HOFFMAN MANUFACTURING COMPANY, LIMITED. (Hansard, 30 July 1923)

§ 49. Mr. F. GRAY
asked the Prime Minister whether he will initiate an inquiry into the circumstances of the association of His Majesty's Government with the Hoffman Manufacturing Company, Limited; the purchase and sale of interests therein; the loss sustained by the country in connection therewith; and the circumstances of, reasons for, and amount of such loss?

92. Mr. G. WHITE
asked the Financial Secretary to the Treasury who was responsible for the terms of sale of the Government holding in the Hoffman Manufacturing Company?

§ Sir W. JOYNSON-HICKS
The Government purchased the whole of the issued capital of this company during the War, when the extension of supply of ball bearings was of vital importance. The sale of the Government assets was made by the Disposal and Liquidation Commission, with the concurrence of the Treasury. As already stated, the sale was widely advertised, and the best offer, which was in excess of the reserve price, was accepted. I see no reason for the inquiry proposed by the hon. Member for Oxford (Mr. F. Gray).

§ Mr. HARDIE
Will the right hon. Gentleman say why, in taking over a good going business such as the Hoffman Manufacturing Company was, it was necessary to lose it? Why could we not sell it again as a going concern?

§ Sir W. JOYNSON-HICKS
We sold it at the best price we could get.

§ Mr. HARDIE
Why did you not sell it as a going concern, as you got it?

§ Mr. F. GRAY
May I inquire the amount of the loss sustained by this country through this transaction?

§ Sir W. JOYNSON-HICKS
It is really exceedingly difficult, impossible, in fact, as I think I have answered before, to state the loss, because the loss cannot be determined; there was very great profit to the country from having been able to control this manufacture.

§ Mr. GRAY
Is this House not entitled to know the loss, so that we may form an opinion as to whether the gain is equal to the loss?

§ Sir W. JOYNSON-HICKS
I think the House is entitled to all information.

§ Mr. H. H. SPENCER
Perhaps the right hon. Gentleman will tell us the difference between the price paid and the price received?

§ Sir W. JOYNSON-HICKS
I will try to get that for the hon. Member.