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Dáil Éireann - Volume 125 - 01 May, 1951 Ceisteanna—Questions. Oral Answers. - Future of Great Northern Railway. Mr. Byrne Mr. Byrne Mr. Byrne 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. Minister for Industry and Commerce (Dr. O'Higgins) Thomas Francis (Jnr.) O'Higgins Minister for Industry and Commerce (Dr. O'Higgins): 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 Mr. Byrne 1710 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 [1710] because the three years which he selected were the worst three years in the history of the railway? Dr. O'Higgins Dr. O'Higgins Dr. O'Higgins: I am aware that what the Government propose to give is the stock market value of the shares over a reasonable period. Mr. Byrne Mr. Byrne Mr. Byrne: Of the worst three years ever. Dr. O'Higgins Dr. O'Higgins Dr. O'Higgins: 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 Mr. Byrne 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? Dr. O'Higgins Dr. O'Higgins Dr. O'Higgins: 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 Mr. Byrne Mr. Byrne: It is not equitable. Dáil Éireann 125 Ceisteanna—Questions. Oral Answers. Future of Great Northern Railway. Questions 19510501
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