§ 72. Major HUNTasked the President of the Board of Trade whether, in view of the fact that there are no British share holders in either the British Petroleum Company, the Petroleum Steamship Company, or the Home Light Oil Company, and that the shares of all these companies stand in the name of the Europaische Petroleum Union, controlled by the Deutsche Bank, Berlin, he can say why these companies have not been wound up?
Mr. HARCOURTFollowing the advice of the Board of Trade Advisory Committee the companies referred to have not been wound up, because it is desirable that after the enemy interest has been eliminated the extensive organisation established for the supply and distribution of petroleum products should be available for the benefit of this country. The best method of dealing with the enemy interest is at present under consideration, and in the meantime the businesses are being carried on under supervision. I may add that although the Europaische Petroleum Union is the registered holder of substantially all the shares of these companies, Russian, French, and Belgian undertakings claim that the beneficial interest in almost half those shares is vested in them.
§ Major HUNTCan the right hon. Gentleman say why when it is necessary to continue a business the Government should allow the business to be conducted for the benefit of Germany after the War?
Mr. HARCOURTIf the hon. Member will study the answer I have given him, and of which I have sent him a copy, I think he will see that that is not the case.
§ 73. Major HUNTasked who are the directors and who are the managers of the British Petroleum Company, the Petroleum Steamship Company, and the Home Light Oil Company, respectively; and when and by whom were such directors and managers appointed, whether by German shareholders before the out break of war or by the Board of Trade since the commencement of hostilities?
Mr. HARCOURTThe directors of the British Petroleum Company, Limited, are Mr. Kean, a British subject; Mr. Olsen, a Norwegian subject; Mr. Braun, a French subject; Mr. Nobel, a Russian subject; Mr. Waterkeyn, a Belgian subject; and Mr. Colt, a British subject. The first two were directors at the outbreak of war and were appointed in 1906 by the subscribers to the memorandum of association. The remaining four were appointed by the board of directors, Mr. Braun in 1908 and the other three since the War. Mr. Kean is the manager. The directors of the Petroleum Steamship Company, Limited, are the same as those of the British Petroleum Company, Limited, with the substitution of Mr. Hagelin, of Petrograd, for Mr. Nobel. Mr. Olsen was appointed by the articles of association, and the others by the board of directors. The managers are Messrs. Lane and Macandrew. The directors of the Homelight Oil Company, Limited, are Mr. Olsen, Mr. Kean and Mr. Mosditchian, who is an Armenian. They were all directors at the outbreak of war.
§ 74. Major HUNTasked what profits have been earned by the British Petroleum Company, the Petroleum Steamship Company, and the Home Light Oil Company for the benefit of the German shareholders since the outbreak of war; and whether such profits or any of them have been paid to the Public Trustee to hold for the German shareholders until after the War?
Mr. HARCOURTDividends amounting to £69,203 8s. and £36,258 4s. were paid to the Public Trustee by the British Petroleum Company, Limited, and the Petroleum Steamship Company, Limited, respectively, for the year 1914. The accounts of the Homelight Oil Company, Limited, did not admit of the declaration of a dividend. The accounts of these companies for the year 1915 will be considered shortly. The ultimate destination of this money will be determined in accordance with the provisions of the Trading With the Enemy Acts.