HC Deb 03 April 1962 vol 657 cc194-5
17. Mr. Nabarro

asked the Chancellor of the Exchequer whether he will state the current total inventory value of present holdings by the Iron and Steel Holding and Realisation Agency in the iron and steel industry, compared with the total of £364 million for all investments and obligations on 13th July, 1953, and the comparable figure of £199 million on 30th September, 1960; by how much the figure has diminished since that latter date; and what part, ad valorem and percentum, of present Iron and Steel Holding and Realisation Agency holdings are represented by the current aggregate inventory value of Richard Thomas and Baldwins, shortly to be denationalised, including loans under the statute of 1960.

Mr. Brooke

Between 30th September, 1960, and 31st March, 1962, the book value of the Agency's investments and obligations fell by £53.7 million. They now amount to £145.6 million, of which Richard Thomas and Baldwins accounts for £61.6 million, or 42.3 per cent. The company has in addition borrowed £67.3 million from my right hon. Friend the Minister of Power. My hon. Friend will not expect me to comment on his assumption about the date of sale of this company.

Mr. Nabarro

Has my right hon. Friend forgotten that the Conservative Party in four successful General Elections has undertaken to denationalise this industry and that has been repeated by Treasury Ministers in 1960 and 1961? Does he not realise that I should feel very queasy, as no doubt he would be in Hampstead and as the Chancellor would in the Wirral, facing the electorate with a charge of political infidelity? Will my right hon. Friend give a clear and unequivocal assurance that it is the intention of the Conservative Party to complete denationalisation within the next eighteen months and before the next General Election?

Mr. Brooke

Like my hon. Friend, I forget nothing, but I cannot make any comment on his consciousness of infidelity. Neither can I add anything to the admirable statements which the Chancellor of the Exchequer has made on this subject during the last eighteen months.

Mr. Callaghan

Before the Minister accepts his hon. Friend's invitation to commit suicide, will he reflect on the fact that over £100 million of public money is invested in this profitable and efficient publicly-owned undertaking, and it may be that because of the Government's apparent spite and prejudice in wanting to get rid of it the electors are in revolt against the Government at the moment?

Mr. Brooke

There is no spite or prejudice in the Government's attitude, nor are there any signs that the electorate is anxious for further nationalisation.

Mr. M. Foot

Will the Minister recognise that in this particular instance an example of political infidelity on his part would mark a reversion to virtue and, therefore, be welcomed? Although he says he cannot make any comment on this matter, will he confirm or deny that his colleague, the Minister without Portfolio, made a statement in a semi-secret hide-out of the Palace of Westminster?

Mr. Brooke

My right hon. Friend the Prime Minister dealt with that matter some time ago. As for political infidelity, I must leave that to the hon. Member.

Mr. Nabarro

On a point of order. In view of the unsatisfactory Answer, I beg leave to give notice that I shall seek to raise this question on the Adjournment on 16th April, with the hon. Member for Ebbw Vale (Mr. M. Foot).