§ 46. Mr. WILMOTasked the Chancellor of the Exchequer whether he is aware that the White Star Line, Limited, has issued a statement to its shareholders that the company must go into liquidation and that its liabilities greatly exceed the value of its assets; and whether, as the liquidation of this company will involve 1202 the total loss of the shareholders' capital, he will state why no provision was made for the protection of the interests of the shareholders of this company when the Cunard-White Star merger was effected under agreement with the Treasury concerning advances for the completion of the Cunarder No. 534?
§ Mr. COOPERMy right hon. Friend is aware of the facts as stated in the first part of the question. With regard to the second part of the question, the hon. Member appears to be under a misapprehension. White Star Line, Limited, was not a party to the merger agreement, which was between the Treasury, the Cunard Steam Ship Company and the owners of the White Star fleet—the Oceanic Steam Navigation Company. Nothing in the agreement was inimical to the interests of the shareholders in White Star Line, Limited.
§ Mr. WILMOTWhile thanking the hon. Gentleman for that reply, I would ask him whether he thinks it equitable or proper that members of the public who were shareholders in the White Star Line, Limited, and who provided the money to acquire the assets which now form part of the assets of the merger, should lose the whole of their capital under an agreement entered into with the Treasury, while the benefits of those assets pass to persons who were concerned in the Royal Mail Steam Packet fiasco?
§ Mr. COOPERThe shareholders in the White Star Line were not the owners of the fleet at the time when the agreement was entered into.