§ Mr. SpeakerThe hon. Member for Newton (Mr. Lee) has courteously warned me that he has something that he wishes to raise.
Mr. LeeI wish to ask leave, Mr. Speaker, to move the Adjournment of the House, under Standing Order No. 9, to call attention to a definite matter of urgent public importance, namely,
The refusal of Her Majesty's Government to postpone the sale of certain prior charge securities held by the Iron and Steel Holding and Realisation Agency, which is due to take place on the 2nd March, 1961, on terms involving serious financial loss to the public and in contravention of Section 18 (1) of the Iron and Steel Act, 1953.This has been the first occasion upon which we could raise this matter, as it was only yesterday that the details connected with this sale were made public. I would invite you, Mr. Speaker, to consider the wording of the Iron and Steel Act, 1953, which I quote in my submission. First, it gives a duty to I.S.H.R.A. to return certain assets to private enterprise on these conditions:Provided that the Agency may discharge their duty under this section in such a manner, and by such stages, and with such postponements of the sale of securities or other assets, as they may with the approval of the Treasury determine, and shall so discharge the said duty as to secure, without disregard to other relevant matters, that the consideration obtained from the disposal of assets is financially adequate.We now see from the prospectus that no less than £105 million worth, of nominal value, is to be sold at a total cost of £85.3 million. It is my submission that this is in complete contravention of the conditions laid down in Section 18 (1) of the Iron and Steel Act, 1953. On those grounds I submit that it is most serious and that it is timely that 1389 the Adjournment should be moved so that we can discuss the matter before the sale can begin to take place on Thursday next.
§ Mr. SpeakerThe hon. Member for Newton (Mr. Lee) asks leave to move the Adjournment of the House under Standing Order No. 9 to discuss a definite matter of urgent public importance, namely,
The refusal of Her Majesty's Government to postpone the sale of certain prior charge securities held by the Iron and Steel Holding and Realisation Agency, which is due to take place on the 2nd March, 1961, on terms involving serious financial loss to the public and in contravention of Section 18 (1) of the Iron and Steel Act. 1953.In my view, it is not open to me to accede to the hon. Member's application. I do not think that I could do it without defying our rules in this matter.
Mr. LeeThe difficulty is that the sale will begin on Thursday next, Sir. Would it be possible for the Adjournment of the House to be moved tomorrow so that we should discuss this matter before irreparable damage is done?
§ Mr. SpeakerNo. I was not proceeding on the ground of the absence of urgency. It would not affect the matter in this context.