§ Mr. JOHNSTONasked the Financial Secretary to the Treasury if he is aware that the Government Disposals Board in 1922 sold 2,500 tons of ferro-silicon to a firm in Glasgow for £10,000; that the Air Ministry, in November, 1924, re-purchased from this firm 500 tons of the same stock at a price of £11,000; and what steps, if any, the Government is taking to prevent similar speculations in Government stores in the future?
§ Mr. McNEILLThis surplus material was sold in July, 1922, for commercial purposes at the highest price obtainable. The actual quantity sold was 1,336 tons, and the purchase price received was £5,435. The Air Ministry requirement for the material did not arise until to wards the end of 1924, and only arose then on the resumption of the Airship Service, ferro-silicon being required for the manufacture of hydrogen. The quantity purchased by the Air Ministry was 150 tons, and the total price paid was £3,285. The hon. Member will realise that a policy of retaining war stocks over a period of years, with a view to the possibility of their being required at some future time for Government purposes, is one which might lead to serious loss of public money.