HC Deb 01 March 1922 vol 151 cc385-6
77. Mr. ROYCE

asked the Minister of Agriculture whether the Government holding of £350,000 debentures in the British Farina Mills, Limited, has been redeemed; if so, at what date and by what means; if the Government is still financially interested in this venture; if so, to what extent; whether the Government has been legally represented in any litigation or liquidation proceedings concerning this company; and, if so, by whom and at what cost?

The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Sir W. Mitchell-Thomson)

I have been asked to reply. The Government are financially interested in the British Farina Mills, Ltd., as debenture-holders to the amount of £322,573 13s. 6d., and as shareholders to the amount of £25,000. The debentures have not yet been redeemed; the company is in liquidation, and a receiver has been appointed on behalf of the debenture-holders. The answer to the penultimate part of the question is in the negative; the last part does not, therefore, arise.

Mr. ROYCE

If the debentures have not been redeemed, why are they not included in the returns published by the Government?

Mr. ORMSBY-GORE

What has been the total net loss to the British taxpayer in respect of this company?

Sir W. MITCHELL-THOMSON

The company is in liquidation, and a receiver has been appointed on behalf of the debenture-holders.

Mr. RAWLINS0N

Is not the total loss estimated at £500,000, and is it not the fact that not £5 worth of food was ever produced at this unfortunate factory?

Sir W. MITCHELL-THOMSON

I do not think that is so.