§ 24. Colonel DAYasked the Parliamentary Secretary to the Overseas Trade Department whether he is aware of the fact that at a recent auction held to dispose of the Wembley Exhibition site and buildings an offer was made of £315,000, at which time the auctioneer stated that he had a better private offer and withdrew the sale of this property; whether he will state under what circumstances the sale was so withdrawn and what was the exact nature of the said private offer; what were the expenses for advertising, etc., and/or the fees which were incurred for and by the withdrawal of this sale; whether the present purchasers have agreed to pay the said expenses and fees in addition to the purchase price; and under what circumstances was it afterwards decided to accept an offer of £300,000 for this property?
§ Mr. A. M. SAMUEL (Secretary, Overseas Trade Department)The answer to the first part of the question is in the affirmative. The liquidators inform me that the property was withdrawn because a better offer than any made at the auction had been handed in in writing. Certain conditions in regard to existing liabilities were, however, attached to this offer, and, as a result of subsequent negotiations, the liquidators decided to accept a net sum of £300,000, the purchasers assuming the liabilities in question. The expenses of advertising, etc., which have to be defrayed by the liquidators, amounted to £6,000.
§ Colonel DAYWhat are the liabilities mentioned by the hon. Gentleman in his answer?
§ Mr. SAMUELThere were various liabilities. There were certain items in regard to the Stadium, of which, I believe, the hon. and gallant Member is fully aware; there were other items for rates and taxes, and several liabilities for-upkeep, all of which are now borne by the purchasers, and the consequence is the £300,000 offer is better than the other offer received to which I referred in my reply.
§ Colonel DAYWhat is the value of these liabilities, outside those in respect of the Stadium?
§ Mr. SAMUELThey all amount to much more than the difference between £300,000 and the best offer received in writing.
§ Lieut. - Commander KENWORTHYDoes the hon. Gentleman not think that £6,000 for a sale of this magnitude is out of all proportion to the usual charges in the profession of auctioneering?
§ Mr. SAMUELIf that expenditure is very high, the reason is that, owing to the strike, the sale had to lie withdrawn and the advertising had to be done over again. To the strike must be attributed that high cost.
§ Sir COOPER RAWSONWas any Member of this House interested as a director, or in any other financial capacity, in any of the syndicates offering to purchase?