§ 41. Mr. MALLALIEUasked the Chancellor of the Exchequer why, in its balance-sheet at 31st March, 1934, the Anglo-Scottish Beet-Sugar Corporation, Limited, was permitted to establish a convertible notes premium reserve to the extent of £9,000, when it is, directly or indirectly, indebted to the Treasury to the extent of several hundred thousand pounds in respect of payments made by the Treasury to cover the corporation's inability to meet repayment obligations of loans guaranteed under the Trade Facilities Acts?
Mr. CHAMBERLAINI understand that certain convertible notes issued by the company are redeemable at a premium; and that the reserve in question is being created, as a matter of accounting procedure, for the purpose of showing upon the face of the balance-sheet, the accrued liability of the company in respect of this premium. The rights of the Treasury are not in any way prejudiced since the obligations of the company to the Treasury, in respect of Trade Facilities loans, rank for repayment in priority to the convertible notes.
§ 58. Mr. HENDERSON STEWARTasked the Secretary of State for Scotland whether he has any statement to make with regard to the position of the beet-sugar factory at Cupar?
§ The UNDER-SECRETARY of STATE for SCOTLAND (Mr. Skelton)My right hon. Friend regrets that he cannot at present add anything to the reply which he gave to my hon. Friend on Monday last but, as he indicated then, he will communicate with him when he is in a position to make a statement on the subject.