HC Deb 21 March 1895 vol 31 cc1539-40
MR. ALBAN GIBBS (City of London)

I beg to ask the President of the Board of Trade whether he will give instructions that, so far as possible, the cash balance from time to time standing at the credit of particular companies being wound up by the officials of the Board of Trade, under the provisions of The Companies (Winding-up) Act, 1890, shall be invested by the Board of Trade under Section 17 of the Act, so that the income derived there from may go to the credit of the particular company, instead of being paid over to the Treasury under Section 16 of the Act, to be invested as part of a general fund the income of which goes to the Board of Trade towards payment of their expenses; and whether, seeing that the income derived by the Board of Trade from these investments during the year ended 31 March, 1894 was £13,926, and that the Board have made large profits every year since they undertook the liquidation of Companies, he will consider the feasibility of returning to the different companies some part at least of the income obtained by investing their funds?


I have no power to give the instructions asked for. It rests with the Committee of Inspection, in each case, to request the Board of Trade to invest funds for the benefit of the company. The Board of Trade are not making large profits from fees and investments under the Companies (Winding-up) Act. The income, which during the early years of the new Act showed a surplus, it is not now materially, if at all, in excess of the necessary expenditure.