Dáil Éireann - Volume 134 - 22 October, 1952

Written Answers. - Great Northern Railway Company (Ireland).

General Mulcahy asked the Minister for Industry and Commerce if he will [194] state (1) the names, addresses and qualifications of the persons constituting or directing the body known as Great Northern Railway Company (Ireland), and the persons or bodies by whom they were appointed; (2) the statutory or other authority under which the body is constituted; (3) the powers and duties of that body; (4) (a) the body's nominal capital, (b) the subscribed capital, and (c) the ownership of the subscribed capital, including particularly the amount of capital subscribed by the State; (5) the amount of money paid by the State to that body other than in the form of capital and the amount of such money due as a repayable debt to the State; and (6) the amount of money borrowed by the body in respect of which he has given a guarantee regarding the repayment of principal and/or interest.

Mr. Lemass: The following is the information sought by the Deputy in so far as it is available in my Department:—

1. The names and addresses of the Directors of the Great Northern Railway Company (Ireland) are as follows:—

The Rt. Hon. Lord Glenavy, chairman, Rathfarnham, County Dublin; Mr. John B. Stephens, deputy chairman, Glenageary, County Dublin; Major C.A.M. Alexander, Pomeroy, County Tyrone; Mr. Raymond A. Burke, Dublin; Mr. James M. Carroll, Drogheda, County Louth; Mr. Patrick Herdman, Sion Mills, County Tyrone; Senator Kennedy Stewart, Carnalea, County Down; Mr. Stanley Stokes, F.C.A., Dublin; Mr. T. Frederick Storey, C.B.E., Cultra, County Down.

The qualification for a director is that he shall be in possession, in his own right, of ordinary stock of the company of the nominal value of not less than £2,000. The directors are elected by the common stockholders of the company.

2. The company was constituted in 1876 through the amalgamation of four companies pursuant to powers contained in the special Acts relating to the companies, and the present company was incorporated under the Great Northern Railway (Ireland) Act, 1877. The company was extended [195] subsequently and there were a number of special Acts to provide for the extensions.

3. The powers and duties of the directors of the company are set out in Article 90 of the Companies Clauses (Consolidation) Act, 1845, which is incorporated in the Act of 1877. Additional powers and duties may be provided in the special Acts under which the constituent parts of the Great Northern Railway were originally established, but these Acts are not available in my Department.

4. (a) The nominal capital of the company is £9,738,753; (b) the subscribed capital comprises stock to the nominal value of £6,919,139 and debenture stock of nominal value, £2,324,881; (c) details of the ownership of the subscribed capital are not available to me. I understand that none of the [196] capital of the company was subscribed by the State.

5. The amount of money paid to the company by the State, other than in the form of capital, in the year ended 31st March, 1952, was £118,000. A payment on account of £126,209 has been made in the current financial year. None of this money is repayable unless it may be proved when final accounts are available that the grant paid has been in excess of the State's share of the company's loss.

6. The guarantee of the Minister for Finance is limited to a maximum of £200,000. The total debit balances in the bank against the guaranteed accounts as at 10th October, 1952, was £64,709.

The Dáil adjourned at 11 p.m. until 3 p.m. on Thursday, 23rd October, 1952.