HC Deb 24 June 1935 vol 303 cc790-2
14. Mr. THORNE

asked the Minister of Agriculture the total amount of subsidy paid up to the financial year ended 31st March, 1935, to the English Sugar Beet Company, the King's Lynn Sugar Beet Company, the Ely Beet Sugar Company, and the Ipswich Beet Sugar Company; and whether he will take steps to obtain particulars of the dividends paid by these companies for the years 1933–34 and 1934–35 and the manner in which the £740,000 in cash bonuses were distributed?

Mr. ELLIOT

As the answer involves a large number of figures I will, with the hon. Member's permission, circulate it in the OFFICIAL REPORT.

Mr. THORNE

Can the right hon. Gentleman say in a sentence how the £740,000 is distributed?

Mr. ELLIOT

I am afraid not. It covers nearly two sheets of figures.

Following is the answer:

The total amount of subsidy paid, under the British Sugar (Subsidy) Act, 1925, and subsequent legislation, to the four Sugar Beet Companies in question up to the 31st March, 1935, is £11,874,813.

The dividends paid by these companies in respect of the years 1933–34 and 1934–35 are as follow:

— Amount. Rate.
English Beet Sugar Corporation: £ Per cent.
1933–34 75,000 15 free of tax.
1934–35 100,000 20 free of tax.
King's Lynn Beet Sugar Factory:
1933–34 27,000 6 free of tax.
1934–35 36,000 8 free of tax.
Ely Beet Sugar Factory:
1933–34 56,250 12½ free of tax.
1934–35 67,500 15 free of tax.
Ipswich Beet Sugar Factory:
1933–34 24,000 6 free of tax.
1934–35 28,000 7 free of tax.

I have no official information on the subject, but according to information in the Press the manner in which the sum of £740,000 was recently distributed in cash bonuses was as follows. The amounts shown were distributed among shareholders in proportion to the number of shares held by them on 9th May, 1935.

£
English Beet Sugar Corporation. 300,000 Allocated from General Reserve.
Ely Beet Sugar Factory. 270,000 Allocated from Capital Reserve.
30,000 Allocated from General Reserve.
Ipswich Beet Sugar Factory. 4,000 Allocated from Capital Reserve.
136,000 Allocated from General Reserve.

Resolutions embodying these proposals were passed at Extraordinary General Meetings of the Companies on 17th May, 1935, and it was resolved that payment in each case should be made on 1st June, 1935.

15. Mr. OSWALD LEWIS

asked the Minister of Agriculture whether the Government intend to come to a definite decision as to the recommendations of the United Kingdom Sugar Industry Inquiry Committee within the next six months?

Mr. ELLIOT

Yes, Sir.

Mr. LEWIS

Can the right hon. Gentleman say approximately when the results of these decisions will be communicated to the House?

Mr. ELLIOT

The results will be communicated to the House as soon as they are reached. It may be possible to communicate them before the House rises.