§ 54. Mr. MALLALIEUasked the Financial Secretary to the Treasury what security, if any, is held by the Treasury in respect of sums amounting to several hundred thousand pounds paid by the Treasury, directly or indirectly, to the insurance company which granted loans to the Anglo-Scottish Beet-Sugar Corporation, Limited, under the provisions of the Trade Facilities Acts, and which failed to obtain repayments from the corporation as due?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Duff Cooper)The Treasury is entitled to share, to the extent to which payments have been made by them under their guarantee, in the benefit of the security held by the insurance company, consisting of first fixed and floating charges upon the property and assets of the corporation. The whole of this security will become available for the Treasury so soon as the loan from the insurance company has been fully paid off.