HC Deb 03 March 1959 vol 601 cc31-3W
73. Mr. Mikardo

asked the Secretary to the Treasury what was the amount received by the Iron and Steel Holding and Realisation Agency for the ordinary shares of Stewarts and Lloyds, Limited, which it sold; and what is the present value of those shares.

Mr. Erroll

The Agency received £17.5 million. At yesterday's Stock Exchange middle price the shares were worth £27.5 million.

74. Mr. Mikardo

asked the Secretary to the Treasury what was the amount received by the Iron and Steel Holding and Realisation Agency for the ordinary shares of the Steel Company of Wales which it sold; and what is the present value of those shares.

Mr. Erroll

The Agency received £40 million. At yesterday's Stock Exchange middle price the shares were worth £46.5 million.

75. Mr. Mikardo

asked the Secretary to the Treasury what was the amount received by the Iron and Steel Holding and Realisation Agency for the ordinary shares of Colvilles, Limited, which it sold; and what is the present value of those shares.

Mr. Erroll

The Agency received £13 million: At yesterday's Stock Exchange middle price the shares were worth £14.625 million.

Mr. Rankin

asked the Chancellor of the Exchequer how much public money remains invested in the steel companies formerly nationalised; and what percentage this represents of the total capital and the equity capital, respectively, of these companies.

Mr. Amory

The Agency's investments in companies which have ceased to be subsidiary had at the end of the Agency's last financial year a nominal value of £174.7 million and a book value to the Agency of £142.0 million (including in each case an unsecured loan of £16.5 million).

Information more up to date than that contained in the latest accounts is not available about the present capital structure of the companies which have ceased to be subsidiaries of the Agency. However, it is estimated that in those companies the nominal value of the Agency's investments (which include no equity capital) is equivalent to approximately 89 per cent. of the nominal value of the equity capital or about 40 per cent. of the total nominal share and loan capital.