71. Colonel GRIFFITHSasked the President of the Board of Trade whether, in view of the fact that the money in the hands of the Public Trustee arising from liquidation of German interests in this country amounts to only£2,213,224, he will state the approximate value of other German concerns in this country which have not yet been liquidated; and whether he will state the approximate value of enemy concerns which are in course of liquidation the funds of which have not yet come into the hands of the Public Trustee?
§ Mr. PRETYMANI regret that I am unable to give any reliable estimate on these points. It should be borne in mind that the sums held by the Public Trustee as the result of liquidation of enemy businesses is only the net amount which remains after satisfying all non-enemy creditors.
Colonel GRIFFITHSWill the hon. Gentleman inquire whether the enemy alien interests in this country did not approach somewhere about£100,000,000, and is it not very slow progress that only£2,000,000 has been received by the Public Trustee in closing up enemy-owned establishments?
§ Mr. PRETYMANWhat the Board of Trade do is to get rid of enemy control—not necessarily taking possession of all the property in this country which, might at the beginning of the War have had enemy ownership. The two things are quite different.
§ 78. Mr. PENNEFATHERasked whether any assets of or shares in enemy trading concerns have been sold to naturalised persons of enemy origin; if so, what is the total value of the shares or assets sold to such persons; and whether any guarantee has been obtained that such assets or shares shall not be resold to enemy subjects after the War?
§ Mr. PRETYMANIt is not practicable to make an invariable rule excluding naturalised persons of enemy origin from the purchase of the assets of enemy businesses or shares. I am unable to give the total value of the property sold to such persons, but it is not large. Where the shares of a company controlled by enemies are sold, it is the practice to require the articles of association to be altered so as to exclude foreign control in the future.
§ Mr. PRETYMANNot in every case. Very often it is done, but we must treat each case on its merits.
§ Mr. MacVEAGHAre these shares offered publicly or sold privately?
§ Mr. PRETYMANIt varies according to the different features of the case. It is impossible to lay down a general rule to cover all cases.
§ 79. Sir J. LONSDALEasked the President of the Board of Trade the number and the aggregate nominal value of shares held by enemy subjects in British companies, as returned by secretaries of companies to the Public Trustee; and what progress has been made up to the present time in the sale and transfer of such shares to British holders?
§ Mr. PRETYMANThe returns made by British companies to the Public Trustee show a total nominal amount of£31,691,724 of ordinary, preference, and debenture capital held by enemies. This total, which includes a considerable amount of capital in companies registered in the Dominions, is estimated to represent not more than ½ per cent. of the capital of British companies as a whole. These enemy securities are not as a general rule being sold except where the particular company is within the provisions of Section 1 of the Trading With the Enemy (Amendment) Act, 1916, when the company is dealt with either by winding-up or by the alternative method of vesting the shares in the custodian for the purpose of sale.
Sir H. DALZIELasked the President of the Board of Trade if he is in a position to state that, in cases where enemy interests are disposed of, those interests are not transferred, either directly or indirectly, to enemy-born although naturalised subjects; and if he recognises the necessity, besides eliminating German association, to take measures in financial, commercial, and industrial spheres to suppress German methods?
§ Mr. PRETYMANEnemy interests are not as a rule transferred to naturalised British subjects of enemy birth, but it is not practicable to exclude such purchasers in all cases. The other point raised is not one which can be dealt with satisfactorily by an answer to a question.
82. Sir H. DALZIELasked the President of the Board of Trade whether he will put the House in possession of the contents of the circular issued by his Department to controllers and liquidators of enemy companies and firms?
§ Mr. PRETYMANI will lay a copy of the circular referred to on the Table of the House. Its issue was commenced early last August.
§ Sir C. HENRYWill the hon. Gentleman give particulars as to the supervision of controllers?
§ Mr. PRETYMANI must lay the Paper on the Table. It is merely a circular.
§ Sir E. CARSONWhen will the Paper be laid?
§ Mr. PRETYMANAt once.
§ Sir C. HENRYWill the hon. Gentleman give the regulations issued by the supervisors of controllers?
§ Mr. PRETYMANI do not know what the hon. Gentleman means by the supervisors of controllers.
§ 87. Major HUNTasked the President of the Board of Trade whether, in view of the fact that he received a petition on 12th August last from all the leading leather and hide merchants in London asking that the firm of Benjamin Brothers should be wound up, as being prejudicial to British trade, he will say why no answer has yet been received?
§ Mr. PRETYMANThe petition referred to was received by the Board on the date mentioned and an acknowledgement was sent on 15th August. The case was referred to the Board's Advisory Committee, who reported that Section 1 of the Trading With the Enemy (Amendment) Act, 1916, under which winding-up orders are made, is not applicable unless Albert Benjamin, who is stated to have been born at the British Legation at Hanover, is an enemy subject. That question is now before the Court upon an application for a declaration of nationality.
§ Major HUNTIs this Act going to be altered so as to take these cases in?