§ 91. Lieut.-Commander KENWORTHYasked the President of the Board of Trade whether the Government made grants of money or advances or loans towards the cost of the erection of a factory at Avonmouth for converting zinc concentrates into spelter and similar purposes; how much money was found by the Government; what were the circumstances; whether the factory is now operating; how much of the money advanced or paid has the Government recovered; and what has become of the remainder?
Mr. YOUNGUnder an agreement of May,1917,anadvanceof £500,000 was 266 made to the National Smelting Company, Limited, towards the cost of erecting such a factory, to be worked in conjunction with an adjoining Government factory, for roasting concentrates and for manufacturing sulphuric acid. The company's factory is not now operating, and no recovery has so far been found possible. The advance is secured by debentures under a trust deed, and the agreement provides for repayment being made from a sinking fund created out of a proportion of the profits in each year which would otherwise be available for distribution or dividends.
§ Lieut.-Commander KENWORTHYWhat chance is there of getting any of this £500,000 back, and what, in the opinion of the Treasury, are these debentures worth?
Mr. YOUNGI should not like to make a prophecy on a business matter of that sort. The matter is at present under consideration, and as negotiations affecting the question are proceeding I think it would be unwise to make a statement.