HC Deb 02 June 1931 vol 253 cc19-20

asked the Secretary of State for India whether he is in possession of any recent information which he can give to the House regarding the operations of the agency company?

32. Mr. REMER

asked the Secretary of State for India the present position of the boycott of British cloth in India; and if he has received any further information as to the selling agency for the re-export of British cloth?


I am informed that the Foreign Piece Goods Export Company, Limited, was registered on the 25th May. The authorised capital is 25 lakhs in 25,000 shares of Rs.100 each. The minimum subscription is 5,000 shares, not less than 10 per cent. payable on application. The objects of the company, as stated in the memorandum of association, include the export to places out of India of cloth, piece goods and other textile manufactures, and particularly of those previously imported into India, the promotion and encouragement of the production, manufacture, use and consumption in India of similar articles and assistance to dealers and merchants in imported cloth who may be willing to dispose of stocks of imported cloth with a view to closing business in such cloth by means of loans and advances or by guaranteeing contracts and obligations or in any other way. No discrimination for or against any particular country from which cloth is imported is to be permitted. I understand that the intention is that retailers should be offered not more than 80 per cent. of the cost or of the present market value of their imported stocks, whichever is less, and wholesalers not more than 90 per cent. of the cost.


Can the right hon. Gentleman say how much of this stock has actually been exported?


No. I understand that the company has only just been registered, and I am not sure that the capital has been subscribed.

Lieut.-Commander KENWORTHY

Do we understand that this is a public company, and will subscriptions be invited from the public of India?


On technical questions of that kind, I should want notice from my hon. and gallant Friend.


Will the right hon. Gentleman answer the first part of my question; and has he any information as to whether the capital has been subscribed by the Bombay mill-owners?


I am not aware whether the capital has been subscribed or not; I think not. I have nothing to add to previous answers about the boycott in general.


What is the right hon. Gentleman doing to combat this menace to Lancashire?