39. Mr. Wilson Harrisasked the Minister of Food what advances he has made to the Overseas Food Corporation since 31st March, 1949.
§ Mr. StracheyEight million pounds has been advanced to the Overseas Food Corporation since that date.
§ Mr. StracheyThat is so.
§ 41. Mr. Piratinasked the Minister of Food whether, in view of the unsatisfactory nature of the financial report of the Overseas Food Corporation, and that it fails to observe the terms of the Companies Act, 1948, he will institute an inquiry into the finances of this body.
§ Mr. StracheyNo, Sir. The Overseas Food Corporation have stated in their report why it was not found possible to maintain during their financial year 1948–49 accounts and records which for all aspects of their operations conformed to the best commercial standards. I understand from the Corporation that they are confident that the measures which they are taking will correct these shortcomings, which have been discussed fully by them with their auditors. The Overseas Food Corporation are not bound by the terms of the Companies Act, 1948. Their responsibilities, duties and obligations are defined by the Overseas Resources Development Act.
§ Mr. PiratinDoes the Minister's reply mean that when this correction of the account takes place it will be done retrospectively in order to include the past period, so that it will be possible to break down the account submitted in the report?
§ Mr. StracheyNo, Sir. I think it would be impossible to say that the accounts of the next year can cover satisfactorily the period of transfer from the managing agency to the Overseas Food Corporation, which is really the period mostly at issue.
§ Mr. GallacherCan the Minister tell us whether, in view of the failure to keep proper accounts, anybody is to get the sack, or is it just when workers do bad work that they are sacked?
§ Mr. StracheyThere have been changes, of which hon. Members have complained, in the personnel of the executive of the Corporation.