§ 7. Lieut. - Commander KENWORTHYasked the President of the Board of Trade whether His Majesty's Government have been consulted with regard to the sale of a portion of the shares of the Turkish Petroleum Company to an American company; and what is the attitude of the Government to such sale?
§ Sir P. CUNLIFFE - LISTERHis Majesty's Government are aware that negotiations have been proceeding for the transfer to an American group of a portion of the shares in the Turkish Petroleum Company, and if such an arrangement were made it would be viewed with satisfaction by His Majesty's Government.
§ Lieut. - Commander KENWORTHYWas the right hon. Gentleman kept informed of these negotiations, and is the Government advised of all impending negotiations?
§ Sir P. CUNLIFFE-LISTERYes.
§ Colonel GRETTONIn connection with the proposals to sell shares was any condition attached to the sale?
§ Sir P. CUNLIFFE - LISTERI answered that, I think, the other day, when I gave the share-holding in this company. These shares are not held by the public. They are held by three group-companies and by one individual.
Sir R. HALLIs it within my right hon. Friend's knowledge that any proposals were made to alter the allocation of shares and to affect the composition of the company?
§ Sir P. CUNLIFFE-LISTERIf some proportion of the existing holdings were transferred by the existing holders to an American group, that obviously would be an alteration in the proportion of the holding, and each of the groups making the transfer would to the extent of the transfer reduce its present holding.
§ Mr. KIRKWOODHow is this going to affect the shale miners in Scotland?
§ Sir P. CUNLIFFE-LISTERIt will not affect them.