HC Deb 04 December 1981 vol 14 cc236-7W
Mr. Adley

asked the Chancellor of the Exchequer what stocks, bonds or shares in the Commercial Bank of Siberia are still held by the Treasury; whether any recent disposals have been made; and if he will make a statement.

Mr. Ridley

No stocks, bonds or shares in the Commercial Bank of Siberia are held by the Treasury.

During an examination of old documents held by the Treasury in the autumn of 1979 a number of packets were discovered containing share certificates of the Commercial Bank of Siberia. The share certificates were in denominations of 1, 2, 3, 5 and 10 units, each unit valued 250 roubles and all issued between 1905 and 1912. There was no record of how the share certificates came into the possession of the Treasury.

As part of our policy for the disposal of publicly owned assets Stanley Gibbons Currency Ltd. were approached who made an offer for 1,000 of the certificates at 20p each which was accepted. An approach was then made to the London Scripophily Centre Ltd. who purchased the remaining share certificates at prices ranging from £1 to 37p.

The total amount received from the sales of the share certificates was £1,445 and this sum was brought to account as a Consolidated Fund extra receipt in the Vote for economic and financial administration: Treasury 1980–81.

Forward to