§ 47. Mr. LUNNasked the Chancellor of the Exchequer whether any representations have been made to the British Government by the Government of Newfoundland regarding the financial position 226 of the Newfoundland Power and Paper Company; and the nature of such representations and the reply thereto?
§ Mr. McNEILLI would refer the hon. Member to the reply which I gave to my Noble Friend the Member for Shrewsbury (Viscount Sandon) on the 28th June.
§ Mr. LUNNIn that answer there was no reply to the point mentioned in the question as to whether the Newfoundland Government had made any representations. May I ask the right hon. Gentleman if the total amount of the guarantee of the Newfoundland Government is similar to that of this country?
§ Mr. McNEILLThe hon. Member is mistaken. In the answer to which I have referred, I said that a communication had been received by the Secretary of State for the Dominions, but that I was unable at that time to make any statement with regard to the negotiations which were proceeding.
§ Mr. CONNOLLYCan the right hon. Gentleman say whether the sale is complete or not?
§ Mr. SPEAKERThat is the subject of the next question.
§ Colonel WEDGWOODIs the Financial Secretary aware that the British taxpayers are responsible for the interest on this loan?
§ 48. Mr. LUNNasked the Chancellor of the Exchequer whether the sale has been completed of the Cornerbrook Power and Paper Company's works, Newfoundland, to the International Paper Company, United States of America; what security there is that the money used out of the £2,000,000 guarantee under the Trade Facilities Act will not be lost to this country; and if he will state the names of the British Government representatives on the board of directors and the fees paid to them for their services?
§ Mr. McNEILLThe answer to the first part of the question is in the negative. With regard to the second part, I can add nothing to the reply I gave to my Noble Friend the Member for Shrewsbury (Viscount Sandon) on the 28th June. In reply to the third part of the question, the Treasury director on the board of the Newfoundland Power 227 and Paper Company, Limited, is Sir George Stapylton Barnes, K.C.B., K.C.S.I., who is paid a fee of £600 per annum.
§ Sir F. WISEIs the Treasury director in Newfoundland at the present time?
§ Mr. McNEILLNo, I think not.
§ Sir F. WISEHas he been to Newfoundland?
§ Mr. McNEILLYes.
§ Colonel WEDGWOODAre the interests of the British taxpayer being watched in the case of this sale, and may we be assured that their interests will prevail over all other interests?
§ Mr. McNEILLCertainly. The belief of the Treasury is that if this sale is carried through the security of the British taxpayers will not be prejudiced in any way.