HC Deb 27 March 1941 vol 370 c701
57. Mr. Lipson

asked the Chancellor of the Exchequer whether he proposes to take any steps to control the disposal of the sum, estimated to be about £20,000,000, received by Messrs. Courtaulds by the sale of their assets in the United States of America in the Viscose Company?

The Chancellor of the Exchequer (Sir Kingsley Wood)

On various occasions since the outbreak of war securities have been acquired by His Majesty's Government with a view to re-sale abroad. Payment to the owners is made unconditionally in sterling. I have no doubt that the possibility of investment in Government securities will be in the minds of the directors of Messrs. Courtaulds. I would remind my hon. Friend that the sum has not been determined.

Mr. Lipson

Is it not a matter of concern to the right hon. Gentleman that this large sum should not be handed over to the shareholders by way of a return of capital, and so increase by this amount the possible spending power of a certain section of the community, and will he make representations to that effect to Messrs. Courtaulds?

Sir K. Wood

I think we can rely upon Messrs. Courtaulds to make proper recommendations.