§ 97. Mr. JOHNSTONasked the Chancellor of the Exchequer whether he is aware that a private limited liability banking company, called the British Italian Corporation, includes in its reserve funds a sum of £233,418, which it has received as a subsidy from the British Treasury; and whether, seeing that the company is making large profits, he will now ask for the return of the public moneys referred to?
§ Mr. CHURCHILLI am aware that the reserves of the British Italian Corporation (which is a public and not a private company) were as stated in the first part of the question. As regards the second part, I am sending the hon. Member a copy of an answer given on this subject on the 27th March, 1922.
§ Mr. JOHNSTONIs it the case that the very financier who negotiated this 633 scheme was later awarded by being appointed a member of the Geddes Economy Committee—[HON. MEMBERS: "Order !"]
§ Mr. MAXTONOn a point of Order. May I ask if it is the case that the negotiator who alone was responsible was later appointed to—
§ Mr. SPEAKERThe supplementary question, I understand, carries a certain innuendo, and I sent word that it ought not to be asked as a supplementary. It should be dealt with when anybody concerned can reply immediately to it.
§ Mr. JOHNSTONI do not propose, and I never intended, to ask any supplementary question which conveyed any innuendo upon any Member of this House. I was asking a question as to whether or not it was the case—
§ Mr. SPEAKERI would like to see that question in writing. A question reached me from another quarter this morning, to which I sent a reply.
§ Mr. MAXTONAre we to understand that no attempt is to be made by the British Treasury to recover the £233,418 of public money which has been plundered from them by this corporation?
§ Mr. CHURCHILLIn the answer which I have given I have referred to an answer given by my right hon. Friend the Prime Minister, who was then President of the Board of Trade, and I will read it:
"Mr. MOSLEYasked the President of the Board of Trade whether any, and if so what, sums are due to be repaid to the Board of Trade from the British Italian Corporation in respect to the corporation's trading in 1920.
§ Mr. BALDWINNo sums are due to be repaid to the Board of Trade by the British Italian Corporation since an arrangement has been concluded whereby the corporation has been relieved from any obligation to make repayments in respect of the subsidies received from the Government in consideration of the corporation waiving the right to future subsidies amounting to £200,000."—[OFFICIAL REPORT, 27th March, 1922; col. 966. "Vol. 152.]