Chancellor of the Exchequer what measures were taken by public authority to support the price of railway stock at the time of the recent issue of Transport Stock.

I will refer the hon. Member to the reply I gave to the hon. Member for Sutton Coldfield (Sir J. Mellor) on 20th January.

Will the Chancellor of the Exchequer, in the hope of gaining a reputation for fair treatment of railway stockholders, support the market in the Transport Stock?

What the Bank of England or other bodies will do, I cannot say. There is no reason why, in view of the fall which has taken place as a result of the devaluation of the franc, this or any other stock should be supported by the Government.

Will the right hon. Gentleman bear in mind that the holders of this stock have never been able to sell it at par, and that it has been at a discount ever since it was issued, which is unfair to railway stockholders.?

I was very glad to see that nearly the whole of the financial Press said that this was a very fair deal.