§ 98. Captain CAZALETasked the Financial Secretary to the Treasury what sum of money was lost to the Treasury through the financial assistance given to the Leckhampton Quarries, Limited, under the Trades Facilities Acts, in view of the fact that this company recently went into bankruptcy?
Mr. SAMUELThe accounts in this case are not yet closed, and it is not possible therefore to ascertain the extent of the loss, which will fall upon the Exchequer in connection with the guarantees given under the Trade Facilities Acts. But on present indications it seems probable that the proceeds of sale will be required to defray current liabilities (including costs of sale), and that the Treasury will have to assume liability to the full extent of the debenture capital of £100,500.
§ Mr. THURTLECan the hon. Gentleman say whether his expert Committee recommended that this amount should be given?
Mr. SAMUELEverything done under the Trade Facilities Acts is done on the recommendation of the expert Committee.
§ Mr. THURTLEIs it not a fact that they have made a blunder in this case?