§ 70. Sir E. CORNWALLasked the President of the Board of Trade if he will say how much money has now been accumulated in the hands of the Public Trustee arising from the liquidation of German interests in this country, and whether he has any information as to the amount of money similarly held in Germany from the liquidation of British interests in that country?
§ Mr. PRETYMANThe money in the hands of the Public Trustee arising from the liquidation of German interests in this country amounts to £2,312,224. I have no information as to the amounts held in Germany from the liquidation of British interests in that country.
§ Mr. T. M. HEALYDoes that money include money in the hands of banks in the City of London?
§ Mr. PRETYMANIt is only money in the hands of the Public Trustee.
§ Mr. PRETYMANI do not intend to seize money. No money is seized. The money is placed in the hands of the Public Trustee to be dealt with, as may be decided, after the War.
§ Sir E. CARSONMay I ask if money belonging to German firms lying with the banks, firms which have been wound up, is taken over by the Public Trustee?
§ Mr. PRETYMANAll German property is vested in the Public Trustee. It is not lying in the banks. He may invest it in British Government securities or whatever investments he thinks right. He holds it.
§ Mr. J. M. HENDERSONBut the banks have control of it?
§ Mr. PRETYMANHe is the custodian of it.
§ 71. Major HUNTasked the President of the Board of Trade why the German firm of Bechstein has been allowed to continue? to do business in this country up to this month and make money for our enemies?
§ Mr. PRETYMANAs a receiver and manager was in possession of the business of C. Bechstein under an order of Court when the order to wind up the business was made, the controller appointed by the Board could take no steps to deal with the business until an application in the matter had been made to the Court. This application was made as soon as possible, and there has been no avoidable delay in the conduct of the winding-up. The surplus realised after discharge of liabilities will be paid to the custodian, to be disposed of as may hereafter be determined by Order in Council.
§ Major HUNTIs it not a fact that the more the Government wind up the German firms the more they go on?
§ 72. Mr. PENNEFATHERasked the President of the Board of Trade what proportions of the shares in the Red Hand Compositions Company, Limited, and in Holzapfels, Limited, respectively, are held by British-born subjects, and what proportion by persons of enemy birth; and if any shares in either of these concerns still stand in the names of enemy subjects?
§ Mr. PRETYMANNo shares in Red Hand Compositions, Limited, now stand in the names of enemy subjects. The shares in Holzapfels, Limited, belonging to enemy subjects have been vested in the Public Trustee who has given instructions for the sale of the shares. With regard to the other point raised, I would refer the hon. Gentleman to the answer to his question of the 19th July.
§ Mr. PENNEFATHERHas the hon. Gentleman noticed that my question related to British-born subjects and enemy-born subjects?
§ Mr. PRETYMANYes, Sir.
§ Mr. PENNEFATHERTherefore the reply to which he refers me does not give the information.
§ Mr. PRETYMANMy hon. Friend will notice that in the last part of my reply I referred him on that point to the answer to his previous question, in which all the figures were given as to British-born subjects.
§ Mr. PENNEFATHERBut not as to enemy-born subjects?
§ Mr. PRETYMANYes.
§ 73. Mr. PENNEFATHERasked the President of the Board of Trade if any of 556 the shares in Holzapfels, Limited, are held by naturalised persons of enemy birth who left this country soon after the outbreak of war, and have not returned; if so, what proportion of the share capital is so held; and if such persons are entitled to withdraw from this country their share of any profits made by the company out of Government contracts or otherwise?
§ Mr. PRETYMANTwenty-four per cent. of the capital of Holzapfels, Limited, is held by two naturalised British subjects of enemy birth, who left this country since the outbreak of war, and, so far as I am aware, have not returned. They are residing in neutral territory, and are entitled to be paid the dividends on their shares.
§ Mr. R. McNEILLIs this firm engaged in producing goods for the Navy?
§ Mr. PRETYMANThe enemy interest in the firm is being disposed of now to British purchasers.
§ Mr. McNEILLBut is that the nature of the business this firm has been doing?
§ Mr. PENNEFATHERAre these enemy-born shareholders residing in neutral countries able to withdraw their profits from this country and to invest them, if they so please, in Germany?
§ Mr. PRETYMANThey are naturalised British subjects. One is residing in the United States, I believe, and the other in Norway. As naturalised British subjects residing in neutral territory they are entitled by our law to receive their dividends and we have no control over those dividends after they have received them.
§ Mr. GEORGE FABERIs the law going to be altered?
§ 75. Sir J. LONSDALEasked the President of the Board of Trade if the British Mannesmann Tube Company, Limited, whose share capital has recently been sold to a group of British financiers, is still being managed by a naturalised German and his two sons, the latter having been brought into the business during the War and starred to escape military service; and whether it is proposed to allow this firm, which is engaged in munition, work and holds contracts with the Admiralty and other Government Departments, to be controlled by persons of enemy origin?
§ Mr. PRETYMANThe British Mannesman Tube Company, Limited, is not controlled by persons of enemy origin, but is under the control of British subjects, to whom the enemy-owned shares have been sold by the Public Trustee. I have no information whether the purchasers of the shares have retained the services of the previous manager of the company, who was a naturalised British subject of German origin.