§ 53. Mr. MACQUISTENasked the Prime Minister whether his attention has been called to a statement to the effect that the Anglo-Persian Oil Company is subscribing for shares in several Continental speculative trading companies which are to conduct their operations on the Continent, thereby putting the large sum of money invested by the British taxpayer to the risk of loss; whether the said money was voted by Parliament to obtain large supplies for the United Kingdom and Dominions; will he take steps to stop the officials of the company from utilising the money voted by Parliament for purposes other than those for which it was voted; and how far do the Government propose to extend their trading operations through this company?
Mr. CHAMBERLAINThe special interests of His Majesty's Government in the Anglo-Persian Oil Company are protected by the ex-officio directors on the board. I have confidence in the judgment of the board of directors, including the ex-officio directors, as to the commercial transactions of the company and in accordance with the assurance given to the company at its formation, I do not propose to intervene in the ordinary commercial management of the company. I am satisfied that the money voted by Parliament has been all applied to the purposes for which it was voted.
§ Mr. MACQUISTENDoes the right hon. Gentleman not see that if the Anglo-Persian Oil Company start selling oil on the Continent, it is doing the very thing the prevention of which was given as the reason for the Government subscribing money to its shares, that it was thought the other oil companies would trade on the Continent, and this company was to trade at home and with the Colonies? It is a breach of faith with Parliament.
Mr. CHAMBERLAINMy hon. Friend is misinformed. The object of the Government participation is to secure adequate supplies to this country, and particularly for the Navy. That is a matter of general policy which the Government will seek to protect, but I do not propose to intervene, and indeed, the Government of the day gave the assurance when the company was formed that we should not intervene, in the ordinary commercial management of the company.
§ Mr. MACQUISTENIs it not notorious that this country has not got adequate supplies?