HC Deb 19 March 1928 vol 215 cc42-3W
Major OWEN

asked the Secretary of State for the Colonies whether his attention has been drawn to the statement of the managing director of the Commonwealth Trust that he had informed the Secretary of State for the Colonies of a total contribution to Christian missions in India of £30,000; and whether this sum represents profits made by the Commonwealth Trust or was taken from the capital assets of the Basle Trading Company, sequestrated by the Indian Government?


Yes, Sir. I regret that I overlooked the fact in my answer to the hon. Member for Rochdale (Mr. Kelly) last Monday. The Commonwealth Trust reported in 1923 that sums amounting to 399,458 rupees had been contributed to the support of missions in India, and, on inquiry at a conference with the directors, the managing director explained that the greater part of this sum, approximately 350,000 rupees, consisted of profits earned at a time when the Commonwealth Trust was managing the Indian business on behalf of the Indian Mission Trust, but before the properties had been formally transferred to it. The provisions of the Commonwealth Trust's memorandum of association did not, therefore, apply to these payments. The remainder of the contribution consisted of a payment of 50,000 rupees provided for in the deed of transfer to the Commonwealth Trust, dated 20th August, 1920.