§ 39. Mr. Roy Jenkinsasked the Chancellor of the Exchequer what steps the Iron and Steel Realisation Agency is taking to ensure that the ordinary shares of Stewart and Lloyds do not follow the two previous issues made by the Agency in being quoted at a discount almost immediately after their issue to the public.
§ Mr. R. A. ButlerThe hon. Member will not expect me to add anything to the particulars about application and underwriting arrangements which will be in the offer for sale, a copy of which I am arranging to have sent to him as soon as it is available.
§ Mr. JenkinsDoes the Chancellor not agree that the experience of the two previous companies which were offered for sale to the public was extremely unfortunate, and if this third one follows the same course it would be much better to abandon this unfortunate attempt altogether?
§ Mr. ButlerI should have thought, on the contrary, that while there have been ups and downs, the general operations have gone remarkably smoothly, and 1 have every expectation that they will continue to do so. The authorities cannot do more than make sure that the original offer for sale, of which I am sending a copy to the hon. Member, is on the right lines. We cannot necessarily control things after that, nor do we desire to do so.