§ Sir H. d'Avigdor-Goldsmid
asked the Minister of Agriculture, Fisheries and Food whether he has now reached agreement on new financial relations with the British Sugar Corporation; and if he will make a statement.
§ Mr. Soames
Yes. Agreement has been reached with the Board of Directors of the British Sugar Corporation on new financial arrangements. These are being put to the Corporation's shareholders for their approval.
The new arrangements have two main functions:
- (a) to change the present unusual status of the ordinary shares of the Corporation;
- (b) to increase the incentives to efficiency throughout the Corporation's activities.
At present the capital of the British Sugar Corporation consists of 5 million £1 ordinary shares. The present 7 per cent. dividend which has been in effect since 1960 cannot under the Articles of 146W and how many brands include tea from these countries.
§ Mr. Scott-Hopkins
I understand that the tea trade normally classifies tea from the Congo Republic as "medium" or "plain" tea and that from the Argentine Republic as "plain" tea. I also understand that both Congo and Argentine teas are blended with other teas before being sold to the general public. I have no information on the number of brands which include tea from these countries.