HC Deb 08 May 1934 vol 289 cc920-1
57. Mr. J. WILMOT

asked the Financial Secretary to the Treasury whether the British Government still hold 250,000 ordinary shares of 5s. each in a company known as Home-Grown Sugar, Limited; if so, whether the losses disclosed by the accounts for the last two years are continuing; and what steps the Government propose to take?


The answer to the first part of the question is in the affirmative. The balance sheets of the company, as published in House of Commons Papers 111 for 1932 and 165 for 1933, show that during the years 1931–32 and 1932–33 sums of £27,596 and £48,254 respectively were allocated to revenue account from reserves. The accounts for the year ended 31st March, 1934, are not yet available, but I understand that my right hon. Friend the Minister of Agriculture hopes that they will disclose a more favourable result. The Government do not propose, therefore, to take any action at present in the matter.


Is there any reason why these heavy losses should be suffered, having regard to the prosperous conditions of the industry?


I can give the hon. Member a great many explanations if he will give me notice.


Is not this an experiment in nationalisation?

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