§ 42. Mr. Emrys Hughesasked the President of the Board of Trade if he is aware of the offer to take over Booth's Distilleries, Buchanan-Dewar, James Buchanan and Company, John Dewar and Sons, John Haig and Company, John Walker and Sons, and White Horse Distillers; and, in view of the importance of these firms to our export trade, what action he proposes to take.
§ Mr. ErrollNo, Sir. I have seen references in the Press to a reorganisation of share capital, but that does not seem to call for any action on my part.
§ Mr. HughesDoes the hon. Gentleman not realise that his Answer will sorely disappoint consumers who are paying 36s. a bottle for whisky, and who would be glad if he would use this opportunity of referring the whole question to the Monopolies Commission? Does he realise that the firm offering the take-over made a profit of £19 million last year, £10 million of which it distributed in profits. and that Johnny Walker, one firm concerned, recently paid a dividend of 135 per cent.? Does he not think that the whole question of whisky production should be carefully considered by the Government?
§ Mr. ErrollThe broader issues outlined by the hon. Gentleman in his long supplementary question are quite outside the terms of his original Question. All that is going on is a simplification of the group capital structure of the parent and subsidiary companies.