§ 33. Mr. BARNESasked the Minister of Agriculture whether he will give the amounts of subsidy paid on sugar and molasses for each of the beet-sugar undertakings whose balance sheets have been published in White Paper No. 133 on 3rd August, 1926; whether he is aware that apparently, after taking into account 1528 the subsidy paid, three of those companies still show a loss on their profit-and-loss account; whether in the eases of the Anglo-Scottish Beet-Sugar Company, Limited, the West Midland Sugar Company, Limited, the United Sugar Company, Limited, and the Orchard Sugar Company, Limited, any attempt has been made to write off a part of the preliminary expenses; whether, in the case of the United Sugar Company, Limited, he is satisfied with the report of the accountants which states that no provision has been made for depreciation of properties, plant, and machinery; and, if not, what steps he proposes to take in this matter; and whether, in regard to the Orchard Sugar Company, Limited, he is prepared to publish the report of the chartered accountants accompanying the balance sheet subject to which alone they certified it to be correct?
Mr. GUINNESSThe amounts of subsidy paid on sugar and molasses to each factory company operating in the 1925–26 season were given in my reply of the 11th instant to the hon. Member for Blackburn. I am aware that after taking into account the subsidy paid, three of the eight companies whose balance sheets are included in the White Paper made losses. The balance sheet of the Anglo-Scottish Beet Sugar Corporation, Ltd., shows that £2,600 of the preliminary expenses were written off. So far as I am aware no amounts were written off in the other cases referred to by the hon. Member. As regards the United Sugar Company, I see no reason to be dissatisfied with the report of the accountants attached to the balance sheet, which does not omit to state that no depreciation has been allowed. The Orchard Sugar Company's Balance Sheet complies with the requirements of the Companies Consolidation Act, 1908, in regard to the auditor's certificate and the requirements of Section 2 of the British Sugar (Subsidy) Act are met by the publication of the balance sheet in the White Paper.
§ Mr. MACQUISTENDoes the right hon. Gentleman not think that in view of the fact that it is the declared policy of hon. Members opposite that it is wrong to carry on business at a profit, they will be gratified to hear that this business is being carried on at a loss?