§ 30. Mr. HACKING
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?
§ Mr. BENN
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.
§ Lieut.-Commander KENWORTHY
Do we understand that this is a public company, and will subscriptions be invited from the public of India?
Sir NAIRNE STEWART SAN DE-MAN
What is the right hon. Gentleman doing to combat this menace to Lancashire?