§ 13. Mr. Jayasked the Chancellor of the Exchequer what was the Government's reason for selling 2,500,000 shares in the Shell Oil Company of New York.
§ Mr. MaudlingThis operation was carried out in accordance with our policy of management of the portfolio.
§ Mr. JayDo I understand from that rather brief Answer that this transaction implies no change in the Government's policy of holding American equity shares? Will the Chancellor agree that this policy has been very profitable for the British Government?
§ Mr. MaudlingYes, this was a sale of one set of securities and a purchase of another. It was a profitable deal and, in general, the holding of these shares, which was originally accidental, has been profitable.