HC Deb 28 April 1936 vol 311 cc737-8
31. Miss RATHBONE

asked the Chancellor of the Exchequer to what extent the shares held by His Majesty's Government in the Anglo-Iranian Oil Company have increased in value during the past year; and what rate of dividend has been declared by the company upon these shares during the past 12 months and during the preceding 12 months?

Mr. CHAMBERLAIN

The £1 ordinary shares of the Anglo-Iranian Oil Company were quoted on 29th March, 1935, at 213/32 and on 31st March, 1936, at 417/32. His Majesty's Government owns 7,500,000 of these shares. During the past 12 months the company has declared a dividend of 12½ per cent. for the year 1934 and an interim dividend of 5 per cent. in respect of 1935. In 193–5 a dividend of 7 per cent. was declared for the year 1933.

Mr. J. GRIFFITHS

Cannot some of the money be utilised for pushing forward schemes for extracting oil from our own home-produced coal?

Mr. THURTLE

Does the right hon. Gentleman not think that this is a very excellent illustration for State ownership?

Mr. MANDER

Is not a good deal of this money blood money from the bombing of the Abyssinians?

Mr. MATHERS

Would it not be well for the right hon. Gentleman to urge, through his power as a shareholder in this company, the desirability of increasing the equipment in the shale fields which the company owns?