§ 49. Lieut.-Commander KENWORTHYasked the Secretary to the Overseas Trade Department whether he is in a position to give the House the final financial position of the British Empire Exhibition; whether in the end there has 1760 been a deficit; whether any of the guarantors have had to find money to meet such deficit; and, if so, to what extent?
§ Mr. DOUGLAS HACKING (Secretary, Overseas Trade Department)According to the final statement issued by the liquidators of the British Empire Exhibition, there was a deficiency of £1,755,561 1s. 8d. The guarantors have, therefore, been called upon to implement their guarantees to the extent of 16s. 8.18d. in the £.
§ Lieut.-Commander KENWORTHYHave they met this liability?
§ Mr. HACKINGNot in whole, but a very large proportion of it.
§ Mr. HARRISWill any statement be made to the House on the subject so as to enable it to discuss the results of this Exhibition, and will there be any further charge on the Exchequer?
§ Mr. HACKINGThere have been many discussions on this particular issue, but the House must not assume that this has been a loss to the country. A great amount of money has been brought into the country by visitors, and it must not be considered in any degree a net loss.
§ Lieut.-Commander KENWORTHYIn that case, was it really necessary to call on the guarantors? Is the hon. Gentleman aware that many Members of the House will be prepared to support the Government in not pressing the guarantors, in view of their public activity in the matter?
§ Mr. HACKINGThe hon. and gallant Gentleman has overlooked the fact that the principal guarantor is the Government.