HC Deb 25 June 1968 vol 767 c235
31. Mr. Tilney

asked the Chancellor of the Exchequer why the Treasury recommended that the dividend by Crosby Spring Interiors of 28½ per cent. for the year to 31st March, 1968, should be cut to 28.4625 per cent., thereby reducing the distribution to the shareholders from £61,479 to £61,398.

Mr. Taverne

The company agreed to confine the increase proposed in its dividend to 3½ per cent. above the amount for the previous year.

Mr. Tilney

For the sake of accuracy, the reduction is of £81 to the first named figure. Is this the best use of Treasury brain power?

Mr. Taverne

This is a difficult problem. I realise that the adjustment here was a minor and, in many ways, an irritating one, but it would increase the difficulties enormously if one started arguments about how much above the permitted maximum a particular company was allowed.