§ 14. Brigadier-General CROFTasked the President of the Board of Trade whether permission was given by the Board of Trade to the Mond Nickel Company to transfer certain shares to enemy subjects resident in Germany during the War; and, if so, who was responsible for granting such permission?
§ Mr. WARDLENo shares in the Mond Nickel Company, Limited, have been transferred to enemy subjects resident in Germany during the War.
Under a reconstruction agreement entered into before the War, and dated the 24th July, 1914, the Mond Nickel Company, Limited, had agreed to allot fully-paid shares to the shareholders of a previous company of the same name. On the 3rd December, 1914, the company wrote to the Board of Trade asking whether they could register the enemy shareholders of the original company as shareholders of the new company in respect of the shares to which they were entitled under the reconstruction agreement. The Board of Trade authorised such registration on the 8th December, 409 1914, and the Public Trustee was notified by the company of the shares registered in the names of enemies on the 18th December, 1914, but no certificates for the shares were sent to the enemy shareholders. All dividends on the shares from the outbreak of War have been paid to the Public Trustee, and in consequence of the policy of the Non-Ferrous Metal Industry Act these shares have been vested in the Public Trustee and sold by him, except in the case of two holdings where a legal difficulty has arisen owing to the shareholders having been reported to be dead, and of one holding which is believed to belong to a British subject-No beneficial interest of any kind has passed or can pass to any enemy subject as a result of the transaction.
§ General CROFTIn reply to the last part of my question, will the hon. Gentleman say who was responsible for making these arrangements?
§ Mr. WARDLEMy reply says distinctly that the Board of Trade were responsible.