HC Deb 08 August 1918 vol 109 cc1540-1
55. Sir R. COOPER

asked the Chancellor of the Exchequer if he is aware that the Nestlé and Anglo-Swiss Condensed Milk Company, to whom he has given permission to issue 4,000,000 francs of shares to the British public, is a German-owned company which has during the War issued a notice informing its German customers that it is carried on for the benefit of German capitalists and of German workmen; and whether this is in accordance with the policy of His Majesty's Government?

Mr. BONAR LAW

I am informed that the hon. Baronet is mistaken in suggesting that this company is German-owned, and, so far as I have been able to ascertain, it has issued no such notice as that referred to. Permission was given for the issue of fresh capital to the English shareholders only, and this issue was, I understand, approved by the Fresh Issues Committee because of the importance to the Admiralty and War Office of their contracts with this company.

Sir R. COOPER

Does the right hon. Gentleman intend to suggest that this company has not issued a circular in Germany with regard to finance and the employment of German people, and is it not the fact that this company has no British directors?

Mr. BONAR LAW

I do not know about the directors, but I was told that the circular was not in the terms stated in the question. Perhaps my hon. Friend is in some confusion by not recognising that there is a Swiss company, which is distinct from the German company.

Sir R. COOPER

May I send a copy of the notice issued in Germany upon which this question was based?

Mr. WRIGHT

Has it not been stated in this House by the President of the Board of Trade that the shares of the company are bearer shares, certain of them owned by Germans, and that there are no directors of British nationality?

Mr. BONAR LAW

I do not know about the directors. I saw the information possessed by the Board of Trade with regard to the share-holding, but it does not bear out my hon. Friend's statement.

Mr. WRIGHT

May I refer the right hon. Gentleman to the official answer given in this House?

Mr. BONAR LAW

I do not remember it, but I certainly will look at it if required to do so.