HC Deb 07 June 1928 vol 218 cc333-4
48. Mr. MONTAGUE

asked the Minister of Agriculture what proportion of the capital issued to beet-sugar factories in this country is of British origin?

The MINISTER of AGRICULTURE (Mr. Guinness)

I am informed that the total capital, including debentures, of the factories in operation last season was about £7,830,000, of which £1,725,000 was believed to be foreign. The figures of foreign-held capital can only be approximate, as a proportion of the shares in beet-sugar factories change hands from time to time in the market.

Mr. MONTAGUE

Can the Minister of Agriculture say why this Amsterdam company should have its pockets filled by the British Treasury?

Mr. GUINNESS

I very much doubt whether they have, seeing the great shyness which British investors have recently shown in investing in new ventures to produce British sugar.

Mr. THURTLE

Can the right hon. Gentleman tell the House whether all this foreign capital will derive benefit under the new rating proposals suggested by the Government?

Mr. GUINNESS

Any factory which complies with the conditions will benefit, and it is quite proper that it should benefit.