HC Deb 15 January 1918 vol 101 cc142-3
8 Mr. PRINGLE

asked the President of the Board of Trade (1) whether he is aware that 3,000,000 dols. of the capital stock of the British-America Nickel Corporation was offered for subscription in Norway; if so, whether any applications for this stock have been received; whether any of this capital has been subscribed by Norwegian or enemy subscribers; whether these subscriptions, if any, have been sanctioned by the Government; (2) whether the Government has taken any and, if so, what steps to ascertain the possibility of obtaining a sufficient supply of nickel within the Empire from the resources of existing British nickel producers who will not require any financial subsidy; (3) whether he will state the quantity, if any, of metallic nickel which, up to:31st December, has been produced by the British-America Nickel Corporation; whether the corporation will be in a position to produce any metallic nickel for the next two years; and (4) whether the Government has entered into any undertaking to provide further capital or to guarantee interest on new capital of the British-America, Nickel Corporation, in view of the fact that a further capital expenditure of £1,000,000 to £2,000,000 will be required before the corporation can produce any nickel?

The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Wardle)

A certain amount of income debenture stock in the British-America Nickel Corporation, ranking after the first mortgage gold bonds, has been subscribed for in Canada by Norwegians. His Majesty's Government saw no reason to take exception to this proceeding, as they were satisfied that no enemy interests were concerned in the Norwegian subscriptions. His Majesty's Government were fully informed as to the resources of existing British nickel producers. The corporation has not yet reached the producing stage, but the necessary preliminary work is being pushed on rapidly, and it is anticipated that the corporation will be in a position to produce metallic nickel within the period mentioned by my hon. Friend. The answer to the last question is in the negative.

Mr. HOGGE

What were the precautions taken which are referred to?

Mr. WARDLE

I have not got the detailed information available.

Mr. HOGGE

If my hon. Friend has not got the detailed information available, how could he give me that answer?

Mr. WARDLE

I have given the answer.