§ 10. Mr. Nabarroasked the Chancellor of the Exchequer what is now the aggregate sum of State investment by the Iron and Steel Holding and Realisation Agency in nationalised and private sectors of the steel industry combined, in respect of all classes of securities, including fixed interest stocks, debentures, loans and equities; and how this aggregate sum compares with the figure of £252 million in 1952, when steel denationalisation commenced.
§ Mr. BarberThe figure of £252 million represented the Agency's holdings of securities in its subsidiary companies on 13th July, 1953, the date on which it succeeded the Iron and Steel Corporation. At that date there were also loans outstanding to subsidiary companies of £57 million and obligations as guarantor of £55 million, making a total of investments and obligations of £364 million. The comparable figure at 30th September, 1960, was £199 million, comprising £154 million of investments in all classes of securities in companies both public and private, £32 million loans outstanding and £13 million obligations.
§ Mr. NabarroYes, Sir, but is my hon. Friend aware that this rate of progress, 529 if it is progress at all, is wholly inadequate? Has he looked at the value of steel shares on the Stock Exchange this morning? Does he not realise that the moment is propitious to speed up denationalisation, notably with the equities still held by I.S.H.R.A., and will he now fix an early date for the denationalisation of Richard Thomas and Baldwin?
§ Mr. BarberWhen one takes into account the fact that the industry has grown considerably in size since 1953, the Agency now has a much smaller share of a much larger industry. As far as timing is concerned, I would remind my hon. Friend of what my right hon. and learned Friend said on a previous occasion—that it is the Government's intention that within the lifetime of the present Parliament the work of the Agency should be substantially completed.
Mr. H. WilsonDoes the hon. Gentleman not know perfectly well that he cannot and will not denationalise Richard Thomas and Baldwin for a considerable time ahead? Will he inform his hon. Friend the Member for Kidderminster (Mr. Nabarro) that the taxpayer has already lost a very substantial sum of money by the Government in the past few months denationalising steel firms at a heavy loss to the taxpayer?
§ Mr. BarberMy right hon. and learned Friend made a statement only a short time ago about the fact that priority would be given to disposing of the prior charges, that is to say, in preference to Richard Thomas and Baldwin. At present I do not think that I can go further than that.
§ Mr. NabarroIn view of this very unsatisfactory reply, I beg to give notice that I shall be compelled once again to raise the matter on the Adjournment.