§ 76. Mr. Marquandasked the Chancellor of the Exchequer what consultations the Iron and Steel Holding Realisation Agency held with him before including in their offer for sale of shares in the Steel Company of Wales a scheme for the holding of shares by trustees on behalf of workpeople.
§ Mr. BirchMy right hon. Friend was generally aware of this arrangement, but the details were settled by the directors in conjunction with the Agency.
§ 77. Mr. Marquandasked the Chancellor of the Exchequer whether representatives of trade unions will be included among the trustees appointed to hold shares in the Steel Company of Wales, as provided for in the offer for sale made by the Iron and Steel Holding and Realisation Agency.
§ Mr. BirchNo. Lloyds Bank Limited are trustees of the scheme and hold the shares until payment in full is made by the employees. This is a purely business arrangement and no question of discretion arises. When the shares are paid for (within two years) the trustees will have no further interest.
§ Mr. Marquandasked the Chancellor of the Exchequer the total dividend which it is anticipated will be paid by the Steel Company of Wales in respect of the year 1956–57 to persons acquiring shares offered for sale by the Iron and Steel Holding and Realisation Agency; and what was the amount of dividend received by the Agency in respect of the year 1955–56 for the equivalent amount of stock then held by it.
§ Mr. BirchIf Income Tax is assumed at 8s. 6d. in the £, the net dividend payable for the company's current year would be £1,380,000 the actual net dividend for 1955–56 was £389,529. In view of the capital reorganisation and the development of the company, the two figures are not comparable.