§ 63. Mr. Shinwell
asked the Chancellor of the Exchequer what action he intends to take, in view of Her Majesty's Government's majority shareholding, with regard to the policy decision announced in the statement by the Chairman of the British Petroleum Company that no further orders for tankers will be made for production in British shipbuilding yards.
§ Mr. Callaghan
I know of no change in policy by B.P. that will lead to orders for new tankers being placed on grounds other than those of their commercial judgment. In these circumstances I do not propose to depart from the existing practice of not intervening in the commercial management of the company.
§ Mr. McMaster
asked the Chancellor of the Exchequer how much public money is invested in the British Petroleum Company; and what percentage this is of their total capital.
§ Mr. Diamond
The total public money invested in B.P. is £5 million in ordinary stock and £1,000 in preference stock. The nominal value of Her Majesty's Government's holding of ordinary stock has now risen to £162 million. This represents 51.65 per cent. of the total issued ordinary stock of approximately £314 million.