HC Deb 16 December 1963 vol 686 cc155-6W
Mr. F. M. Bennett

asked the Secretary of State for Foreign Affairs what further assistance is being given to Toplis and Harding (Middle East) Limited towards the expenses incurred by them in helping to secure the rights of British subjects under the Anglo-Egyptian Financial Agreement of 1959.

Mr. Smithers

Her Majesty's Government propose to make available a further loan of up to £35,000 in the current financial year. Parliament will in due course be asked to vote this amount by means of a Supplementary Estimate. In the meantime advances are being ob- tained from the Civil Contingencies Fund as and when required.

In view of the substantial financial interest that Her Majesty's Government already have in the company, they have acquired a majority holding in its issued ordinary share-capital. They have also appointed Professor F. Sewell Bray, F.C.A., to be Receiver-Manager of the company; and instalments of the proposed loan will be advanced on his recommendations.

This action implies no change in the status or entity of the company. Its sole purpose is to maintain and, if possible, improve the services which the company provides for the many British subjects who are its clients.