HC Deb 04 August 1947 vol 441 cc957-8
5 and 6. Viscount Hinchingbrooke

asked the Minister of Supply (1) who are the directors of Iron and Steel Disposals, Limited; what is the capital of the concern; what was its turnover in the last financial year; and how many persons are employed and what is the cost of their salaries;

(2) how much iron and steel scrap has been disposed of by Iron and Steel Disposals, Limited, in the last 12 months; how much remains to be disposed of; and how much has been imported by the trade as a whole.

Mr. Wilmot

As the answer is rather long, I will circulate it in the OFFICIAL REPORT.

Following is the answer:

Iron and Steel Disposals, Limited was set up in 1943 to secure supplies of heavy steel scrap and to dispose of surplus iron and steel held by the Government. In form it is a private company, but the whole of its operations are controlled by the Ministry of Supply. The proceeds of all sales, less expenses, are handed over to the Ministry of Supply and no dividends are paid on the shares.

The directors are:

The directors receive no fees, nor any allowance for expenses.

The capital of the Company is £1,000 m shares of £I each, fully paid up and effectively held by the British Iron and Steel Corporation, Limited. The turnover for the year ended 30th June, 1947, was £10,030,359. In addition to the directors, 338 persons are employed, at a cost in salaries of £128,600 a year.

During the year ended 30th June, 1947, the Company have disposed of 1,191,500 tons of iron and steel scrap. On 30th June, 1947, the balance to be disposed of was approximately 260,000 tons, but of this the bulk is alloy steel scrap, which can only be used in small quantities by the steel industry. Imports for the last 12 months amount to 500,000 tons, almost the whole of which was imported by Iron and Steel Disposals.