HC Deb 18 March 1936 vol 310 cc407-8
1. Mr. DAY

asked the Secretary of State for Foreign Affairs the names of the unofficial British directors on the board of the Suez Canal Company; the date of their appointment; the nature of their duties and when and where performed; have they any specialised business experience, either in British commercial or exporting interests; and what is their remuneration?

The UNDER-SECRETARY of STATE for FOREIGN AFFAIRS (Viscount Cranborne)

The unofficial British directors are:

  • Mr. T. Harrison Hughes (appointed in 1919),
  • Sir E. Wyldbore-Smith (appointed in 1920),
  • Sir R. Horne (appointed in 1923),
  • Sir Alan Anderson (appointed in 1927),
  • Sir J. Cadman (appointed in 1927),
  • Sir T. Royden (appointed in 1929),
  • Sir A. Cayzer (appointed in 1932).
Their duties are the same as those of the other directors, namely to attend board meetings at the company's headquarters in Paris once a month or more often if the affairs of the company require it. All have had specialised business experience in British commercial or exporting interests. According to the statutes of the company 2 per cent. of its net profits are reserved for payment of the directors, who number 32. Their emoluments consequently vary from year to year. The net profits for 1934 were approximately 522 million French francs, and the total sum paid to the whole board of directors was therefore approximately 10½ million French francs.

Mr. DAY

How many meetings were held last year?

Viscount CRANBORNE

I cannot say. It is a private company and over the appointment of these directors the Government have no control.

Mr. DAY

Is there any age at which they have to retire?

Viscount CRANBORNE

I have explained that the position of the directors is not controlled by His Majesty's Government.

Mr. H. G. WILLIAMS

Is it not the case that these unofficial directors are really elected by the shipping owners in this country who, by paying dues, really provide the bulk of the profits?

Mr. EDE

Is the gentleman described by the Noble Lord as Sir R. Home more usually referred to in this House as the right hon. Gentleman the Member for Hillhead?

Sir PATRICK HANNON

Is it not a fact that the services rendered by these directors are of great importance to the commerce and industry of this country?

Mr. MAXTON

Are the 500,000 French francs divided equally among all the directors?

Viscount CRANBORNE

This is not a matter that is controlled by the Government, but I understand that the amount received by the directors is not the same because it varies according to the number of meetings attended and also the profits of the company.