§ 66 and 67. Mr. Keelingasked the Chancellor of the Exchequer (I) whether he is aware that the recent issue of 159,993 preference shares in the National Gas and Oil Engine Company to the Industrial and Commercial Finance Corporation, although they could easily have been placed through ordinary finance channels, contravened the objects for which this Corporation was formed by the Government in 1945; and whether he will take steps to limit its future activities to providing accommodation for small businesses which have difficulty in raising finance in the market and so not superseding existing sources for the supply of capital;
(2) whether the issue of 159,993 preference shares in the National Gas and Oil Engine Company to the Industrial and Commercial Finance Corporation at the price of 21s. 6d. was sanctioned by the Capital Issues Committee.
§ Mr. DaltonI see no reason to intervene. Treasury consent was given to this issue.
§ Mr. KeelingDoes the Chancellor of the Exchequer not think that before com- 1838 mitting or conniving at this clear breach of the principle for which the Industrial and Commercial Finance Corporation was formed in 1945, he should have informed the House?
§ Mr. DaltonI do not think there is any breach at all. The position is that this was a concern which wished to manufacture Diesel and other engines. The amount involved was £172,000, required for working capital for this admirable purpose. It was supported by the Ministry of Supply and the Board of Trade. It was entirely above board and I am glad that they have got the money.
§ Mr. KeelingWas it not laid down in 1945 that the Corporation was only designed to assist small industries who had difficulty in raising finance in the market?
§ Mr. DaltonEven if that were so I reserve the right to change any arrangements that may then have been made. My concern is to see that money goes into useful and productive enterprises.