§ 25. Sir E. CORNWALLasked the Chancellor of the Exchequer whether the Treasury, in paying the sum of £1,001,000 to the Anglo-Persian Oil Company, satisfies itself that the money is used only for the specific purposes sanctioned by Parliament; and, if so, what method it adopts in obtaining the necessary information?
§ The CHANCELLOR of the EXCHEQUER (Mr. McKenna)The agreement with the company (Clause 3) provides for payment by the Treasury as to one-fourth on application for the shares and as to the remainder as and when required by the company subject to one month's notice. Two ex-officio directors are appointed by the Treasury who watch the interests of His Majesty's Government under the agreement.
§ 37. Sir E. CORNWALLasked the First Lord of the Admiralty how the sum of £1,001,000 paid by the British Government to the Anglo-Persian Oil Company has been spent; and whether the policy indicated in the statement made by the then First Lord of the Admiralty on 7th July, 1914, has in any way been departed from?
§ The PARLIAMENTARY SECRETARY to the ADMIRALTY (Dr. Macnamara)The Government is assured, through its representatives on the board of directors, that the money is being properly expended on the development of the company. It is not desirable, either in the public interest or in that of the company as a commercial concern, to give details of the expenditure at the present stage. The heads of expenditure were given by the First Lord on 15th June, 1914. From these there has been no departure.