§ 27. Mr. Nabarroasked the Chancellor of the Exchequer what was the inventory value of Richard Thomas and Baldwins, Limited, at the latest convenient date; what steps the Iron and Steel Holding and Realisation Agency has now taken to prepare for denationalisation; and, having regard to the undertaking of the Government to denationalise the rump of the State-owned steel industry before the next General Election and the decline in value of steel equities on the London Stock Exchange, whether he will now make a statement concerning early denationalisation of Richard Thomas and Baldwins, Limited.
§ Mr. Selwyn LloydThe value of the company's net assets on 30th September, 1961, the date of the last balance sheet, was £154.7 million. The Government's policy on the remaining stages of steel denationalisation is well known; but it would be contrary to practice for me to enter into discussion about possible future sales by the Agency.
§ Mr. NabarroDoes not my right hon. and learned Friend realise that the date of the next General Election is now getting very close—[HON. MEMBERS: "Hear, hear."]—and the time to complete this denationalisation operation is, therefore, quite short? Would not he feel with me very keenly if we were to face the electorate with a charge being made against us of a broken pledge?
§ Mr. LloydI think the result of the next General Election will not greatly affect this issue. With regard to the 1113 question which my hon. Friend has asked, I have nothing to add to what has been said before.
§ Mr. M. FootWould not the Chancellor accept the fact that any proposal for denationalising Richard Thomas and Baldwins, Limited, would be a wanton act of pillage? Would he not give a guarantee that he will act in this matter in the national interest and not in the interests of the private steel masters who subscribe to Conservative Party funds?
§ Mr. LloydI do not accept the first part of the hon. Member's supplementary question. I have every intention of acting is the national interest.
§ Mr. CallaghanAs at least £70 million of new public money has been invested in Llanwern, surely the time has come for the Government to reconsider their policy and to repeal this Act? How can the Chancellor justify selling to private interests and private enterprise assets to which they have subscribed nothing and contributed nothing and from which, if the hon. Member has his way, they will draw all the benefit?
§ Mr. MorrisWill the Chancellor give an assurance to the House that there will be no announcement of the sale of R.T.B. while the House is in recess, as in the case of S. G. Brown & Company, Limited, Llanelly Steel and Staveley Iron?
§ Mr. JayIf the Chancellor says that £70 million of public money has not been lent to Richard Thomas and Baldwins, will he say what the figure is because, according to our information, at least £70 million was lent over the last two years?