HC Deb 09 July 1959 vol 608 cc1542-4
18. Mr. Palmer

asked the Chancellor of the Exchequer whether he will present to Parliament a report on the progress since 1953 of all iron and steel companies which are still wholly-owned subsidiaries of the Iron and Steel Holding and Realisation Agency, indicating particularly for each one the annual output, earnings, interest and surplus paid to the Agency, investment in capital equipment, and numbers employed in management and otherwise.

Mr. Erroll

I would refer the hon. Member to my reply to the right hon. Member for Middlesbrough, East (Mr. Marquand) on 6th July.

Mr. Palmer

Since these companies have been in the possession of the Agency for a number of years, is not Parliament entitled to know what is happening? Why should there be this secrecy? Will the hon. Member explain?

Mr. Erroll

The reasons are fully set out in the Answer which I gave earlier in the week. One of the reasons for not giving further information is that we do not wish to damage their competitive position vis-à-vis other companies.

Mr. Marquand

Have the Government this information? If they have, are not the taxpayers, the public and the workers in the industry entitled to have it? If they have not, are they not neglecting their duty to the large public sector in the steel industry which is still owned by the nation?

Mr. Erroll

The Question relates to information about individual companies. We feel that the amount of extra information which they volunteer should be left to the discretion of the individual companies. It might not be in their interests to give more information than they wish.

Mr. Marquand

Is the Minister not aware that the Written Answer to my Question suggested that the British public is not entitled to know the facts about the companies it owns, whereas private companies are required to publish the information in full and can be questioned by their shareholders at annual meetings. Is not the public of Great Britain represented by its representatives in the House and cannot we have the information for which we have asked?

Mr. Erroll

A private company is not required to publish information which goes further than that required by the Companies Act, 1948. A private company may volunteer further information provided that it does not damage its own position and standing in the industry. We think that the same discretion ought to be allowed to the directors of these companies, who are working in competition with other companies which are privately owned.