§ MR. MARKHAM (Nottinghamshire, Mansfield)I beg to ask Mr. Chancellor of the Exchequer whether, by registering the Imperial Supply and Cold Storage Company in Pretoria, the promoters have been able to evade the registration fees and capital duty payable in this country; whether he is aware that the registration duty for limited companies under Transvaal laws is £30; and if he will state the total duty payable if this company had been registered in London.
§ THE CHANCELLOR OF THE EXCHEQUER (Sir M. HICKS BEACH) Bristol, W.The promoters of the company were under no statutory obligation to register it under the Companies Acts of this country; and if they did not do so, of course no registration fees or capital duty were payable. The duty payable, if the company had been registered in the United Kingdom, would have been 5s. for every £100 of the nominal capital, with the addition of fees to a possible maximum of about £50. We heard from Lord Milner more than a month ago that a new law on the subject of the duties on registration and on the nominal capital of companies in the Transvaal was in course of preparation—and his attention was called to the advisability of making these duties not less than those paid here.
§ MR. MARKHAMI beg to ask the Secretary of State for War whether the War Office granted the provisional agreement for the South African meat contract to Messrs. Meyer. Weil & Joel to enable these gentlemen to register a limited company in Pretoria: and whether he was aware at the time that by granting this provisional agreement the Exchequer would lose the registration fees and capital duty on the formation of such company.
§ MR. BRODRICKThe provisional agreement for the South African meat contract was entered into With these gentlemen, subject to their forming a company to carry out the contract. As the business of the company was to be carried on in South Africa, it seemed reasonable that it should be registered there. I have nothing to do with the registration fees of companies, either here or in South Africa.