Mr. McKie:

asked the Chancellor of the Exchequer whether, in view of the fact that a large number of holders of railway stocks have, of necessity, to hold their securities until they are entitled to the forthcoming dividends, and that they may not be able to continue to hold the new transport stock owing to reduced income on reduced capital, he will take steps to secure that these investors will receive the cash value for their securities as indicated by the take-over price.

I must ask the hon. Member to study the arrangements for exchange of securities, details of which will be published on 9th December.