§ 47. Mr. Hugh Lawsonasked the Minister of Supply what is the relationship between his Ministry and Iron and Steel Disposals, Limited; and what proportion of the share capital of this company is owned by the Government.
§ The Minister of Supply (Sir Andrew Duncan)Iron and Steel Disposals, Limited, is a non-profit making company, incorporated under the Companies Act, 1929, with a nominal share capital of £1,000, none of which is owned by the Ministry. It operates however on instructions from the Ministry. It is financed from public funds and the assets of the Company will, on winding up, be handed over to the Ministry.
§ 48. Mr. Hugh Lawsonasked the Minister of Supply what is the value of surplus iron and steel disposed of by Iron and Steel Disposals, Limited, since it was set up; and what is the value of similar material disposed of through other agencies during the same period.
§ Sir A. DuncanThe value of the surplus iron and steel disposed of since July, 1943, by Iron and Steel Disposals, Limited, is £1,312,000. The value of that disposed of through other channels during this period is not readily available.
§ Mr. DouglasWill the accounts of the company be open to investigation by the Comptroller and Auditor-General.
§ Sir A. DuncanI should require notice of that Question; they are open to the Ministry of Supply.