29. Mr. BECKETTasked the Minister of Transport whether his attention has been drawn to the large and rapidly growing influence of American capital in British electrical supply companies; and whether, in view of the importance of British control of these companies and the rapidly expanding nature of their 1008 requirements, he will consider legislation to prevent the domination of these companies by anything but British capital?
§ Colonel ASHLEYI am aware that statements have been made from time to time to the effect that American capital is being employed in purchasing shares of companies interested in the electrical supply industry in this country. I do not at present contemplate the introduction of legislation on this subject.
Mr. BECKETTHas the right hon. and gallant Gentleman given this matter very close attention? If he does inquire, I am sure he will find that the facts are as I have stated.
§ Mr. HANNONIs it not a fact that practically the whole of the British electrical undertakings are maintained by British capital?
§ Colonel ASHLEYThe question which the hon. Member for Gateshead (Mr. Beckett) has raised has engaged my attention, but what I am most concerned with is looking after the interests of the public, and I have very considerable powers under the Electricity Acts of 1919, forward.
Mr. BECKETTMay I ask the right hon. and gallant Gentleman whether, in view of the fact that the Act of 1926 has laid down a very large spending programme for this country for electric equipment, he will watch the effects of American capital and where that money is spent?
§ Colonel ASHLEYI did not mention the Act of 1926 specifically. I mentioned the Acts of 1919, forward, which give me powers to see that a proper supply is given, and powers with regard to the maximum price.
§ Sir H. BRITTAINIs not the appeal for safeguarding by the hon. Member for Gateshead very satisfactory?