§ 58. Mr. MOLTENOasked the Chancellor of the Exchequer what Stamp Duty will be paid to the Inland Revenue on the ten million capital of the British Trade Corporation; and what would have been the duty if this corporation had been registered as an ordinary company with the same capital?
§ Mr. BONAR LAWThe Stamp Duty paid in the case of the British Trade Corporation is the same as that chargeable in respect of the nominal share capital of a company registered under the Joint Stock Companies Act, namely, 5s. per cent.
§ 69. Mr. S. SAMUELasked the President of the Board of Trade whether any agents appointed in different countries by the British Trade Corporation are to have the privileges referred to in Article 22 of the Report of Lord Faringdon's Committee and granted under Clause 4 of the charter of the British Trade Corporation; and will he explain why it was necessary for the assistance of British industry and trade to create a new institution to appoint already established firms as their agents with special privileges?
Sir A. STANLEYI may refer the hon. Member to the reply given by my right hon. Friend the Under-Secretary of State for Foreign Affairs to the hon. Member for the Kirkdale Division (Mr. Pennefather) on the 24th ultimo, in which he explained that the relationship of His Majesty's representatives in foreign countries with the British Trade Corporation will not differ from that with other British concerns with regard to whose standing, objects, and methods His Majesty's Government are equally satisfied.
§ 70. Mr. SAMUELasked the President of the Board of Trade the nature of the agreements or arrangements existing with other parties referred to in clause 4 of the charter granted to the British Trade Corporation; and what are the names of the companies and firms and in what countries do they operate?
Sir A. STANLEYThe words in the clause in question are in general terms, and were not inserted in regard to any particular companies or firms.
72. Sir H. DALZIELasked the President of the Board of Trade whether, under the Royal Charter proposed to be granted to the British Trade Corporation, it will be possible for the corporation to make an appeal for capital either for itself or any of its subsidiary companies without reference to the Committee on New Issues acting in conjunction with the Treasury?
§ Mr. BONAR LAWThe corporation is in the same position as any other company in regard to the necessity of obtaining Treasury approval for the issue of capital either for itself or any of its subsidiary companies.
71. Sir H. DALZIELasked the President of the Board of Trade whether he can give an assurance to the House that no naturalised alien is directly or indirectly interested in the provision of capital for the British Trade Corporation?
Sir A. STANLEYNo, Sir. Adequate provision has been made to secure that the control and management of the corporation shall be and shall remain effectively British, but I do not think it desirable to impose a restriction of the kind suggested by my right hon. Friend.
Sir H. DALZIELCan my right hon. Friend give us an assurance that a well-known German who has been naturalised in this country is not one of the largest subscribers to this corporation?
Sir A. STANLEYYes; I can give an assurance to that effect I have made inquiries, and I am told that nobody of alien birth has subscribed in any way to the capital of the British Trading Corporation.
Sir H. DALZIELWhy cannot we have a guarantee that no alien who is naturalised can subscribe? In view of the fact that the clerks are to be British-born, why not the capitalists too?
§ Mr. BILLINGIs the right hon. Gentleman prepared even to give an assurance that no enemy alien shall be allowed to subscribe?
§ Mr. BILLINGGood!
§ Mr. G. FABERIf the Board of Trade are so careful that no one of tainted birth shall have anything to do with the corporation in the future, why are they not careful to see that in its initiation there; is no alien connection with it?
§ Mr. SPEAKERThat is not a question designed to obtain information.