HC Deb 28 February 1961 vol 635 cc1350-1
8. Mr. H. Hynd

asked the Chancellor of the Exchequer what was the original cost of British Government holdings in the British Petroleum Company; and what is the current value of this investment.

Mr. Selwyn Lloyd

The original cost was £5 million: the current value is bout £290 million.

Mr. Hynd

In view of the great success of this investment, is the right hon. and learned Gentleman considering similar investments so that the taxpayers can get some profit from the increase in the value of shares?

Mr. Lloyd

The hon. Gentleman is not putting forward any specific suggestions, and I have no specific propositions of that sort in mind.

Mr. Jay

As, according to the right hon. and learned Gentleman's figures, the Government have made a profit of £400 million or £500 million on these shares, and a loss of £300 million on gilt-edged in the National Insurance Fund, would it not be better in future to invest some of the National Insurance Fund in equities rather than in gilt-edged?

Mr. Lloyd

That is a different proposition.

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