HC Deb 26 March 1936 vol 310 cc1408-9
74. Mr. DAY

asked the Financial Secretary to the Treasury particulars of the amount of losses definitely known to be irrecoverable in fulfilment of the guarantees given by the Government under the Trade Facilities Acts; and what further steps ate being taken to recover the net total of £5,910,580 still outstanding on Government guarantees given under these Acts?

The FINANCIAL SECRETARY to the TREASURY (Mr. W. S. Morrison)

With the hon. Member's permission, I will circulate the particulars asked for in the first part of the question in the OFFICIAL REPORT. In reply to the second part of the question, the steps taken by the Treasury are those usually taken by a secured creditor to protect his security and obtain repayment of his debt; and with this object the cases in which advances made by the Treasury are outstanding are kept under close and constant review by the Treasury, in consultation with Lord Plender, the chairman of the Trade Facilities Act Advisory Committee.

Company. Amount of loan guaranteed. Payments made by the Treasury under guarantee. Receipts. Net Loss.
Principal. Interest.
£ £ £ £ £
Holbrook Brick and Tile Company Limited. 4,700 4,134 266 — 4,400
Orchard Sugar Company Limited … 180,000 171,180 3,266 12,000 162,446
Leckbampton Quarries Limited … 100,500 100,500 18,294 — 118,794
Four Counties Bacon Factory Limited 12,000 1,941 1,009 — 2,950
P. D. Mitchell Limited … … 60,000 52,193 1,511 — 53,704
Sunsheen Limited … … 85,000 79,900 10,148 500 89,548
Fuel Production Company Limited … 100,000 94,062 1,725 1,613 94,174
Levant Tin Mine Limited … … 10,000 9,340 648 — 9,988
Waverley Shipping Company Limited 37,000 1,307 — — 1,307
Lanner Syndicate Limited … … 25,000 4,554 — — 4,554
Wheal Jewell and Marytavy Mines Limited. 10,000 10,000 1,000 2,779 8,221
529,111 37,867 16,892
£ 566,978 £ 16,892 £ 550,086

All these companies have been liquidated, or are at an advanced stage of liquidation.