§ 68. Sir J. Mellorasked the Chancellor of the Exchequer whether he can make any statement with regard to the progress of the negotiations between the Government and Courtaulds, Limited?
§ Sir K. WoodAs was agreed at the time of the sale to the Treasury of the shares in the American Viscose Corporation, discussions have been proceeding with Messrs. Courtaulds Limited and the determination of the amount to be paid by the Treasury in respect of the acquisition of the shares has been referred to an Arbitration Tribunal consisting of two arbitrators and an umpire. I am glad to be able to say that Mr. Justice Gavin Simonds has consented to undertake the task of umpire and the arbitrators are Sir Alan Rae Smith, Chartered Accountant, of the firm of Messrs. Deloitte, Plender, Griffiths & Co., and Mr. B. H. Binder, Chartered Accountant, of the firm of Messrs. Binder, Hamlyn & Co.
§ Sir J. MellorWill my right hon. Friend give an assurance that in the arbitration proceedings the Treasury will not oppose in principle the inclusion of compensation for loss of the valuable influence in the viscose markets of the world which the American Viscoses holding gave to Courtaulds and will he also give an assurance that the submission to arbitration will be without any limit on the Government's liability?
§ Sir K. WoodThe submission to arbitration will be based upon the letters which have passed between the Govern- 182 ment and the company. Of course, I cannot give any undertaking as to the basis of determination.