§ Order of the Day for the Second Reading read.
§ LORD HYLTONMy Lords, the purpose of this Bill is to enable the Government to subscribe an amount of £2,050,000 for further shares in the Anglo-Persian Oil Company. The purchase of the shares will be made eventually from the dividends paid to the Government by the Company, but as it will be some time before they are paid it is necessary to take powers to provide the capital sum required. This, as a matter of fact, has been an extremely good investment for the Government. The dividends received were, I think, £68,000 for 1917–18 and over £156,000 for 1918–19. The present rate paid on the ordinary shares is 10 per cent. free of Income Tax, and the preference shares receive their full dividend. It is probable it will turn out more lucrative in the future. I could give your Lordships further particulars as to the great advantage in carrying out this measure but in view of the lateness of the hour, and the state of the House, I will simply move the Second Reading.
§ Moved, That the Bill be now read 2a.— (Lord Hylton.)
§ On Question, Bill read 2a, Committee negatived. Then (Standing Order No. XXXIX having been suspended), Bill read 3a and passed.