Mr. G. WHITE
asked the Financial Secretary to the Treasury whether he has seen the prospectus, dated 6th July, 1923, of the Hoffman Manufacturing Company, Limited; and whether he can explain to the House the circumstances in which the Government sustained a loss in selling shares in a company the assets of which have increased during ownership and the profits of which average £107,549 per annum?
§ Sir W. JOYNSON-HICKS
I have to-day seen a copy of the prospectus which appeared in the newspapers. The loss arises by reason of the difference between the price at which the shares were sold, and the price at which they were bought during the period of high war profits plus the expenditure incurred in extending the manufacture of ball bearings for war purposes. I may add that the company was bought as a going concern and sold as such.