HC Deb 13 July 1922 vol 156 c1478W

asked the Secretary of State for the Colonies whether he is aware that the Commonwealth Trust, Limited, with a subscribed capital of £51,643, has been entrusted by His Majesty's Government with assets on the Gold Coast to the value of £500,000; that the Commonwealth Trust made a loss of £190,000 for the year ended 30th June, 1921; whether the Government has given or contemplates giving financial assistance to the trust; and if the trust has mortgaged to the bank or other parties any of the assets entrusted to it by His Majesty's Government?


The figures given in the hon. Member's question are approximately correct. It is not proposed to give any financial assistance to the company, and I have no knowledge of the arrangements made by them for financing this undertaking. I would add that the company is of a philanthropic character; it is prohibited from trading in spirituous liquors; the dividend on its ordinary shares is limited to 5 per cent. net; and the surplus profits will be paid over to trustees to be used for the welfare of the native population.