§ 7. Sir RICHARD COOPERasked the President of the Board of Trade if he has yet disposed of the holding of Baron Hirsh in the Swansea Vale Spelter Company, to which he referred in his answer to the hon. Member for Ludlow on the 22nd November, 1916; if so, what method was adopted for disposing of the shares; and whether he has used the power given to him by Section 8 of the Non-Ferrous Metals Act to satisfy himself that the transferees, if any, are not merely acting as trustees for the former owner of the shares?
Sir A. STANLEYAll the shares held by enemies in the Swansea Vale Spelter Company, Limited, have been disposed of by the Public Trustee, who informs me that he sold them by private treaty. The answer to the last part of the question is in the affirmative.
§ Brigadier-General CROFTIs it not a fact that a member of the Board of Directors of the Swansea Vale Spelter Company, with the knowledge of the Board of Trade, has been allowed to visit a neutral country to arrange for transfer of these shares to a representative of the former owners?
Sir A. STANLEYNot so far as I am aware. The mere fact that these shares have been sold to Mr. Tilden Smith, who has no connection with the former company, so far as I know, hardly bears that out.
§ General CROFTI will ask my hon. Friend (Sir R. Cooper) to send in particulars.
§ Sir J. BUTCHERWhat steps have been taken to ensure that the transferees are not nominees or trustees for the former owners?
Sir A. STANLEYThe sale of these shares rests with the Public Trustee, and they have been sold to Mr. Tilden Smith, who is a British subject. I think that in itself offers adequate security.
§ Sir J. BUTCHERIs a British subject called upon to make any declaration, binding upon himself, that he is not a trustee? One knows there are naturalised British subjects.
Sir A. STANLEYI do not think Mr. Tilden Smith is a naturalised British subject. I am not aware that the Public Trustee asks for the declaration referred to.