§ 28. Mr. BURNETTasked the Chancellor of the Exchequer whether he has had a detailed examination made of the 1931 and 1932 management costs of the Suez Canal Company; and, if not, will he request the three British official directors to make an analysis and submit a report for the information of the House at an early convenient date before 1934?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hore-Belisha)The expenditure of the Suez Canal Company is kept under constant review by the finance committee of the company, of which two of the official British directors are members. Since the company is a private company, it would be impossible to submit to the House a report of the kind suggested, but I can assure my hon. Friend that the official British directors are fully alive to the importance of securing economical administration.
§ Sir ARTHUR MICHAEL SAMUELWill the hon. Gentleman ask the official directors to make a formal request to the board that there should be a reduction in the management expenses of the canal, so that the canal dues for British shipping may be reduced?
§ 33. Sir PARK GOFFasked the Financial Secretary to the Treasury in what way the duties of the three official directors of the Suez Canal Company differ from those of the other British directors of the company?
§ Mr. HORE-BELISHAThe three British official directors are responsible to and receive instructions from His Majesty's Government; the seven non-official British directors, who are not responsible to His Majesty's Government, are appointed to represent the interests of British shipping and commerce.
§ Sir P. GOFFMay I ask my hon. Friend whether there would not be a saving of money, without loss of efficiency, if the number of directors were reduced?
§ Mr. HORE-BELISHAI should hardly think so.
Captain CAZALETHave the British Government any say in the appointment of the other seven directors, or only in the three?
§ Mr. HORE-BELISHAI think not, but I would prefer to have notice of that question.
§ Mr. HAMMERSLEYWith reference to the original reply that the Government directors are officially instructed by the Government, does that mean that the Government could, if they thought fit, make a formal request for the reduction of the dues to help British shipping?
§ Mr. HORE-BELISHANo, Sir, it only means what it says, that they receive instructions from His Majesty's Government.
§ Mr. HAMMERSLEYWill His Majesty's Government give instructions that a formal request be made?
§ Sir A. M. SAMUELOf what use are the instructions when the voting power is so limited?
§ Mr. D. GRENFELLIn view of the exorbitant dues charged, is it not necessary that there should be some economy in the expenses of this company?
§ Mr. HORE-BELISHAI will take note, and I hope note will be taken in other quarters, of all that has been suggested to-day.