§ 12. Major HUNTasked the President of the Board of Trade whether, in the cases where the profits of British companies are or have been derived from the sale of products of Germany during the War, he can say. what action the Government proposes to take against British companies who have made profits in this way since the outbreak of war; and what action the Government proposes to take to prevent British companies trading with the enemy in the future till the end of the War?
Mr. HARCOURTIf the hon. and gallant Member can furnish me with any facts tending to show that any British company is trading with the enemy or has so traded during the War, I will have the matter investigated at once.
§ 13, 14, 15, and 16. Major HUNTasked (1) whether, under the Trading With the Enemy (Amendment) Act, 1914, all profits of the British Petroleum Company, Limited, the Petroleum Steamship Company, Limited, and the Home Light Oil Company, Limited, earned and paid to the Public Trustee during the War are to be preserved for the benefit of the German shareholders in those companies, or Germany, until the conclusion of peace; (2). whether the reasons for permitting the businesses of the British Petroleum Company, Limited, the Petroleum Steamship Company, Limited, and the Homelight Oil Company, Limited, to continue and to earn profits of upwards of £300,000 a year during the War are to enable the Government to protect the Russian, French, and Belgian claims, or in what way these claims will be given preference over the Germans; (3) if he will explain whether the Board of Trade permits the British 1301 Petroleum Company, Limited, the Petroleum Steamship Company, Limited, and the Homelight Oil Company, Limited, to continue their businesses for the benefit of the British public or the Allies of this country, or whether the businesses are allowed to continue whereby profits may be earned to be paid to the Public Trustee to preserve until peace is declared for the benefit of German shareholders or for Germany; and (4) whether the present directors of the British Petroleum Company, Limited, with the exception of Messrs. Kean and Colt, are the representatives of the Russian, French, and Belgian undertakings, who claim that almost half the beneficial interest in the shares of the British Petroleum Company, Limited, the Petroleum Steamship Company, Limited, and the Homelight Oil Company, Limited, belongs to them; and if he proposes to take any action in the matter?
Mr. HARCOURTSection 5 of the Trading With the Enemy (Amendment) Act, 1914, provides that, except so far as the Board of Trade or the High Court may otherwise direct, the Public Trustee shall, after the termination of the present War, deal with money paid to him under the Trading With the Enemy Acts in such manner as His Majesty may by Order in Council direct. It must not be assumed that the German shareholders will necessarily derive any benefit. The reason for allowing the businesses of the British Petroleum Company, Limited, the Petroleum Steamship Company, Limited, and the Homelight Oil Company, Limited, to continue is the desirability that the organisation established for the supply and distribution of petroleum products should be available for the benefit of this country. As I informed the hon. and gallant Member on the 18th July, the Advisory Committee have considered these cases and reported that for special reasons it is inexpedient to wind up the businesses. With regard to the directorate of the company, I would refer the hon. Member to my answer to the question asked by him on the 18th July.