§ MR. BAYLEY (Derbyshire, Chesterfield)I beg to ask Mr. Chancellor of the Exchequer if his attention has been called to the purchase by the Imperial Government in 1899 of a dividend-paying concern (viz., the Royal Niger Company) for £865,000; what is the amount that the Chancellor of the Exchequer has received from the purchase of those shares up to the present time for the relief of Imperial taxation; and, if no amount has been received, what has become of the income from steamers, land, and mineral rights promised at the time of purchase by the Government.
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. AUSTEN CHAMBERLAIN,) Worcestershire, E.The considerations, for which the payment referred to by the hon. Member was made, are set out in the preamble of the Act 62 and 63 Vict., Cap. 43. They covered the transfer to the Imperial Government by the Royal Niger Company of the administrative powers possessed under its Charter, which was then revoked. No shares passed. The Imperial Government did not look to be recouped the £865,000, until such time as the Northern Nigeria Protectorate's revenue exceeded the administrative expense, and this is not yet the case. Such receipts as are derived from the mining and land rights, etc., taken over from the Royal Niger Company, forms part of the current revenue of the Protectorate, but the amount is not large at the present time.
§ MR. LOUGH (Islington, W.)Is there any objection to a Report being issued on the exact financial result of this transaction. The House has never heard anything of it before.
§ MR. AUSTEN CHAMBERLAINI should say the exact financial results are fairly obvious.