§ 15. Mr. ORMSBY-GOREasked the President of the Board of Trade what is the present holding of the British Government in the British Cellulose Company; and what are the net receipts from this investment to date?
§ 108. Mr. GLANVILLEasked the Chancellor of the Exchequer what is the amount which the Government has invested in the British Cellulose and Chemical Manufacturing Company, Limited; what is the amount of interest or dividend which the Government has received thereon for the year 1920; how many directors the Government has appointed to the board of directors of the company; and what is the remuneration of a director of the company?
Mr. YOUNGThe Government holds 1,450,000 7½ per cent. "A" cumulative participating preference shares in the company. No dividend has been received thereon for the year 1920. There are two Government directors on the board, who receive fees at the rate of £500 a year each.
§ Mr. ORMSBY-GOREWill the Government consider cutting their losses and ceasing to subsidise this concern, in accordance with the desire expressed by the President of the Board of Trade last week?
Mr. YOUNGMy hon. Friend will see that that question involves a question of policy which will have to be taken into consideration.
Mr. MacCALLUM SCOTTIs the Government subsidising this company at the present time? Is there any further subsidy being given?
§ Colonel WEDGWOODThey have appointed two directors at £500 a year each.