HC Deb 29 November 1955 vol 546 c2092
3. Mr. Marquand

asked the President of the Board of Trade whether he will introduce legislation to establish a public corporation to own and operate those iron and steel undertakings the securities of which are now vested in the Iron and Steel Holding and Realisation Agency.

Mr. P. Thorneycroft

No, Sir. The Iron and Steel Act, 1953, remains the policy of Her Majesty's Government.

Mr. Marquand

But when the right hon. Gentleman opened the new tube works at Stockton last week, did he not think of the fact that the whole of the works had been built by investments provided while the firm remained in public ownership, and would it not be a shame for it to be handed back now in the way it is proposed to do under the Iron and Steel Act?

Mr. Thorneycroft

That raises a wider question. I am deeply impressed by all the enterprise, public and private, which I see in the steel industry.

Mr. Marquand

Has the right hon. Gentleman not studied the experience of the Minister of Transport? Is he not afraid that if he sells the big South Durham and other efficient firms he will shortly be in the position of holding a collection of inefficient firms which he cannot sell back? Will the right hon. Gentleman not profit by the experience of his right hon. Friend?

Mr. Thorneycroft

Questions about sales by the Agency should be addressed to the Chancellor of the Exchequer.