§ Mr. SNOWDENasked the President of the Board of Trade if he is aware that the shareholders in the London and Northern Steamship Company are being asked by their directors to agree to the sale of their whole fleet for £1,250,000, and this with other liquid assets will give £2,000,000 for distribution, and that, after 1076W paying the directors £2,000 each and Messrs. Pyman £250,000 for loss of management, the residue will allow of 30s. being paid for each £l preference share and about £50 for the £10 (£7 paid up) ordinary shares, which recently changed hands at about £20; and, seeing that the Excess Profits Tax has made little impression upon the increment in the value of this and other shipping companies due to the War, whether he will at once take steps to acquire the mercantile shipping fleets at a reasonable price based upon their normal value and work them in the interests of the country?
Mr. HARCOURTMy attention has been called to the case to which the hon. Gentleman refers. I do not see my way to adopt the course he suggests.