38. Major BARNESasked the Prime Minister what the profits of the Pacific Phosphates Company were for the three years preceding their purchase by the associated Governments; what was the market value of their shares on the date of the agreement to purchase; what was the authorised capital of the company; and if he will give the names of the directors?
§ The UNDER-SECRETARY of STATE of the COLONIES (Lieut.-Colonel Amery)Owing to the, short notice given I am unable to supply the particulars asked for in the first two parts of the question, but I will ascertain them and communicate them to my hon. and gallant Friend. The authorised capital is £1,200,000. The names of the directors are Lord Balfour of Burleigh. Lord Southborough, Messrs. B. T. Balding, G. W. H. Bowen, A. R. Dickenson, G. W. Fox, W. R. Hay, A. N. Rickett, H. Voss.
§ Captain W. BENNDo we understand that the Government fixed the purchase 1959 price without being in possession of particulars as to profits?
§ Lieut.-Colonel AMERYNo, Sir.
§ Mr. ORMSBY-GOREDo we understand from the answer that the Government entered into an agreement with the Governments of Australia and New Zealand to purchase this company without going into the question of past profits?
§ Lieut.-Colonel AMERYThey certainly did go into the question, and that formed the basis of the price on which the company was to be taken over.
Sir J. D. REESMay I ask if it is a fatal ingredient in a deal that it should be profitable to British trade?
§ 101. Mr. ORMSBY-GOREasked the Under-Secretary of State for the Colonies what compensation, if any, is payable to the directors of the Pacific Phosphates Company under the purchase by the British, Australian, and New Zealand Governments by the Nauru Island agreement?
§ Lieut.-Colonel AMERYThe Governments are under no liability for such compensation. It is a matter for the Company to deal with.