§ 57. Mr. THURTLEasked the Minister of Agriculture how much subsidy has been paid to the English Beet Sugar Corporation in the last two financial years?
Mr. GUINNESSThe amount of subsidy paid to the English Beet Sugar Corporation, Limited, in respect of the operations of the Cantley factory was: 1925–26, £360,872 13s. 10d.; 1926–27, £505,251 Is. 5d.; and in respect of the Kelham factory, which is the property of Home Grown Sugar, Limited, but worked by the English Beet Sugar Corporation in the joint interest: 1925–26, £103,537 0s. 0d.; 1926–27, £270,127 11 s. 4d. Approximately one-third of these sums were recovered by the State in the form of Excise Duty.
§ Mr. THURTLEIs the right hon. Gentleman aware that this company made in trading profit last year over two-thirds of its issued capital and has paid a 20 per cent. dividend tax free, and has two-thirds of its capital already reserved; and does he think that the state of the Exchequer is such as to enable him to make such lavish payments to capitalism?
Mr. GUINNESSIn view of the difficulties which certain companies had in raising money, I do not think that any lower terms would have attained the object.