HC Deb 06 August 1919 vol 119 cc397-8W

asked the President of the Board of Trade whether the £850,000 of 7 per cent. preference shares and £850,000 of 8 per cent. preferred ordinary shares in the British Dyestuffs Corporation subscribed by His Majesty's Government represent new money, or whether they have been allocated in consideration of the £1,142,000 loaned by the Government at 4 per cent, to British Dyes, Limited, one of the amalgamated companies?


His Majesty's Government were under obligation to advance to British Dyes, Limited, on certain conditions, a maximum sum of £1,700,000 secured by debentures bearing interest at 4 per cent. per annum. The amount advanced under that obligation has been repaid, and His Majesty's Government has subscribed instead for £850,000 7 per cent. preference shares and £850,000 preferred ordinary shares in British Dyestuffs Corporation, Limited, which has been formed to amalgamate the undertakings of British Dyes, Limited, and Levinstein, Limited.