§ 23. Mr. Edelmanasked the Chancellor of the Exchequer what voting powers Her Majesty's Government exercise in the affairs of the Cunard Steamship Company Limited arising from the possession of one £20 Government share; what benefit has arisen from the possession of £46 Ordinary shares; and what part the Government exercise as a result of the ownership of these shares in the direction of the company's affairs.
§ Mr. BirchThe £20 Government share issued in 1903 confers a voting right equal to 25 per cent. of all other votes in the event of a proposal to amend the articles of association of the company in order to allow any shares to be owned by foreigners. Her Majesty's Government have had no occasion to exercise this right.
The answer to the second part of the Question is that the Government have received dividends paid on their shares.
The answer to the last part of the Question is "None."
§ Mr. EdelmanDoes not the right hon. Gentleman consider that that principle might well be applied to the motor industry to provide the same sort of safeguard as was thought necessary in 1903 for our shipping?
§ Mr. BirchAs the hon. Member knows, since 1903 the Exchange Control Acts have been operating, and the Government now have control over the acquisition of the control of companies in this country.