§ 40 and 41. Mr. MALLALIEU
asked the Chancellor of the Exchequer (1) whether he is aware that the paid-up capital of the Second Anglo-Scottish Beet Sugar Corporation, Limited, shown at £240,500 at 31st March, 1934, is less than one-third of the amount made good out of the Consolidated Fund in respect of loans guaranteed under the Trade Facilities Acts, and that, out of this sum of £240,500, £240,000 was the proceeds of a trade facilities loan to the Anglo-Scottish Beet Sugar Corporation, Limited, on whose behalf the Consolidated Fund has been drawn upon to the extent of £188,500; and whether he will do something to safeguard the interests of the taxpayer and the sugar consumer in the matter of these sugar companies;
(2) whether he will inform the House as to his intentions in respect of the Second Anglo-Scottish Beet Sugar Corporation, Limited, having regard to the facts that defaults amounting to £741,000 in the matter of repayment of a loan under the Trade Facilities Acts have already been made good from the Consolidated Fund, and that the corporation's accounts as at 31st March, 1934, showed a deficiency on net current assets of £76,000 even after the corporation's factories had been set down in the books at a very high value?
With regard to the detailed inquiries of the hon. Member concerning particular companies 541 which have received guarantees under the Trade Facilities Acts, I must, refer him to the reply given to him by the Financial Secretary to the Treasury on the 3rd May, 1934. The future position of those beet sugar manufacturing companies which received assistance under the Trade Facilities Acts depends of course upon the decisions to be taken by the Government on sugar policy. The hon. Member may, however, rest assured that all practicable steps will be taken in these cases to safeguard the interests of the Exchequer.
§ Mr. MALLALIEU
Can the Government still maintain that Lord Weir, who is responsible for these factories with these astonishing deficits, is the proper person to save the Government expense on their aircraft programme?