HC Deb 27 January 1947 vol 432 cc589-90
33. Mr. Rees Williams

asked the Secretary of State for Foreign Affairs whether he will make a statement on the dissolution of the Zaibatsu in Japan, and, in particular, say what limitation is proposed on the value of any securities which may be bought by any individual or firm from the Holding Company Liquidation Corn-mission; and to what extent individuals, families or firms will be prevented from purchasing these securities.

Mr. McNeil

The Holding Company Liquidation Commission has so far designated 65 Japanese holding companies for dissolution. It has taken over most of the securities of the five principal companies, to a value of over two thousand million yen. The assets of the designated companies are to be offered for sale in due course, but that stage has not yet been reached. The Commission's present plans are to prevent any single person or firm from buying more than 1 per cent. of the assets sold of any company. Sales will not be permitted to "purged" individuals, nor to members of the money-clique families nor their appointees.

Mr. Paton

Will my right hon. Friend say if the Government are satisfied that the capital market in Japan is capable of absorbing the enormous quantities of stock held by the Zaibatsu, and, further, that effective arrangements have been made to prevent clandestine transactions taking place that might bring control back into the hands of these families?

Mr. McNeil

On the second point, we are being most rigorous in our supervision and I am satisfied that it is effective. On the first point, the question should be addressed to another Department.