§ 55. Mr. T. JOHNSTONasked the Financial Secretary to the Treasury whether he is aware that in February, 1920, the Government sold its entire stock of foreign soft woods to the Timber Trade Federation; if he can say how much money was received on the sale and what was the cost of the wood so sold; and whether prices rose or fell after the sale?
Mr. WEBBI have been asked to reply. The stock of foreign soft woods held by the Timber Disposal Department was sold in February, 1920, to Associated Importers, Limited, a company in which importers of foreign timber were largely represented. The amount ultimately recovered from the sale was approximately £4,000,000; the estimated cost which was incurred during the years 1917–19 was about £5,800,000. Prices fell considerably during 1920 and there was a partial recovery in 1922.
§ Mr. REMERIs the right hen. Gentleman aware that the company to which he has referred lost the whole of its share capital in this transaction?
§ Mr. KIRKWOODIs that the reason why this company is so wealthy?