§ 43. Mr. JOYNSON-HICKSasked the President of the Board of Trade if the inspector, appointed by him, of Augener, Limited, has made inquiries as to the transfer of 20,000 shares by Mr. Wilhelm Strecker during the War; and whether such transfer was for cash on sale or merely a colourable removal of the shares from the name of the said Strecker?
Mr. RUNCIMANThe Board of Trade are informed by the transferees of the 20,000 shares of Augener, Limited, previously held by Mr. Wilhelm Strecker, that no cash was paid at the time of the transfer, but that promissory notes payable six months after the end of the War were given as security for the purchase money. The present holders of the shares state that the transaction was a genuine purchase, that they hold the shares in their own right and not as nominee for any other person, and that no one has any right to call upon them to retransfer the shares.
§ Mr. JOYNSON-HICKSDoes the right hon. Gentleman himself think that on the very facts he has put before us this is not a colourable transaction?
Mr. RUNCIMANIn this matter I must act under advice, and I am advised that it is not a colourable transaction.