HC Deb 23 April 1928 vol 216 cc607-8
13. Colonel HOWARD-BURY

asked the Secretary of State for the Colonies whether, in regard to the Rutenberg concession in Palestine, he can state the amount of the capital that was needed to finance this concession; when, and on what dates, this was obtained; whether a loan was made under the Trades Facilities Act; and whether the original conditions under which this concession was granted were completely carried out?


I assume that my hon. and gallant Friend is referring to the Jordan electricity concession, not to the Jaffa electricity concession. I understand that the Palestine Electric Corporation, which has an authorised capital of £1,000,000, has, up to the present, issued shares to the extent of £657,951, and that arrangements have been made for a loan to the Corporation, guaranteed by the Treasury under the Trade Facilities Act of £250,000. I do not know on what dates the issued share capital was subscribed. The concession was granted on 5th March, 1926, and work is in progress. Under Clause 7 of the concession it has to be completed by 5th March, 1931, unless the period is extended for special reasons.


Can my right hon. Friend say whether this loan under the Trade Facilities Act was in accordance with the Regulations, in mandated territory?


Yes, Sir.