HC Deb 06 June 1951 vol 488 cc1010-2
The Lord Privy Seal (Mr. Stokes)

Sir, with your permission and the leave of the House, I wish to make a statement about publishing the reports of the investigations into the finances of Festival Gardens, Ltd.

I have now received from the Board a report on the second investigation instituted by it at my request, which covers operations on the site. I have carefully weighed the advice I have received on the possible effect of publication on the Company's position in negotiating settlements with the various interests concerned, and I propose, before the Second Reading of the Festival of Britain (Additional Loans) Bill, to lay on the Table a White Paper conveying the results of the two investigations carried out for the Company, together with any comments the Board of the Company may wish to make on them.

Mr. Harold Macmillan

Does what the Minister has just said mean that he hopes to have completed negotiations for the settling of outstanding matters before the Bill is brought before the House?

Mr. Stokes

The settlement of outstanding matters is not my concern. Any question of settlement between the Company and the contractors is the affair of the Company. I am desirous only that the House should be as fully informed as possible about what has happened by publishing the report before the Second Reading of the Bill.

Mr. Macmillan

I am obliged to the right hon. Gentleman. I assume that that means the White Paper, when published, will contain the full reports as received by the Minister?

Mr. Stokes

That is my intention.

Sir R. Glyn

When the White Paper is published, will the right hon. Gentle-man draw a distinction between the Festival Gardens and the South Bank position?

Mr. Stokes

I do not think there is any confusion at all in the reports. The South Bank does not come into it at all. They are reports made by two sets of independent accountants into the affairs which produced this rather unexpected extra cost, and were made at the request of the Company at my instigation. It has nothing to do with the South Bank.

Sir R. Glyn

Is the South Bank overspending not to be inquired into at all?

Mr. Stokes

That is not the question. I am really not aware that the South Bank has overspent. So far as my information goes, while some items on the South Bank cost rather more than expected, the overall expenditure is within the total limit.

Mr. Macmillan

Having regard to the desirability of the Company settling these matters before the reports are published, can the right hon. Gentleman say what effect that will have on the date when we may expect the introduction of the Bill?

Mr. Stokes

The Bill is coming on almost immediately. The Second Reading will perhaps be taken the week after next.

Mr. Sandys

In view of the slight confusion there was the other day, when the Leader of the House answered a Question in the absence of the right hon. Gentleman, may we have it quite clear this time that the intention is to publish both reports in full in the White Paper?

Mr. Stokes

That is what I said. The reports, as put in by Messrs. Moores, Carson and Watson, and Messrs. Peat, Marwick, Mitchell, will be in the White Paper, together with any comments which the Board of Festival Gardens, Ltd., ask to be published at the same time.

Mr. H. A. Price

Will the Minister consider having the White Paper printed in red?

Sir H. Williams

Will the White Paper be accompanied by any white sheets of repentance?