§ 47. Mr. Bellenger
asked the Chancellor of the Exchequer whether his attention has been called to the scheme passed by the shareholders of the Commonwealth and Great Boulder group of companies, the effect of which is to substitute holdings in Australian companies for the present British companies; and whether such a scheme has been approved by His Majesty's Treasury?
§ The Chancellor of the Exchequer (Sir Kingsley Wood)
Application was made on behalf of the seven companies concerned for Treasury consent, under Regulation 6A of the Defence (Finance) Regulations, to the scheme referred to in my hon. Friend's Question. A reply was sent to the effect that, after full consideration, the Treasury was not prepared to give its consent.
§ Mr. Bellenger
Are we to understand that this company has acted quite contrary to the wishes of the Treasury, and, if so, will any Governmental action be instigated?
§ Sir K. Wood
I would not say that. I think it was within its authority and its constitution in putting forward these proposals, but the Treasury decided not to accept them.