§ 51. Sir J. Mellorasked the Chancellor of the Exchequer whether he will state the terms of the submission to arbitration of the dispute between the Government and Courtaulds, Limited; and whether the arbitration will proceed in public?
§ Sir K. WoodAs I informed my hon. Friend in replying to his Question on 18th November, the submission to the Arbitration Tribunal consists of the letters passing between the Treasury and Messrs. Courtaulds at the time of the purchase of the shares. These letters recorded agreement between the parties to the sale of the shares on the following terms: that the Treasury would negotiate with Messrs. Courtaulds with a view to fixing by agreement the sterling sum to be paid for the shares, and that the sum should be determined in default of agreement by the arbitration of a suitable tribunal, the composition of which would be agreed between the parties. In accordance with the usual practice, the arbitration will not proceed in public.
§ Sir J. MellorDoes my right hon. Friend's statement infer that the terms of the submission are sufficiently wide to empower the arbitrators to cover the whole field of the dispute and to award whatever sum may appear to them to be just, without any limitation whatsoever?
§ Sir K. WoodI do not think it would be wise for me to comment on the proceedings, which are now commencing.