HC Deb 18 February 1930 vol 235 cc1158-9
64. Mr. L'ESTRANGE MALONE

asked the Financial Secretary to the Treasury the names of the two directors of Imperial and International Communications, Limited, whose appointments are subject to the approval of His Majesty's Government; and whether any changes are in contemplation?

Mr. PETHICK - LAWRENCE

The directors in question are Sir Basil Blackett (who is also chairman of the company) and the Earl of Clarendon, who is about to tender his resignation.

Mr. MALONE

May I have a reply to the last part of the question?

Mr. PETHICK - LAWRENCE

The answer is that, as I have said, the Earl of Clarendon is about to tender his resignation.

66. Mr. WELLOCK

asked the Financial Secretary to the Treasury what sums have been received from Cables and Wireless, Limited, in return for the cables which formerly belonged to the Government?

Mr. PETHICK-LAWRENCE

Imperial and International Communications, Limited, have made the following payments in respect of cables owned by His Majesty's Government or in which His Majesty's Government have an interest, namely:

For the Imperial Cables, the total purchase price of £450,000, with interest from 1st April, 1929.

For the Pacific Cable, the sum of £466,486, with interest from 1st April, 1928, representing the part of the total purchase consideration of £516,486 deemed to be in respect of properties and assets capable of being transferred by delivery.

For the West Indian undertaking, the sum of £270,000, with interest from 1st April, 1929, representing the part of the total purchase consideration of £300,000 similarly deemed to be in respect of properties and assets capable of being transferred by delivery.

The balance of the purchase money for the Pacific and West Indian undertakings is outstanding at interest. It is payable on or before the completion of all the conveyances, and is expected to be received in the course of next month.

Miss WILKINSON

May I ask my hon. Friend whether these terms were fixed by the previous Government or by the present Government, and whether he considers then" to be fair value for the properties that were sold?

Mr. PETHICK-LAWRENCE

I should have to ask for notice of that question.