§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he is aware that Phonographic Equipment Limited, manufacturers of one-armed bandits, have announced a 60 per cent. increase in profits to £600,000 in six months, and that an interim dividend of 25 per cent., an increase of 10 per cent., has been announced, with a promise of an annual increase of 17½per cent. to 60 per cent.; and as this is contrary to the Government's policy of wages, prices and 308W dividend restraint, what action he proposes to take.
§ Mr. Roy JenkinsI am aware of the announcement made by this company. The Government have made a request for moderation in company distributions during the present period. Over the past seven months in total 1,049 public quoted companies have either maintained or reduced their dividends compared with 513 which have announced increases. I am keeping the position under review, and if necessary I shall take account of the behaviour of a minority of individual companies if this seriously conflicts with the prices and incomes policy.