HC Deb 25 February 1924 vol 170 cc92-3W
Mr. FRANKLIN

asked the President of the Board of Trade when the Bank Line, Limited, whose debenture stock is guaranteed under the Trade Facilities Act, 1921–22, was registered, where it trades, what are its assets, who are its directors, who guarantees against loss, and what collateral, if any, has been given to meet such guarantee; and will he undertake in all future issues under the Trade Facilities Acts to give such information in the prospectuses issued in respect thereof as is given in the prospectuses issued under the Companies Acts, in order that the public may see exactly the nature of the risk undertaken by His Majesty's Government?

Mr. GRAHAM

The Bank Line, Limited, was registered on the 20th October, 1905. Its principal place of business is in the City of London. Its assets consist of a fleet of steamers trading mainly to New York and the East, and valued at cost at approximately £2,276,000. The functions of directors are vested in the company's managers, Messrs. Andrew Weir & Co. The loan secured by the debenture stock of the company is guaranteed jointly and severally by the partners of Andrew Weir & Co. The prospectus relating to the issue of the company's debenture stock guaranteed by the Treasury under the Trade Facilities Acts, 1921 and 1922, contains all the particulars required by the Companies Acts to be stated. In view of the investigations conducted on behalf of the Treasury into loans which are guaranteed under the above Acts it is not considered necessary to complicate prospectuses relating to such loans with detailed information with

— Date. Total Net Debt. Rate per Head European Population.
Canada … 31st March, 1923 … $2,453,776,869 $268.28
Commonwealth of Australia* … 30th June, 1923 … £335,371,461 £58 19s. 2½d.
New Zealand … 31st March, 1923 … £207,024,048 £162 15s. 9d.
Union of South Africa … 31st March, 1923 … £187,041,320 £123 1s. 11d.
Newfoundland … 30th June, 1923 … $62,398,421 $238.48
* Exclusive of Public Debt of Australian States, and of loans raised by Commonwealth on behalf of States.