HC Deb 13 March 1919 vol 113 cc1466-7
73. Sir FREDERICK BANBURY

asked the Chancellor of the Exchequer whether he will now state or will give a Return stating what has been the result of the seizure in November, 1917, by the Treasury, without the consent of the owners, of shares in the Royal Dutch Company for working petroleum mines, seized in order to use them for the purpose of acting on, the rate of exchange, at a payment of £51 per share, which was less in many cases than their cost price, being made to the owners by the Treasury as compensation for the seizure; what the total amount was that was thus paid for the shares; how they were used to influence the rate of exchange; whether their use did in fact so influence it; and whether the Treasury have taken advantage of the great rise in price of these shares since their seizure thereof to sell any of these shares at a profit; and, if so, how many?

Mr. BALDWIN

Shares in the Royal Dutch Company were requisitioned by Treasury Order No. 5, of 1917, issued under Defence of the Realm Regulation 7c, the holders receiving compensation at the current market value at the time of requisition, at a cost of over £2,700,000. Advantage has been taken of favourable opportunities to sell shares for the purpose of supporting foreign exchange. I do not think it is in the public interest to give details of the operations.

Sir F. BANBURY

May I ask whether the action on the exchange could not have been effected by borrowing the shares as has been done in other cases; and if that is so will the hon. Gentleman consider the advisability of recompensing the owners of those shares compulsorily taken from them by giving them the price at which the Treasury has sold them?

Mr. BALDWIN

I am afraid that I could not answer that question within the limits of a question and answer, but the matter to which my hon. Friend refers was carefully considered at the time by my right hon. Friend who was then Chancellor of the Exchequer, and I am sure that the course he took then was the correct one.

Sir F. BANBURY

Will the hon. Gentleman consider the matter and see me privately about it afterwards?

Mr. BALDWIN

I will bring the matter to the notice of the Chancellor of the Exchequer, and I cannot do more.